- The cryptocurrency market is recovering from yesterday’s bloodbath, with Bitcoin leading the way at $59,000 and altcoins generally on the rise.
- Leading crypto exchange Coinbase’s futures arm, Coinbase International, announced it will list three altcoins: AR, HBAR, and THETA.
- Among the tokens, AR responded positively to the announcement, with its price rising above $33.
Coinbase International announces the listing of AR, HBAR, and THETA, sparking a positive reaction in the market, particularly for AR.
Coinbase International to Add AR, HBAR, and THETA to Futures List
The market managed to enter the green zone today, with Bitcoin and altcoins trying to compensate for their losses. Amid this development, Coinbase International announced that it will start perpetual contract trading for AR, HBAR, and THETA on or after 12:30 PM (UTC) on May 9. The exchange stated that it will add support for Arweave, Hedera, and Theta perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of AR-PERP, HBAR-PERP, and THETA-PERP markets will begin on or after 9:30am UTC on May 9, 2024.
How Did Altcoin Prices React?
AR price reacted positively to the development. After the Coinbase announcement, the AR price rose above $33. Although the token later lost altitude, it continues to fly high. At the time of writing, AR was trading at $32.60, up over 21% on a daily basis. However, the Coinbase announcement did not significantly affect the other tokens. The HBAR price remained unchanged, while THETA saw a slight increase.
JPMorgan: Individual Investors Drove the Market Sell-Off
Wall Street giant JPMorgan (JPM) maintained its cautious stance on cryptocurrency markets in the near term due to a lack of positive catalysts and the disappearance of individual impulse. The bank noted that individual investors sold both crypto and stock assets in April. It also noted outflows in spot Bitcoin exchange-traded funds (ETFs). The three barriers the bank has already identified are still in place: high positioning, high Bitcoin prices compared to estimated Bitcoin production costs and gold, and stagnant crypto venture capital (VC) financing.
Conclusion
The cryptocurrency market is showing signs of recovery, with Bitcoin and altcoins generally on the rise. The listing of AR, HBAR, and THETA on Coinbase International has sparked a positive reaction in the market, particularly for AR. However, caution is still advised due to factors such as high Bitcoin prices and stagnant crypto venture capital financing.
