Since November 8, within a 48-hour period, Basic Attention Token (BAT) lost 28 percent of its value following a high profile Coinbase listing.
On Friday, as CCN reported, BAT declined by around 20 percent against the US dollar. In the last 24 hours, BAT dropped by yet another eight percent, recording a 28 percent decline in value in a two-day span.
The substantial drop in the price of BAT follows the official integration of the digital asset by Coinbase, the largest fiat-to-crypto exchange in the global market.
Why BAT and ZRX Rose Significantly in the First Place
On November 3, Coinbase officially announced that BAT would be live on Coinbase Pro to be traded against USDC, the stablecoin co-issued by Coinbase and Circle.
Six days later, on November 9, the exchange disclosed that the integration of BAT into Coinbase.com and other products on the platform are complete.
“Starting today, Coinbase supports the Basic Attention Token (BAT) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store BAT, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.”
Upon the release of the positive announcement and the successful integration of BAT, the price of the digital asset sharply declined from $0.36 to $0.29, by around 19.5 percent. On the official opening day of BAT on the platform, the asset experienced one of its worst sell-offs in recent months.
The decline in the price of BAT was particularly abnormal because the integration of BAT by Coinbase meant that under the guideline set forth by the US Securities and Exchange Commission (SEC),