Lưu trữ cho từ khóa: Coinbase

Degen is up 223% in 30 days as Base Blockchain DEX volume surges

Degen is up 223% in 30 days as Base Blockchain DEX volume surges

​​Degen, a popular meme coin on the Base Blockchain, has staged a strong rebound, making it one of the best-performing cryptocurrencies. 

Degen (DEGEN) has jumped by over 223% in the last 30 days and by 335% from its lowest point this year. Data compiled by Nansen shows that the rebound has coincided with a rising number of smart money holders. It has 67 holders, the highest level since June 19 and higher than the September low of 45.

The token has also jumped ahead of its Coinbase listing set for Oct. 15. This is a major development since Coinbase is the biggest crypto exchange in the United States. In most cases, altcoins rally ahead of a big exchange listing.

This listing comes a day after the developers partnered with PancakeSwap, the biggest decentralized exchange on the Binance Smart Chain. The partnership led to the launch of the DEGEN-ETH liquidity pool. 

Degen has now been listed by some of the biggest exchanges in the industry like Gate.io, OKX, Bybit, and HTX. Most of its trading is happening on Uniswap, Aerodrome, and OKX. With the Coinbase listing confirmed, there are chances that Degen will be listed by Binance.

Degen’s surge has also coincided with the ongoing surge in Base Blockchain DEX volume. DeFi Llama data shows that the network handled over $5.69 billion in the last seven days, making it the third-biggest chain after Ethereum (ETH) and Solana (SOL). It has overtaken other large networks like BNB Chain, Arbitrum, and Sui.

Degen’s rally has happened in a high-volume environment. Data by CoinGecko shows that the 24-hour volume rose to over $43 million, the highest point since Oct. 11.

Other Base meme coins have also surged. Brett has risen by 20% in the last seven days, while Keyboard Cat and mfercoin have soared by over 30% in the same period.

Degen price has formed a rounded bottom

Degen price chart | Source: TradingView

The Degen token bottomed at $0.0022 in August and has been in a slow uptrend since then. It has risen to $0.012, its highest level in over three months. 

Degen has moved above the 50-day moving average and formed a rounded bottom pattern, a popular bullish sign. Therefore, the token may continue rising as bulls target the key resistance level at $0.02555, its highest point on June 5 and 148% above the present level.

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Theo Crypto News

CoinGecko: Major asset classes outperformed Bitcoin in Q3

Bitcoin ended Q3 with a modest 0.8% price increase, overshadowed by gold’s significant 13.8% rise, fueled by concerns about the economy and global tensions.

As global uncertainties loom, investors are turning to safe havens for stability, leaving Bitcoin (BTC) trailing with a modest 0.8% price increase in Q3 2024, according to data compiled by crypto price aggregator CoinGecko. For comparison, major assets like gold surged 13.8% amid growing fears of an economic slowdown in the U.S. and escalating tensions in the Middle East.

Bitcoin’s price performance in Q3 2024 vs. traditional assets | Source: CoinGecko

Moreover, even the Japanese Yen demonstrated strong performance, climbing 12.0% after the Bank of Japan’s surprise rate hike alongside rate cuts by the Federal Reserve. In contrast, Bitcoin outperformed only crude oil and the U.S. Dollar Index, as all major fiat currencies gained against the dollar, reflecting shifting market dynamics amid fears of weakening demand and monetary policy adjustments.

Bitcoin’s modest gains lead to decline in trading volumes

While Bitcoin posted modest gains, the top ten centralized crypto exchanges reported a combined spot trading volume of $3.05 trillion, reflecting a nearly 15% decline quarter-on-quarter. Despite this downturn, Binance retained its status as the largest CEX, although its market share slipped below 40% for the first time since January 2022, ending September at 38%.

Crypto.com emerged as the second-largest CEX, leaping from ninth place in Q2, with a remarkable 160.8% growth in trading volume, capturing a 14.4% market share. Meanwhile, OKX and Gate.io struggled, each experiencing trading volume declines exceeding 30%. U.S.-based crypto exchange Coinbase also faced challenges, with a 23.8% drop in trading volumes, resulting in a fall from sixth to tenth place among the top exchanges.

