The 'Coinbase Effect' Turns Bearish After BAT Prices Drop Post-Listing
The price of browser startup Brave's Basic Attention Token (BAT) fell by as much as 20 percent in the past 24 hours.
Trading for BAT officially went live yesterday on Coinbase, the largest cryptocurrency exchange in the U.S., a move that followed the token's inclusion on Coinbase's professional platform.
Coinbase initially teased the idea of listing BAT among four other cryptocurrencies on July 13, triggering a 27 percent jump in its price at the time. BAT was able to reach a 3-month high of $0.45 just 11 days later.
Yet as of press time, BAT is trading at around $0.30, representing a 23 percent decline from than yesterday's high of $0.39.
BAT/USD Daily chart
f you’re concerned about the Bitcoin Cash hard fork that’s upcoming, you shouldn’t necessarily be, because you have plenty of time to get ready and more than one option on how to prepare. As journalists we are generally neutral on the subject of the fork — this article is intended for informational purposes only, not to take a side.
First, for the uninitiated, we should explain a couple terms.
Hard Fork
A “hard fork” is when mining (and, necessarily, client) nodes no longer agree on the rules of a protocol but continue to share the blockchain or permanent ledger of transactions previously made on the shared network. Technically a hard fork exists after one block of the new, protestant chain has been mined, but in reality a hard fork chain must survive much longer than that for the community and the world at large to consider it viable.
A hard fork is not the same thing as a software fork, where the code is simply used to build a different product with minor or major modifications. Everything from Dash to Litecoin Cash is technically a software fork of Bitcoin.
The best example of a hard fork is the Bitcoin Cash fork away from Bitcoin Core last year. Up until blocks mined in August 2017, the Bitcoin Cash blockchain is identical to the Bitcoin blockchain, but from that point on it became its own entity and gradually has developed its own community, services,
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