Civic, the personal identity protocol that envisions to make identity verification safer, cheaper, and efficient is the talk of the crypto town today. According to Coingecko, CVC, the ERC 20 token that powers Civic’s identity verification protocol has exploded by 63% in the last 24 hours. Interestingly, the CVC price rally was triggered on 6 November and since then the token price is up by 425%.
CVC’s trading history is not impressive enough. For most of 2020 until 5 November, the Civic token CVC was trading sideways. As soon as Coinbase announced CVC support at Coinbase.com on 6 November, the token price skyrocketed. It seems Coinbase listing exposed CVC to a wider audience and triggered the rally. Could this be the only reason for the pump? We do not believe this theory completely because Coinbase Pro has already been supporting CVC since 2018.
Coinbase started exploring CVC for full-trading support in 2018.
A look at the charts reveals a strong CVC sell signal. If the selling pressure continues to build, the token might face a short pullback. However, the charts also suggest that there is very strong support at $0.09. Impressively, CVC has already touched a new two-year high as it crossed $0.111 and is currently trading at above $0.13.
Building a COVID safer world
Civic, the San Francisco-based startup announced a major partnership 5 months back. According to the official blog, Civic partnered with Circle Medical, a UCSF Health affiliate. Circle Medical will use the Civic Wallet to act as a vaccination-proofing tool for Circle Medical’s employees. This new wallet acts as a vacation-proofing tool and a crypto wallet too. Currently, it is available in both Apple and Google stores and has over 10,000 downloads.
Interestingly, Civic Wallet does not need users to remember seed phrases or passwords. It comes with a multi-sig access function. Effectively, the custodian companies can hold part of the users’ key and can help recover funds even if the user loses his phone.
At the time of press, the CVC price is up by 63% in the last 24 hours. It seems the Coinbase listing hype is not fading away anytime soon and the CVC token pump might continue longer.
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