Despite the market’s modest gains in Q3, analysts at CoinGecko noted that Bitcoin increased its dominance to 53.6%, a rise of 2.7% quarter-on-quarter, adding that the “last time BTC was able to achieve such dominance was in April 2021.”

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Theo Crypto News

Coinbase to delist non-compliant stablecoins for EU clients over MiCA rules

Crypto exchange Coinbase is set to delist unauthorized stablecoins from its European branch by year-end, in response to incoming MiCA regulations.

U.S.-based cryptocurrency exchange Coinbase will remove all non-compliant stablecoins from its European exchange by the end of this year, as the company moves to comply with the European Union’s new crypto regulations, Bloomberg has learned.

The Markets in Crypto-Assets framework, which came into effect in June for stablecoin issuers, requires companies to hold e-money authorization in at least one Europe’s member state. Further regulatory guidelines for exchanges like Coinbase will be enforced starting Dec. 31.

A spokesperson for Coinbase told Bloomberg that the exchange plans to restrict services related to non-compliant stablecoins, including Tether’s (USDT) by Dec. 30. The exchange will provide users with an update in November, outlining options to convert their holdings to alternatives such as Circle’s USD Coin (USDC).

In early July, French blockchain analytics firm Kaiko said in a research note that Circle has benefited from the MiCA regulations, with its stablecoins experiencing significant increases in daily trading volumes following the introduction of the new requirements.

Still, industry leaders have expressed concerns about the regulations. For instance, Tether CEO Paolo Ardoino cautioned that stringent cash reserve requirements could pose systemic risks to banks.

The delisting trend is not limited to stablecoins as Kraken recently announced it would halt trading and deposits of Monero (XMR) in the European Economic Area due to regulatory changes, following similar moves by Binance and OKX.

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Theo Crypto News

Coinbase, SEC battle over clear crypto regulation

Coinbase pressured the U.S. Securities and Exchange Commission over precise and transparent crypto regulation on Monday, Sept. 23.

The leading cryptocurrency exchange in the U.S. and the financial regulator clashed in a federal appeals court in Philadelphia, according to a Reuters report

Coinbase urged the SEC to create a better regulatory scene for crypto assets in the U.S. 

Last December, Coinbase filed a petition claiming the crypto regulatory framework is “unworkable” but the SEC has already denied it.

On Sept. 23, the exchange added that crypto companies cannot operate in the U.S. due to the SEC’s unreasonable regulations, per the Reuters report.

Coinbase’s lawyer, Eugene Scalia, told the appeals court that the SEC is refusing to provide information “on how to register with the agency and comply with U.S. laws.”

On the other hand, SEC lawyer Ezekiel Hill argued that the regulator should not have to create a new set of rules for Coinbase if the company “wants to arrange its business in a way that does not comply with the existing regulatory framework.”

The judges said that the SEC is taking a cautious approach toward rulemaking but pressured the agency on “why cryptocurrency was not one of them.”

The SEC sued Coinbase last year for failing to register as a broker while operating in the country. Moreover, the regulator claimed that the exchange’s staking program and over 10 digital assets available on the platform were securities.

Three weeks later, on June 27, Coinbase sued the SEC and the Federal Deposit Insurance Corporation for refusing to provide the requested information under the Freedom of Information Act.

Coinbase and the SEC are clashing over the securities allegations in a separate lawsuit. 

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Theo Crypto News

Coinbase’s Base smart contracts contain over 34k vulnerabilities, data shows

Base network saw over 34,000 high-risk vulnerabilities in its smart contracts, including malicious boolean checks and library tampering, according to new data.

Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase’s Base network leading in high-risk detections.

According to data from Trugard Labs, which identified risks using its Xcalibur tool, Base accounted for more than 34,000 high-risk detections in its smart contracts during August.

The Coinbase-incubated network was particularly susceptible to Digital Signature issues, with nearly 22,000 detections related to tampering in standard libraries like SafeMath. Malicious boolean checks on token transfers also posed significant risks, with over 6,300 instances identified on Base. These checks could block or manipulate token transfers, presenting a key vulnerability.

High risks identified across blockchains in August | Source: Trugard

Web2 hackers turn to web3

Trugard Labs identified several other major threats across the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain (formerly Binance Smart Chain, BSC), though in smaller numbers.

