Bitcoin Breaks $31K, Legal Woes Intensify for Binance

Summary of Coinbase’s VeChain Listing Roadmap

  • On June 22, Coinbase announced that it had added VeChain and its gas token, VeThor, to its new asset listing roadmap.
  • As a result of the announcement, the price of VeChain (VET) spiked to a 16-day high.
  • Coinbase has not yet provided details on when they will be available for trading.

VeChain’s Price Performance

VeChain recorded a year-to-date peak of $0.03257 on February 20. However, two weeks later, when a series of U.S. bank failures rattled crypto markets, the price dropped by 40% to $0.01962. The ensuing bounce topped out around mid-April at $0.0265 before sinking further into June due to increasing regulatory hostility from the Securities Exchange Commission. This eventually culminated in a local bottom at $0.01419 – representing a 95% drawdown from the yearly high.

Coinbase Adds VeChain and VeThor

On June 22nd, Coinbase tweeted that it had added VeChain and its gas token VeThor to its new asset listing roadmap but did not provide any further details on when they will become available for trading on their platform. As news spread about the potential listing, VET prices surged 11%, reaching as high as $0.01899 – marking a 16-day high for the cryptocurrency asset.

SEC Regulatory Hostility

The recent market slump was partially attributed to increased regulatory hostility by US regulators against several cryptocurrencies including Ripple’s XRP and Ethereum Classic (ETC). On May 12th 2021, Ripple Labs was hit with an enforcement action brought by the US Securities and Exchange Commission (SEC), alleging that Ripple had violated federal securities law through their sale of XRP tokens since 2013. This caused an immediate drop in XRP prices while also spurring fears amongst other cryptocurrency investors regarding similar possible actions targeting other digital assets deemed as securities by US regulators such as Ethereum Classic or even Bitcoin itself.

Conclusion

It remains unclear when Coinbase will list VET for trading but given how quickly news about their addition to Coinbase’s asset listing roadmap caused VET prices to surge, it is likely investors are expecting an imminent listing date announcement from CoinBase soon which could drive up demand for VET even further in anticipation of such news