The Ethereum-based NuCypher token got hit with the strong Coinbase Effect and surged by 400% after it was listed on the platform. Coinbase is the world’s biggest crypto exchange so every small coin that got listed on the platform turned to gold as we saw many times previously in our Coinbase news.
The Civic token is a 2017-era altcoin that surged almost 500% in the week after getting listed on Coinbase. This happened in spite of the mixed performance in the altcoin market at the time. According to the data from CoinGecko, NuCypher’s NU token also increased by 400 over the past week alone which made it the best performing asset in the top 100 by market cap. The coin is up by 60% against the US dollar over the past 24hours and hit a new all-time high of $0.35.
The coin outperformed Bitcoin since it is up by 1 percent in the past 24hours and ETH which gained a little more than BTC did. The coin now has a market capitalization of $115 million. The rally comes after it was announced that the exchange will be embracing NuCypher and it even announced support for the custody of the asset as many other ETH-based coins did. Shortly after, it revealed that the coin will be supported on Coinbase’s retail platforms according to the announcement:
“Starting today, Coinbase supports NuCypher (NU) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store NU. NU is available in all Coinbase-supported regions.”
NU is an ETH-based token with the main purpose to be used as a stake to run a node on the network. The network provides data privacy and key management for decentralized applications and protocols. While NU is rallying, crypto-related privacy technologies are under threat from regulators that try to cut down on crime that is boosted by this nascent technology. The US IRS is paying developers up to $625,000 for cracking private crypto transactions:
“IRS-CI is seeking a solution with one or more Contractors to provide innovative solutions for tracing and attribution of privacy coins and Layer 2 off-chain transactions, such as expert tools, data, source code, algorithms, and software development services to assist their Cyber Crimes agents in carrying out their mission as it relates to cryptocurrency privacy technologies.”
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