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The Stellar price (XLM/USD) has managed to rebound from a fresh 2019 low after Coinbase announced that it had increased its support for the crypto token.

The digital currency enjoyed a steady advance during today’s morning session, which allowed it to temporarily retake the $0.06 level. The price increase was likely triggered by today’s announcement that its New York state customers will now be able to hold, buy, sell, send and receive Stellar Lumens, as well as Chainlink’s LINK token. Coinbase added support for XLM and LINK in its other jurisdictions in March and June, respectively, but the state of New York wasn’t included in the initial launch. The stricter crypto regulations in the state likely were the reason for the delay, industry website Coindesk noted in its report on the story.

The news didn’t have a significant impact on LINK, whose price has increased by less than 1% in the past 24 hours. Meanwhile, XLM has gained more than 7%.

Stellar’s price increase comes just over a week after another strong session that saw the coin rising to a near two-month high above the $0.08 level. The coin surged by as much as 26% on September 18 and hit a high of $0.087 in the next session. However, the coin all of these gains in subsequent sessions. This week’s cryptocurrency sell-off, which saw Bitcoin (BTC) plunging to sub-$9,000 levels, was particularly damaging for XLM. As a result of the sell-off, XLM fell to $0.053 yesterday, which was its lowest level in more than a year. The coin closed yesterday’s session at $0.057.

In today’s trading, the Stellar price stood at $0.059, as of 14:27 BST. The digital currency has gained 7.8% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market cap currently stands at $1.2 billion, which makes XLM the 10th-largest digital currency on the market.

Featured image: Vintage Tone/Shutterstock.com

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