Hello, Cardano (ADA) is exchangeable on Coinbase right now with the most common pairs, but this listing started in a very bad way.
As Coinbase should have known as soon as it listed ADA the influx of ADA transactions got to the roof, but Coinbase wasn't prepared, the exchange got short of liquidity very soon and got to a point where it was selling ADA at 1.60$ when everyone else was selling at around 1.30$. This caused buyers to buy ADA at a price that wasn't real and got people trying to arbitrage trading right away. Arbitrage trading is buying in an exchange for a lower price and selling in the exact moment in another at a higher price, profiting in minutes from a trade.
This increase in price in Coinbase only happened because they weren't prepared for all the transactions they got, this is a very poorish service from Coinbase, how can an exchange with this dimension not be prepared for the influx of transactions knowing that we are talking about a top four coin?
The ones who got financial damaged were the buyers that bought at a higher price, they also have them to blame because they didn't check the market price first, believing one hundred percent in Coinbase which in my view was a good assumption, who could thought that they were almost out of liquidity?
This is a good example why you should always double check this things and Coingecko can help you with that, just a quick search in Coingecko would let them know that they weren't buying at market price.
Another case of faulty service from an exchange, this is starting to get normal and this is bad for the market.
Hope you all doing well.
Best Regards,
Cryptopeach
