The bear market looks like it has far-reaching consequences with reports coming in that the Coinbase customer base has dropped by a massive 80%. According to data collected by fintech-focused venture firm Tribe Capital, it was found that the number of monthly U.S. customers buying and selling on the platform in September declined by about 80% from December when the price of Bitcoin [BTC] reached its all-time high of nearly $20,000.
The statistics have shown that it is not just Coinbase that has suffered the brunt of the bear but that the ‘decline in users’ pattern is consistent with other exchanges also. This news comes in the wake of recent reports which announced that Coinbase was valued at $8 billion and was in talks with Tiger Global to receive an investment of $500 million.
The cryptocurrency exchange platform has also announced the listing of 0x [ZRX], with services already having commenced. Coinbase has also given certain specifications post the listing which includes a hold on the order placements. They have also stated that “Order books will be in transfer-only mode for at least 12 hours.”
Coinbase has also revealed that the second stage post the listing will let customers post limit order but no completed orders will be put up. This step by step method is done by the company to ensure that users find it easy to trade on the platform. The third stage involves ‘limit order matching’ but customers will still be unable to submit market orders. The exchange has also stated that:
“In the final stage, full trading services will be available, including limit, market, and stop orders.”
Post the 0x listing news on Coinbase, the cryptocurrency saw a marked spike in value, according to CoinMarketCap. The price charts indicate a massive lateral spike from $0.676 to $0.873 after which the coin stabilized at a higher support than earlier. At the time of writing, 0x was trading at $0.764 with a total market cap of $414.052 million. The cryptocurrency was gaining at a rate of 16.09% with a 24-hour volume of $74.48.
The majority of 0x’s trade volume was held by Binance with a grasp of $44.909 million of the total volume. Binance was closely followed by Upbit which encompassed 7.96% of the trade, which was measly compared to Binance’s 57.58%.
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