0x Finally Settling On A Position Following Coinbase Listing And Insider Trading Allegations. Saturday, October 20th
0x Finally Settling On A Position Following Coinbase Listing And Insider Trading Allegations
The last couple of days have been interesting for 0x holders. Following the listing of the coin on Coinbase, the project has come under scrutiny more than ever and the token’s price has been reflecting this. After an initial surge following the list that saw the coin shoot by over 30%, a rocky couple of hours followed seeing the coin loose much of its gains.
On October 17 when Coinbase announced the platform would be supporting the coin, 0x surged by over 30%. This saw the coin find a new position at $1.04, where it encountered resistance. However, the listing has not been positively received by all. According to a few who are not convinced by the exchange’s ‘unexpected’ listing, the listing was an insider trading plot by some people in Coinbase. This accusation is based on the fact that the exchange has in the past only supported more prominent and widespread cryptocurrencies. These include Bitcoin, Litecoin, Ethereum, Bitcoin Cash.
When the ‘insider trading’ rumors began emerging, 0x took a turn for the worst. The coin started dragging down and by October 18 had hit $0.83 marking a drop of over 10%.
Today, October 20, prices have begun finding ground and finally 0x might be establishing a long-term position- at least in the foreseeable future. Prices have pulled upwards and the coin is at the time of writing this trading at $0.919431. This marks an 8% price increase in the last 24 hours.
Although neither Coinbase nor 0x has responded to the allegations, many believe that this allegation was just a way of the bears controlling 0x prices and were baseless. For now, it seems that 0x will be settling around the $0.90 range- at least until some light is shed over the listing.
ZRX/USD Price Chart, Saturday October 20th:
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