It’s been over 24 hours since Coinbase announced its support for Ethereum. The integration may have caused the ETH price to rise over ten percent, reaching a high close to $14.00, at the time of writing this article.
Coinbase, a virtual currency wallet and exchange, added Ethereum to their trading platform. By fully accepting Ether through their wallet and their professional trading platform, GDAX, Coinbase has made it easier for their users to acquire Ether using USD.
Coinbase and its founder have shown their continuing support for the decentralized platform since introducing the ETH/USD order to GDAX in May. They stated:
Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world.
The response was so overwhelming, the site allegedly crashed from the volume of trading. “Too much ETH trading on the website! We’ll be right back. (Mobile is still online),” stated on their Twitter. Coinbase was quick to recover to handle the high volume of trading.
The price jump is the highest Ether has been in a month. On June 17, a hacker attacked the DAO, ultimately draining 3.6 million Ether from multiple accounts. The price of Ether dropped from $21.49 to $14.43 within four hours. It continued to fall that month to under $10.
The Ethereum community rallied together to fight back against the hacker. The decision was made for the hard fork, which was executed on Wednesday. The price did begin to climb since many had an optimistic outlook on the hard fork. At this moment, more than half of the funds stolen during the hack have been returned.