Coinbase Expands their List of Currencies Available in New York
As rough as U.S. regulations go on cryptocurrencies there is one harsher beast. Despite being the global hub of finance, the State of New York can be more draconian than the U.S. Federal Government when it comes to Bitcoin & cryptocurrencies. Even one of the world's most popular exchanges Binance's U.S. version has yet to roll out to New York. It appears that the regulatory forces that be, might be becoming a bit more lenient.
San Francisco based crypto exchange Coinbase has surprised many and announced via Twitter that surprised many. In the announcement, Coinbase revealed that it will permit the buying and selling of both Stellar & Chainlink in the state of New York.
Chainlink (LINK) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store LINK on https://t.co/bCG11KMQ6s or using our iOS and Android apps. https://t.co/v3lCq5I3im pic.twitter.com/qLovRSJhzrâ Coinbase (@coinbase) September 25, 2019
Stellar Lumens (XLM) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XLM on https://t.co/bCG11KMQ6s or using our iOS and Android apps. https://t.co/gArFJPP6K7 pic.twitter.com/eTtVaH9JdTâ Coinbase (@coinbase) September 25, 2019
The Coinbase Effect and New York
While these coins have already been part of the Coinbase ecosystem for months, their availability in New York can impact their price. With a population of just under 20 million residents, New York is the 4th most populated state in the US. In addition to that, it is the financial hub of the United States.
While Chainlink has experienced a bit of a pump and dump since its listing on Coinbase, news of a New York expansion can move it upwards. It is currently trading at $1.64 and is currently #19 on Coinmarketcap. Realistically, should Bitcoin move upwards, and more positive Chainlink news unfold, we could see Chainlink at $2.
Stellar (XLM) is #10 on Coinmarketcap and is trading at $0.058. As with Chainlink, this development can possibly push XLM further upwards and it could Possibly overtake BSV by marketcap.
As great as this news is, one must keep in mind that all cryptocurrencies are inherently linked to Bitcoin. If Bitcoin crashes, so will most if not all alts.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado