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Polkadot, the smart contract blockchain token of the same name, rose more than 70% in just four hours on the U.S. crypto exchange Coinbase. However, the price on other exchanges followed the market sell off.
The crypto market has seen a massive selloff since Monday as bitcoin, the No.1 cryptocurrency by market cap, fell below $ 30,000 in the early hours of trading on Tuesday in the United States, for the first time. times since January. The price of DOT, along with most of the major alternative cryptocurrencies, has also fallen, falling to $ 13.04 in the past 24 hours, according to data from CoinDesk 20.
However, the DOTs price was one of the biggest winners of the day on Coinbase; it hit $ 22.80 around 12:00 p.m. ET on Tuesday, up more than 70% in four hours, according to data from TradingView and Coinbase.
A Coinbase spokesperson told CoinDesk that the team is currently investigating what happened, and said the DOT price gap between Coinbase and other major exchanges is likely due to the deactivation of the send and receive function in the context of the incident.
The San Francisco-based crypto exchange also moved the DOT / USD and DOT / BTC trading pairs to its professional platform Coinbase Pro in limited mode only at 1:35 p.m. ET following the incident.
DOT / USD and DOT / BTC have been moved to limit only to cushion (sic) expected volatility as asset prices return to parity with other exchanges once the incident is resolved, the spokesperson said.
There was an incident regarding DOT trading on Coinbase on June 20, but according to the website and the spokesperson, a fix was implemented on June 21. The U.S. crypto-exchange giant began offering DOT exchanges on June 16.
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