Coinbase and Circle-Backed Stablecoin USD Coin Breaks $1B Market Cap

USD Coin (USDC), a stablecoin project founded by Coinbase and Circle, has hit a major milestone in market capitalization. On July 3, 2020, USDC market cap broke the $1 billion threshold for the first time since the stablecoin was launched in October 2018. According to data from Coin360, the coin has seen sharp growth since March 2020. USDC, the second-largest USD-pegged stablecoin after Tether (USDT), is ranked the 17th largest cryptocurrency by market cap as of press time. USD Coin all-time chart. Source: Coin360 Announcing the news on Thursday, the…

Court Likens Coinbase to a ‘Traditional Bank’ in Child Porn Appeal Case

A three-judge panel has ruled that FBI agents who subpoenaed Coinbase records to show a man had used Bitcoin to access child pornography did not violate his Fourth Amendment rights. They rejected the appeal of Richard Gratkowski, who was convicted of receiving child pornography and accessing websites with the intent to view child pornography in May 2019 and was sentenced to 70 months in prison with 10 years of probation. On June 30, the court likened Coinbase to a traditional bank, citing the Supreme Court’s unanimous 1939 decision in United…

Coinbase Custody to Hold Assets Backing 21Shares’ Bitcoin ETP

21Shares, an asset manager specialized in cryptocurrencies, has chosen the custody service offered by crypto exchange Coinbase for its Bitcoin (BTC) exchange-traded product. According to a July 1 Coinbase announcement, 21Shares will use Coinbase Custody to secure the Bitcoin backing the ETP launching tomorrow. The derivative will launch on Deutsche Börse’s Xetra — Germany’s second-largest stock exchange. The product is purportedly he first physically-backed Bitcoin ETP in Europe. Cryptocurrency derivatives see explosive growth Cryptocurrency derivatives are seeing new developments increasingly often. In late-February, 21Shares’s also launched an inverse Bitcoin ETP…

CoinMetrics Finds the ‘Coinbase Effect’ is Actually Pretty Lame

The fabled ‘Coinbase Effect’ has a much more limited impact on the price of newly listed coins than is popularly believed, according to CoinMetrics. The crypto data analysis firm has just published a report examining the impact that listing on the leading U.S.-based crypto exchange has on the price of a given crypto asset. The report concludes the effect is fairly muted — with new Coinbase markets typically posting average and median price performances between -1% and +14% against USD, Bitcoin (BTC), and Ether (ETH) from 10 days before until…

Coinbase Pro Announces Support for Compound’s DeFi Token COMP

United States cryptocurrency exchange Coinbase Pro announced the listing of COMP, the token powering the decentralized lending protocol Compound. According to a Thursday announcement, COMP trading will start on June 23 at 9 a.m. Pacific Time if the liquidity requirements are met. Furthermore, users will be able to deposit their COMP tokens the day hours before the trading activity is scheduled to start. Trading will start progressively After a sufficient — and unspecified — supply of COMP tokens make their way to Coinbase Pro, the exchange will progressively roll out trading…

BTC in Peril, Quadriga “Ponzi,” Coinbase Punished: Hodler’s Digest, June 8–14

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price drop to key $9,000 support could place the uptrend in peril Will the drama surrounding BTC’s price ever end? Probably not any time soon. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That…

Nevermind Coinbase — Big Brother Is Already Watching Your Coins

On June 5, cryptocurrency exchange Coinbase came under fire for its alleged efforts to sell crypto surveillance services to both the U.S. Drug Enforcement Administration and the Internal Revenue Service. In the days since, Coinbase representatives have made it clear that the company’s analytics services do not share any personally identifiable data with law enforcement. They claim to source all data from publicly available information. Big brother has been keeping tabs for nearly a decade Though Coinbase’s denial may contain a grain of truth, a source who has worked in…

Coinbase Exploring Support for 18 New Digital Assets

The largest cryptocurrency exchange in the United States is considering offering support for a variety of new digital assets. According to a June 10 blog post from Coinbase, the exchange is exploring support for Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix, and VeChain. However, Coinbase is not considering adding Siafunds. Coinbase did not give a timeline for listing these assets. The blog said the process required “significant technical and compliance review” in addition to some regulatory…

Coinbase Unveils USDT Custody, Then Deletes Announcement

Coinbase Custody, an international institutional cryptocurrency holdings arm of well-known U.S. exchange Coinbase, announced compatibility for stablecoin Tether (USDT), only to delete traces of the announcement shortly thereafter.  Coinbase Custody, as well as Tether CTO Paolo Ardoino, unveiled a USDT listing on the Coinbase platform in May 30 tweets, according to CoinDesk reporting on June 10. The tweets have since been deleted at some point between their posting and the June 10 report.   We will update as further details come in. Author: Cointelegraph By Benjamin Pirus Source link

Users Punish Coinbase for Outage by Withdrawing Record Amount of BTC

Coinbase experienced the largest net outflow of Bitcoins (BTC) in ages in the wake of the recent service outage. Even Nassim Taleb has left the nest. Black Swan The June 1 outage happened during the surge of traffic as Bitcoin was trying to push through the $10,000 resistance level. Similarly, to the BitMex’ blackout a few months ago, this caused much frustration amongst its user base. A few days later, one of its most famous users, “Black Swan” author Nassim Taleb, quit the exchange. Coinbase Net Bitcoin Flows. Source: Glassnode.…