Coinbase, one of the largest centralized crypto exchanges, announced a new altcoin list that it will open for transactions tomorrow. Amid news of the listing, an anonymous crypto whale’s $62 million transfer made the headlines.
Coinbase is listing a new stake coin tomorrow
Announced by Coinbase Assets in the past hours, it has been reported that the Liquid Staked ETH (LSETH) token will be opened for transactions starting tomorrow. According to the announcement, LSETH trading will be open from 6pm on March 7.
LsETH is a cryptocurrency based on the Ethereum ERC-20 model. When a user deposits ETH on the Liquid Collective protocol, they can receive network rewards accrued minus protocol service fees and network hack penalties, if any, minus the staked ETH, as well as LsETH proving that the staked ETH is legitimate and usufruct. Coinbase reported in the announcement that LsETH will open for trading once it meets liquidity requirements.
Following the listing news, let’s mention that another high-volume centralized exchange has decided to delist 6 altcoins today. Details can be found in this article.
An anonymous whale transferred $62 million to Coinbase wallet
Million dollar transaction was made on Solana (SOL). According to data from whale watching bot Whale Alert, the anonymous crypto whale transferred $62 million worth of Solana (SOL) to its Coinbase wallet during the day. The trades came as Solana struggled to maintain the critical $20 support. The largest of his piecemeal transactions was carrying SOL worth $12 million.
Can Solana price maintain its critical support despite the market losing volume?
Solana faced some negative emotions in March after the blackouts in late February. However, current analysis says it may be on the way to recovery. The on-chain metric has seen a huge increase in active users, and the bearish trend is starting to weaken as well, according to data from Santiment.
On the price charts, SOL traded in a strong demand zone at press time. The bulls may see a positive risk-reward buying opportunity in the coming days. Technically speaking, Solana price has been trading in the same range since mid-January. This range has increased from $20.5 to $26.7, with its midpoint at $23.55. At the time of writing, SOL was near the lows of the range.
Coinbase report says institutional money is shifting to these altcoins
David Duong, Head of Institutional Research at Coinbase, said in a recent interview that investors are turning to cryptocurrencies other than Bitcoin and Ethereum. According to the details of the report we cited as Kriptokoin.com, DeFi and stablecoins are attracting the attention of institutional money in the safe haven seeker.
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