Coinbase Delists XRP, XLM, BCH, and ETC

Coinbase ($COIN) announced that it is ending support for Bitcoin Cash ($BCH.X), Ethereum Classic( $ETC.X), Stellar ($XLM.X), and Ripple’s XRP ($XRP.X) in January 2023.

The reason for discontinuing support is due to low usage. This makes sense in XRP’s case because Coinbase terminated any trading of XRP in January 2021 when the SEC went gangbusters on Ripple.

Coinbase’s announcement ensures customers that the delisted cryptos won’t disappear after January 2023, and you’ll still be able to transfer them out of Coinbase’s wallet(s). 

If you wanted evidence of a huge lack of participation in the crypto space, one would anticipate that at least one of the four delisted cryptos would face intense selling pressure with this news – but that hasn’t happened. 🤒

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From Flood to Trickle: GBTC’s Outflow

Grayscale’s recorded its lowest daily outflow since becoming an ETF, with just $44.2 million on February 23. 💧

The decrease in outflows marks a potential turning point for GBTC, which has experienced a total of $7.4 billion in outflows to date. In contrast, other funds like Blackrock and Fidelity have seen substantial inflows, totaling $6.6 billion and $4.7 billion, respectively.

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Zcash And Privacy Coins Sleeping Giants?

Last week (February 20, 2024), Binance abandoned principles for profits and delisted the biggest privacy crypto by market cap – and, from a principled viewpoint, one of the most important cryptocurrencies that exist: Monero ($XMR). 🤬

Fun fact: The US Government and IRS hate Monero and privacy coins so much that in 2020, they issued two $625,000 bounties to anyone who could crack it. You can read that story here. 

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