This Friday, BAT lost nearly 20% of value versus the USD. Within the past day, the currency lost eight more percent, registering a 28% price decline within a period of two days.
The significant price drop comes after the official introduction of the BAT token to Coinbase cryptoexchange, which is the biggest fiat-to-crypto all over the world. Earlier, Coinbase has made an official announcement that BAT would appear on Coinbase Pro, getting traded against the USD Coin, the stablecoin collectively issued by the joint efforts of Coinbase and Circle.
Almost a week later, the cryptoexchange revealed the news about the completed procedure of BAT’s implementation into the framework of Coinbase. After the positive news spread, the value of the token abruptly dropped from 0.36 USD to 0.29 USD, by approximately 19.5%. On the day of official opening, the currency encountered one of its worst sell-offs within the latest months.
The price drop of BAT was especially strange due to the fact that the implementation of BAT token by Coinbase meant that the digital asset shall not be considered a security. According to the original statement released in May, the cryptoexchange highlighted that it would refrain from integration of five digital currencies that pose interest to the exchange, namely: XLM, BAT, ZRX, ZEC, and ADA, in the event that theses currencies fail to obtain approval from local policymakers.
Complete implementation of BAT into the cryptoexchange, including the ZRX coin, displayed that the two currencies can be viewed as non-securities in accordance with the current US legislation. Still, both digital currencies experienced a substantial drop subsequent to the integration and almost returned to the pre-integration value.