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
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.
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.