Coinbase Reportedly Burns More Than 4.7B USDC in Recent 24 Hours

The top crypto exchange Coinbase has reportedly burned above 4.7B USDC in the recent 24 hours. The respective news was revealed by the blockchain security firm “PeckShield.” It stated that the crypto exchange sent up to 4.7B USDC tokens to Circle for burning. This signifies that the consumers are exchanging their crypto assets for fiat currency.

Coinbase Burns up to 4.7B USDC Tokens Just in Twenty-Four Hours

The decision was taken by the consumers to convert the crypto tokens to fiat points toward a possible reason. It deals with the prohibition on crypto staking from the US Securities and Exchange Commission (SEC). Nonetheless, as specified by 0xScope, another thing took place in addition to the delivery of 4.5 USD from the crypto exchange to Circle. According to it, Coinbase also obtained up to 4.7B USDC. The net flow of USD on the Coinbase crypto exchange is nearly $330 million during the previous 24 hours.

Shares of the Crypto Exchange Drop by 8% after CEO’s Comments on SEC’s Stance on Crypto Staking

Apart from that, recently, more than eight percent has taken place in the shares of Coinbase, according to the data provided by Nasdaq. The chief executive officer of the well-known crypto exchange has recently voiced concerns over the current approach being followed by the regulators. He mentioned that, if a restriction is imposed on crypto staking in the United States, it will pave the way for some unexpected consequences.

The decline witnessed in the shares appears to be caused by the comments made by the CEO, as stated by Needham’s John Todaro. He added that though a minor proportion of the cumulative revenue of COIN is credited to staking, it is crucial to diversify the crypto exchange’s revenue. At present, up to 2M ETH tokens are staked on the crypto exchange.
Bookmark (0)

Related Posts

Dogecoin (DOGE) Signals Imminent Price Resurgence, Is It Time to Buy the Dip?

Dogecoin has made a 17% recovery after testing November 2022 lows.
DOGE social sentiment is currently pessimistic. 
DOGE could soon flip $0.10

Bookmark (0)

Fed Increases Interest Rates by 25 Basis Points, Suggests Rate Hike Pause Likely

U.S. Federal Reserve Chair Jerome Powell said that the bank had decided to increase interest rates by another 0.25%.
Powell said the collapse of several banks has driven a more cautious approach, with a rate hike pause imminent.
U.S. Treasury Secretary Janet Yellen’s speech after the Fed announcement saw Bitcoin fall below $27,500.

Bookmark (0)

Shiba Inu (SHIB) Long-Term Holders Are Selling, Is a Further Price Downswing Expected? 

SHIB moved sideways in reference to its price a week ago. 
Shiba Inu long-term holders are selling.
Shiba Inu network growth is in a steep decline.

Bookmark (0)

Why is Cardano price up today?

Cardano whales are largely behind ADA’s price rally in the last week, helped by Bitcoin’s multimonth highs amid the banking crisis and Fed pivot hopes.

Bookmark (0)

Breaking SEC Sues Justin Sun for Unregistered Securities Offerings

The U.S. SEC has sued Justin Sun for offering BTT and TRX as unregistered securities.
Celebrities Austin Mahone and DeAndre Way have also been sued for promoting the tokens with disclosure.
The SEC seeks to prevent Sun from engaging in future crypto asset offerings.

Bookmark (0)

Price analysis 3/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

Technical charts are beginning to suggest that BTC is at the end of its bear market cycle, and traders believe this could yield positive results for most altcoins.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *