CELO reaches new high after Coinbase Pro listing announcement

CELO surged by more than 50% over the past few hours after Coinbase revealed it is listing the coin on its Pro trading platform

Coinbase pro has announced it is supporting Celo (CELO) coin. Following this announcement, the coin rose by roughly 55% against the USD and BTC over the past few hours. The rapid surge in the price of CELO saw the coin rocket to a new all-time high above $2.70. The cryptocurrency went as high as $4.45 per coin, but has retraced to around the $4 mark.

Coinbase Pro, in its announcement yesterday, said it would start accepting CELO deposits from August 31. Traders from supported jurisdictions can start trading the coin from September 1, depending on liquidity conditions.

The exchange added that it would support four CELO trading pairs, allowing customers to trade the coin against BTC, USD, EUR and GBP.

“Once sufficient CELO supply is established on the platform, trading on our CELO-USD, CELO-BTC, CELO-EUR, and CELO-GBP order books will launch in four phases, transfer-only, post-only, limit-only and full trading,” the blog post added.

CELO will be launched in four phases. Coinbase Pro will start with deposit only, before allowing customers to fill the order book; followed by enabling limit order execution, and finally migrating to full trading functionality. However, suppose at any phase the new order books don’t meet their assessment for a healthy and orderly market, Coinbase Pro might keep the book in that state for a more extended period or suspend trading, as stipulated by their trading rules.

CELO price-performance contradicts Coin Metric’s report

The explosive performance of CELO over the past few days contradicts the analysis report published by CoinMetrics in June. According to the CoinMetrics research team, the price impact of newly listed coins on Coinbase Pro seems to be overstated.

The team believes that listing coins on Coinbase leads to average price performances between -1% and +14% against BTC, USD, and ETH from 10 days before, up until 10 days after the listing.

So far, CELO went up by more than 50% against the USD and BTC before slightly dropping. This isn’t unique to CELO, as Numeraire (NMR) and Band Protocol (BAND) listed on Coinbase Pro earlier this month posted gains of roughly 150% and 250% within days of the announcements. Coinbase also recently added Compound (COMP), Maker (MKR) and OmiseGo (OMG) to its trading platform as the exchange continues to support new digital assets.