Before the recent crypto crash, it looked like the perfect time for ICP crypto to uplist to Coinbase. Heavy hitters like Ethereum and Bitcoin were riding at or near all-time highs. Even somewhat forgotten tokens like Ethereum Classic had been on bull runs.
It proved to be ideal for anyone with an extremely short-term trading strategy when it comes to ICP crypto. Leading up to its listing on Coinbase, the value of Internet Computer token skyrocketed from around $193 to over $750 in a matter of hours. However, it only took a matter of days for the value to sink back below pre-Coinbase prices. Of course, some of that was the hysteria coming back down to Earth. But there were other forces at work too.
As crypto expert Andy Snyder put it, “This is a headline-driven market. In fact, it’s the very definition of a headline-driven market.” And there were several headlines that brought the crypto bears out of hibernation.