Coinbase wallet will no longer have XRP: wallet removed support for native Ripple token
There will be no more XRP in Coinbase wallet. The exchange has announced that it is deleting the XRP token from its wallet. This may be related to the ongoing Ripple vs. SEC
Popular crypto exchange Coinbase will no longer support assets and networks such as Ripple (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Stellar (XLM). They will be removed from the project wallet (Coinbase Wallet app) starting in January 2023.
This is reported in the announcement on the official website of the platform. The decision was made due to the low level of activity of these blockchain networks and their coins in Coinbase wallet extension.
As project management commented, this is nothing more than a routine assessment. Such regular audits allow the company to continue investing in new, more promising features that increase Web3 availability. By the way, such investments by companies have a positive impact on their stock price, and even Apple stock price predictions.
As a reminder, Coinbase suspended cryptocurrency XRP trading back in January 2021. At that time, the exchange joined the list of trading platforms getting rid of the coin of disgraced fintech startup Ripple due to its legal problems and litigation with the Securities and Exchange Commission (SEC).
Thus, XRP has now completely disappeared from all Coinbase radars. Meanwhile, XLM, BCH and ETC remained listed on Coinbase despite being removed from its wallet.
However, the news has had no effect on XRP’s exchange rate. At the time of writing, the coin was trading in the green zone, according to CoinMarketCar, both intraday and intra-week.
Some in the community continue to believe that demand for XRP will continue, whether with or without Coinbase. Some are quick to point out:
“XRP users aren’t really too active on Coinbase, so the exchange’s actions won’t have a tangible impact on the token’s rate or its community. Most of the activity on XRP happens outside of the U.S. markets. It also has nothing to do with the SEC lawsuit.”
Still, others have expressed concern in response to the news of the full delisting of the coin on Coinbase. They speculate that this could be a red flag and raise concern that Ripple will be able to prove in court that XRP is not a security in the short term.
We previously reported on retail and corporate buyers of bitcoins and miners getting rid of the coins.
Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike
Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.
Cryptotraders lost $132,000,000 in BTC
Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.
Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.
The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.
Regulators continue to hunt the cryptobusiness
Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.
The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.
We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.
Binance was caught circumventing KYC to register Chinese clients
Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.
The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.
The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.
An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.
We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.
Why cryptoanalysts expect bitcoin to fall
The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:
The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.
The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.
However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.
There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.
We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.
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