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Saturday, September 9, 2023

Polkadot Has Increased By 70% At Coinbase

Polkadot has its token increased by around 70% in the four hours that it stuck around in Coinbase. However, the price on other crypto exchanges closely followed the widely recognized market sell-off. The crypto market did go through quite a massive sell-off since Monday when the largest cryptocurrency in the market went down by $30,000. The price of DOT along with several other altcoins went down- sinking to a low of $13.04 in the last 24 hours. 

Polkadot Fared Better Than Other Cryptocurrencies

Interestingly, the biggest winner of the day according to Coinbase was Polkadot. The altcoin went to around $22.80 around 12 pm- which was an increase of around 70% in the last four hours as reported by Coinbase and TradingView. According to a spokesperson from Coinbase, the team from the exchange was strictly investigating what led to such a big sell-off.

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They further stated that the price discrepancy of the token was simply between other major exchanges as well as Coinbase- and was probably the result of a receive and send function that got disabled as a part of the incident. 

The crypto exchange from San Francisco also went out and moved the trading pairs of Bitcoin, Polkadot, and the USD on a platform called Coinbase Pro- which was strictly professional and limited to the sell-off. The spokesperson from the exchange stated that both the pairs were moved in order to dampen the expected volatility with the asset price reverting to a parity with most other crypto exchanges when the incident got fixed.

Incidentally, there was an incident that took place with the trading of DOT on Coinbase on the 20th of June. Yet, both the spokesperson and the website stated that a fix had been implemented on the 21st of June. It came as no surprise that the crypto exchange was up for offering DOT trades on the 16th of June. 

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With the press time approaching rapidly, Polkadot managed to change hands at a price of $15.17 on this crypto exchange- which would be consistent with the price that showed on CoinDesk 20.

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