Coinbase Polkadot Soaring More than 70% Amid Crypto Market Sell-off

Polkadot, the token for the smart contract blockchain of the same name, rose by more than 70% in just four hours on the US crypto exchange Coinbase. However, the price on other exchanges followed the larger market sell-off.

The crypto market has seen a massive sell-off since Monday when Bitcoin, the # 1 cryptocurrency by market cap, fell below $ 30,000 for the first time since January during Tuesday’s early trading hours in the US. The price of DOT, along with most of the major alternative cryptocurrencies, also fell, dropping as low as $ 13.04 in the past 24 hours, according to CoinDesk 20 data.

However, DOT’s award was one of the day’s biggest winners on Coinbase; According to data from TradingView and Coinbase, it rose to $ 22.80 around 12:00 PM ET on Tuesday, up more than 70% in four hours.

A Coinbase spokesperson told CoinDesk that the team is currently investigating what happened and said the DOT’s price discrepancy between Coinbase and other major exchanges was likely due to the “send and receive” feature being used as part of the “incident” has been deactivated.

The San Francisco-based crypto exchange also put the DOT / USD and DOT / BTC trading pairs on its professional platform Coinbase Pro in restricted mode at 1:35 p.m. ET due to the incident.

DOT / USD and DOT / BTC “have been moved to limits to (sic) dampen expected volatility as asset price returns to parity with other exchanges after the incident is resolved,” the spokesman said.

There was an incident regarding DOT trading on Coinbase on June 20th, but according to the website and spokesman, a fix was implemented on June 21st. The US crypto exchange giant began offering DOT trades on June 16.

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