The cryptocurrency exchange Coinbase Pro announced the listing of the token for the DeFi platform yEarn Finance (YFI). After the statement was published, the coin’s price jumped by more than 15%, approaching $35,000.
On Monday September 14, our YFI-USD order book will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday Sept 15, if liquidity conditions are met. https://t.co/6UTHK3Htpf
— Coinbase Pro (@CoinbasePro) September 10, 2020
On Monday, September 14, Coinbase Pro will begin accepting inbound transfers in the token.
Trading in the YFI/USD pair is planned to commence on September 15, provided liquidity reaches the required level.
The launch will occur in four stages, in accordance with Coinbase Pro’s rules for listing new assets. In the final stage, traders will have access to all trading services, including limit, market, and stop orders.
Following the spike, the price of YFI corrected. At the time of writing, the token was trading around $33,300.
Source: CoinGecko.
Earlier, experts drew attention to the so-called ‘Coinbase Effect’ — when digital assets rose sharply following listing announcements on the exchange. Some say the impact of such Coinbase announcements is greatly exaggerated.
For details on how long the ‘Coinbase Effect’ lasts, whether it always works, and how traders can use it, read ForkLog’s article.
‘Coinbase Effect’ — Holy Grail or a trap for cryptocurrency traders
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