Celo explodes on Coinbase Pro listing announcement

Major U.S. cryptocurrency exchange, Coinbase Pro, has announced it will list the native token of blockchain platform Celo (CELO).

Other Celo markets have responded enthusiastically, with the coin gaining roughly 55% over both USD and BTC over the past 24 hours as CELO rocketed into new all-time highs above $2.70. As of this writing, CELO is changing hands for $4.45.

CELO/USDT - Bittrex - 1D: TradingView

Coinbase Pro will begin accepting CELO deposits from August 31, with trading slated to commence from 9 am PT on September 1, subject to liquidity conditions.

The exchange will support four pairings for Celo, allowing customers to trade CELO against Bitcoin (BTC), USD, EUR, and GBP.

The markets will be launched over four phases, starting with deposits only, before allowing traders to fill the order books, enabling limit order execution, and lastly moving to full trading functionality.

CELO’s explosive performance today seems at odds with analysis conducted by Coin Metrics in June that found the price impact of newly announced Coinbase Pro listings to be overstated — with freshly listed markets producing average price performances of between -1% and +14% 20 after being announced.

Coinbase Pro listings have similarly comprised the catalyst for the meteoric price moves of Numeraire (NMR) and Band Protocol (BAND) earlier this month, which posted gains of more than 150% and 250% within days of the listings’ announcements.

Coinbase first mooted supporting Celo’s token in September 2019, when the exchange announced Celo as one of 17 yet-to-be-launched projects that it was considering listing.