Cross-chain comparison Top by risk share | Source: Trugard

The surge in malicious activity on Base underscores the vulnerability of protocols deployed on the network to exploitation, as cybercriminal groups that once operated in web2 “have now shifted focus to the burgeoning web3 ecosystem,” analysts at Trugard say.

As the decentralized finance sector grows, so does its appeal to threat actors. In the past, web2 criminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. Trugard says those same tactics are now being adapted to exploit “vulnerabilities in smart contracts, decentralized finance protocols, and blockchain networks.”

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Theo Crypto News

Base Blockchain active addresses, transactions hit all-time high

Base Blockchain, the layer-2 network launched by Coinbase in 2023, is doing well as the ‘crypto winter’ continues.

Nansen data shows that the network’s number of users is growing and beating many blockchains like Avalanche (AVAX), Polygon (POL), and Cronos (CRO).

The number of active addresses jumped to a record high of over 1.964 million, up from the year-to-date low of 196,000. 

Base network active addresses | Source: Nansen

Another number reveals that the number of transactions handled by Base Blockchain has jumped to 4.8 million, up from January’s low of less than 300,000. 

Meanwhile, the number of daily deployments in the network rose to an all-time high of near 18,000 earlier this month.

In contrast, as we wrote this week, Avalanche’s number of active addresses and transactions have dropped by over 50% from the highest level this year. 

This growth happened as more developers embraced the network because of its strong speeds and low transaction costs. 

According to DeFi Llama, Base has 348 dApps in the decentralized finance industry and a total value locked of $1.57 billion, making it the sixth-biggest chain. The biggest DeFi dApps in its ecosystem are Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue. 

It is also the sixth-biggest in terms of stablecoins in the ecosystem, with over $1.57 billion. It will likely have more stablecoins when it is included in Tether’s network. 

Most importantly, Base Blockchain has also become the third-biggest chain in the decentralized exchange industry, where its dApps handled a volume of $3 billion in the last seven days. This made it bigger than Arbitrum, which processed $2.77 billion.

Developers and users love Base because of its low gas fees. According to Nansen, while its transactions have jumped, the amount of gas fees fell to $50,425, down from over $2.3 million in March. Base has made just $57 million in fees this year while Ethereum and Tron have made over $1 billion. 

The performance of Base is a good thing for Coinbase, which is losing market share to companies like Crypto.com, Huobi, and Bybit.

Coinbase handled crypto volume worth $66 billion while the others had volume of over $70 billion. 

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Theo Crypto News

Solv Protocol launches Bitcoin staking for cbBTC holders on Base

Binance Labs-backed Solv Protocol is bringing Bitcoin staking to Base via the newly launched Coinbase wrapped Bitcoin token, cbBTC.

On Sept. 12, Coinbase revealed that its cbBTC token was now live on Ethereum (ETH) and the layer 2 chain Base. Solv Protocol shared news of its launch of Bitcoin (BTC) staking on Base via in a press release shared with cypto.news.

The platform says the unveiling of the cbBTC token, which is backed 1:1 by BTC holdings on Coinbase, offers another opportunity for users on Base to leverage their bitcoin in the decentralized finance market.

cbBTC holders to mint SolvBTC to participate in DeFi

According to Solv Protocol, cbBTC holders can tap into DeFi opportunities by minting SolvBTC. Notably, users can broaden their participation in the market by converting SolvBTC into SolvBTC.BBN, a liquid staking token offering access to further Bitcoin staking yields.

Integrating cbBTC as a reserve asset is a significant step towards unifying Bitcoin liquidity and making the Bitcoin DeFi experience more accessible to users.

Ryan Chow, co-founder of Solv Protocol.

Coinbase’s launch of cbBTC allows its BTC holders to convert assets to the new wrapped token, much like BTC holders have done with wrapped Bitcoin (WBTC).

For cbBTC, the process will involve the transfer of Bitcoin from user accounts to either Base or Ethereum addresses. The BTC converts to cbBTC and can be used across DeFi protocols such as MakerDAO (MKR), Aave (AAVE) and Compound (COMP).

Solv Protocol adds to this growing market with its liquid staking token, SolvBTC.

Other platforms offering liquid staking or restaking opportunities to the Bitcoin community include Lombard Finance, Swell, and AcreBTC.

