First Mover Americas: Coinbase Wallet Ditches 4 Tokens

The latest price moves in crypto markets in context for Nov. 30, 2022.

AccessTimeIconNov 30, 2022 at 1:28 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Coinbase Wallet has said it will end support for bitcoin cash (BCH), ethereum classic (ETC), Ripple’s XRP ledger (XRP) and stellar (XLM). This will be effective as of Dec. 5. The exchange cited “low usage”  for dropping the tokens. XRP remains the seventh-largest cryptocurrency with a market cap of almost $20 billion.

Genesis Global Trading has hired lawyers to help find a way to prevent the firm from having to file for bankruptcy. Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, according to Bloomberg. This follows the lending arm of the crypto investment bank suspending redemptions and new loan organizations in the wake of crypto exchange FTX’s collapse. Genesis and CoinDesk share the same parent company, Digital Currency Group.

Sam Bankman-Fried has been called to an FTX hearing by a Texas securities regulator. The Texas State Securities Board has been investigating FTX US since October, and it is asking the ex-FTX CEO to answer claims that FTX US offered unregistered securities products through its yield-bearing service. FTX Capital Markets LLC is registered as a dealer with the board, and “Texans were able to buy and sell publicly traded stock through the firm,” according to the hearing notice that was dated Nov. 22.

Bitcoin (BTC) rose 2% to $16,803, and ether (ETH) gained 4.2% to $1,264 as the cryptocurrency market remained resilient in the midst of a drumbeat of bad news following the collapse of FTX.

Chart of the Day

(Source: Glassnode, Blockware Solutions)
(Source: Glassnode, Blockware Solutions)
  • The chart shows bitcoin's hash ribbon going back to January.
  • The hash ribbon uses the 30-day and 60-day simple moving averages of the hashrate or the computing power being used to process transactions to identify periods where miners are in stress.
  • The 30-day average is about to cross below the 60-day gauge, indicating miner capitulation.
  • "Hash ribbons, a metric created by Charles Edwards, illustrate when the 30-day moving average of bitcoin’s hashrate crosses below the 60-day moving average.  Another miner capitulation officially has begun," Blockware Solutions said.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

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