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Tezos Price Surges 36% after Coinbase Announces Tezos Staking Rewards
November 07  |  2 min read

Tezos Price Surges 36% as Coinbase Announces Rewards for Tezos Staking

The COIN360 Editorial Team

The Tezos price surged 36%, from $0.94 to $1.28, soon after Coinbase announced that they are offeringrewards for Tezos staking. Tezos 24h trading volume also increased drastically, from $1.1M to over $56M.

Tezos price and volume chart on COIN360

Tezos price and volume chart on COIN360

Yesterday Coinbase introduced staking rewards on the platform. Any eligible US customer of Coinbase can now earn around 5% in annual returns for simply holding their Tezos on the exchange. Users will receive their rewards every 3 days after the initial holding period (35-40 days) is completed.

Tezos price growth on Coinbase was even greater and reached an overwhelming 80% at the moment when XTZ touched $1.70. As reported by Alex Kruger, analyst and trader, the price surge created huge spreads between exchanges, with a 20% difference between the Coinbase price of Tezos and its price on Bitfinex or Kraken.

Alex Kruger reports 20% spread of XTZ price between Coinbase and Bitfinex or Kraken

Such a spread could provide a good opportunity for arbitrage trading. However, it didn’t last long and at press time XTZ is trading at $1.25 on Coinbase, which is close to Tezos prices on other exchanges.