CORE price drops despite Coinbase, Bithumb listing

Core (CORE) price was down nearly 5% on Monday morning, trading in the red over the past 24 hours and the past week as the broader crypto market hit a bearish patch.

As Bitcoin price dropped to near $62,200 and Ethereum traded to $3,350, the declines spread across major altcoins. This saw the global crypto market capitalization fall more than 3.5% to $2.27 trillion.

Notably, CoinMarketCap data shows the trading volume across the crypto market was up 55.8% in 24 hours, with over $50.8 billion traded as recent outperformers sold-off.

Bithumb lists Core token

Bithumb, the second largest cryptocurrency exchange in South Korea, has added trading support for Core. The exchange expects to launch CORE/Korean won trading pairs today. Deposits will open at 3:00 pm while withdrawals will be available from 5:00 pm.

This could be a major boost for Core, which also just recently landed on Coinbase. The US-based crypto behemoth announced the listing of CORE on June 20, adding support for CORE on the Core DAO network.

The announcement to list CORE on Bithumb, which is the second-largest crypto exchange in South Korea behind Upbit, saw the token’s price jump more than 4%.

On June 20, when Coinbase announced CORE trading with USD pairs, the token’s price jumped more than 8% to above $1.48.

Listing on major exchanges has the advantages of providing further visibility and enhancing liquidity for tokens. While Coinbase and Bithumb could offer CORE these positives, the current market has dimmed sentiment – hence CORE price struggles.

That explains the fleeting gains seen on Monday.

CORE currently trades around $1.34, down 4% in 24 hours and 16% this past week. The decline sees Core price slip further away from its all-time high of $6.14 reached in February 2023. Currently, CORE is more than 78% down from that peak.

What is Core (CORE)?

Core is a decentralized layer 1 project that supports Bitcoin’s ecosystem via a combined consensus mechanism dubbed Satoshi Plus.

It uses the DAO Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS) mechanisms that means Bitcoin miners can participate in validating smart contracts.

Users get CORE tokens as reward, providing an environment that empowers miners and platform users alike. The native token provides for network utility across payments and allows for staking as well as governance.

Core’s growth prospects includes its growing traction amid user adoption of non-custodial BTC staking.

This means the platform helps make holders’ Bitcoin a yield-earning asset, empowering them to earn rewards on their BTC while remaining within the secure Bitcoin network.

The post CORE price drops despite Coinbase, Bithumb listing appeared first on Invezz