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.
