Across Protocol Shoots 14% As Coinbase Announces ACX Listing

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As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I must admit that the recent listing of Across Protocol (ACX) on Coinbase has been quite intriguing. The surge in its price following the announcement is a testament to the power of exchange listings and the anticipation they generate within the crypto community.

1. Following Coinbase’s announcement that they would support Across Protocol (ACX), its price soared by 14%. The protocol is set to be integrated into the Ethereum Network, and users have been given instructions on how to use it. Listings on crypto exchanges often spark growth in a token’s price as investors expect increased adoption.

Coinbase Lists Across Protocol 

Coinbase, America’s leading cryptocurrency exchange by volume, recently declared its backing of the Across Protocol, causing excitement among the community. This announcement was made via their platform (previously known as Twitter), providing guidelines for users to engage with this new protocol.

“Starting soon, Coinbase will enable transactions with Across Protocol (ACX) on the Ethereum network, using ERC-20 tokens. It’s crucial not to send this asset via other networks as your funds could be at risk. Transactions for this asset are now supported on both Coinbase and Coinbase Exchange where trading is allowed.”

According to the announcement, the support for ACX tokens will only be available in authorized regions. Trading of these tokens can begin as early as August 21st, once necessary conditions are fulfilled. The introduction of the ACX-USD trading pair on Coinbase will also roll out gradually when the required supply threshold is reached. The community’s initial response to this listing has been overwhelmingly optimistic, with many expressing hopes for a promising future.

Trading for the ACX asset will commence on August 21, 2024, approximately at 12PM Eastern Time, assuming liquidity requirements are fulfilled. As we build up a substantial supply of this asset, trading on our ACX-USD pair will gradually roll out in stages. Please note that availability of ACX may be limited in certain jurisdictions where we operate.
— Coinbase Assets (@CoinbaseAssets) August 20, 2024

Community Rallies Behind Token 

The cryptocurrency community experienced a significant price jump after the announcement, leading to Across Protocol increasing by 14% today and trading at $0.4295, further building on previous growth. Over the past week, its token has seen a gain of 22.4%, and for the month, it has moved out of the negative zone, currently standing at 4%. The market capitalization of Across Protocol is now around $59.2 million, with daily trading volumes showing a spike of 49% over $650,000.

As a seasoned cryptocurrency investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs. The current listing comes at a time when the Bitcoin price remains below the $60,000 mark, reflecting an unstable market. However, despite these turbulent conditions, crypto users continue to flock towards exchange listings, driven by their belief in the potential traction for the respective assets. This behavior is reminiscent of the early days of Bitcoin when investors rallied around promising projects and exchanges. I’ve learned that in times like these, it’s crucial to stay informed, diversify my portfolio, and remain patient – the market may be unpredictable, but I trust in the power of blockchain technology to drive innovation and growth in the long run.

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2024-08-20 20:20