Coinbase’s wallet application, Coinbase Wallet, announced that it has decided to end support for 4 altcoins due to “low usage”.
Coinbase Wallet is stopping support for these four altcoins
The wallet app plans to discontinue support for the high-volume altcoins BCH, ETC, XLM, and XRP. Coinbase Wallet stated that the deadline is December 5, but the remaining funds will depend on existing addresses. According to the official announcement, cryptocurrencies in the wallet will not suffer:
It does not mean that your cryptocurrencies will disappear. Any unsupported crypto you hold will continue to be tied to your address(es) and can be accessed via the Coinbase Wallet recovery tab.
Why will Coinbase Wallet not support BCH, ETC, XLM and XRP?
According to the announcement, BCH, ETC, XLM, and XRP will be delisted due to low usage. Coinbase Wallet supports nine additional networks in addition to Ethereum and all other EVM-compatible networks. BNB Chain Polygon, Solana, and Arbitrum to name a few. The team reported that Ripple, Stellar, Ethereum Classic and Bitcoin Cash, among other altcoins, observed low usage. Meanwhile, the decision will only be valid from December 5th. After this date, sending or receiving unsupported crypto using Coinbase Wallet will be risky.
FTX crisis drives retail investors to personal custody solutions
Following the bankruptcy of FTX and Alameda, distrust of exchanges has forced crypto investors to seek new custody solutions. Meanwhile, Trust Wallet, a Binance-backed custody solution, was among the prominent options. Binance CEO addressed the crypto community Trust Wallet with his tweets on this date.
Meanwhile, the latest stock market flow data from Glassnode confirms that stock market entries slightly outweigh the exits.
While spot demand for BTC indicates waning confidence, the derivatives market is pointing to a similar outcome. Bitcoin’s open interest in the derivatives market has dropped significantly over the past week and has continued to drop throughout the weekend.
Leveraged trading is down due to concerns over centralized exchanges. Not surprisingly, Bitcoin’s estimated leverage fell slightly over the weekend, confirming that investors were less confident about the short-term outlook.
Alongside the stock market flow data above, the positive news is that individual investors are starting to buy BTC again. Bitcoin addresses holding up to 10 BTC are accumulating record amounts of BTC following the FTX crash. The number of non-whale investors is on the rise again after FTX. According to a report published by blockchain analytics platform Glassnode on Nov. 27, smaller individual investors are increasingly bullish on Bitcoin and are starting to accumulate more BTC despite the ongoing market crisis. cryptocoin.comFollowing on, Bitcoin is currently trading above $16,400.
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