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Theo Crypto News

Coinbase launches cbBTC, a wrapped Bitcoin token

Coinbase is rolling out cbBTC — Coinbase Wrapped BTC — an ERC20 token backed 1:1 by Bitcoin, which Coinbase holds.

According to a press release shared with crypto.news, the cbBTC token is now available on Base and Ethereum (ETH).

Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on Ethereum or other blockchains, giving BTC holders access to DeFi applications. Coinbase’s cbBTC is the latest addition to the wrapped asset category, following the likes of WBTC (WBTC). 

In August, Coinbase posted a cryptic tweet about a new wrapped Bitcoin product. The news was announced on Coinbase’s official X account with a simple “cbBTC” followed by a “coming soon” comment.

Then, on Sept. 11, the Base X account tweeted a logo that was assumed to be the logo for the cbBTC. 

Details of cbBTC 

Coinbase users can now convert their Bitcoin to cbBTC when transferring from their accounts to Base or Ethereum addresses. This token can be used in popular DeFi protocols like Aave (AAVE), Compound (COMP), and MakerDAO, allowing users to lend, borrow, and earn yields with their Bitcoin.

CbBTC also ensures secure liquidity by being fully backed by Bitcoin held in Coinbase custody, which has a track record of over 10 years. This move aims to provide more utility for Bitcoin holders, allowing them to access decentralized finance applications using the Bitcoin they already own.

How cbBTC works

When sending BTC from Coinbase to an address on Base or Ethereum, it will be automatically converted 1:1 to cbBTC. When receiving cbBTC in the Coinbase account, it will be converted 1:1 from cbBTC to BTC.

CbBTC will not have a separate order book or trading pair on Coinbase. However, it will be available to trade on DEXs using Coinbase Wallet and may be listed on other third-party exchanges that choose to support it.

At launch, cbBTC send and receive will be available on Coinbase in the U.S. (excluding New York State), the UK, EEA states, Singapore, Australia, and Brazil. It will also be accessible globally on Base and Ethereum.

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Theo Crypto News

Coinbase stock forms risky patterns as crypto outlook darkens

Coinbase stock slipped for eight straight days, the longest losing streak since July, as cryptocurrencies continued falling.

Coinbase is facing major headwinds

Decentralized and centralized exchanges have come under pressure as cryptocurrency volume has dropped in the past few months.

Data from DeFi Llama shows that the volume traded in DEXs peaked at $260 billion in March and then retreated to $175 billion in August. More data shows that the volume traded on CEX platforms stood at $1.2 trillion in August, down from $2.48 trillion in March.

This volume has dropped due to the weak performance of Bitcoin (BTC) and other altcoins. Bitcoin remains in a bear market after falling by over 23% from its highest point this year. Similarly, Ethereum (ETH) has dropped by 41% from its year-to-date high, while Solana (SOL) is down by over 36%.

In most cases, the volume on crypto exchanges closely correlates with price movements. For example, Coinbase’s total volume in Q1 was over $300 billion as cryptocurrencies surged. Its volume dropped to $226 billion in Q2 as prices fell.

Coinbase stock’s retreat has also coincided with the sluggish performance of spot Ethereum and Bitcoin ETFs. Data from SoSoValue shows that spot Bitcoin ETFs have shed assets over the last seven consecutive days. Ethereum ETFs have also lost assets in six of the last seven weeks. ETF asset flows are important for Coinbase since it is the custodian of choice for most funds.

Meanwhile, Base, the company’s layer-2 network, has also lost assets in the last seven days. It has over $1.4 billion in assets, making it the sixth-biggest chain in the industry. The volume of coins traded in its DEX platforms fell by 10% to $3.06 billion, bringing its cumulative total to over $93 billion.

Coinbase stock has formed risky patterns

Coinbase stock price | chart by TradingView

Technically, Coinbase stock has formed several bearish patterns, signaling more downside. It formed a slanted double-top pattern, with its neckline at $195.40, its lowest swing on May 14. It dropped below this neckline last week.

The stock has also moved below the 50% Fibonacci retracement level and the 200-day Exponential Moving Average. Most notably, it fell below the crucial support level at $162, its lowest swing in August, invalidating the double-bottom pattern that was forming.

Therefore, the path of least resistance is downward, with the next reference level to watch at $137.70, the 61.8% retracement point, and 15% below the Sep. 6 level.

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Theo Crypto News