Coinbase to end support for 49 assets: Which cryptos are affected?

According to a recent X announcement by Coinbase Institutional, at the end of April, Coinbase Prime will end custody support for 49 assets.

Coinbase will be ending custody support for 49 assets at the end of April, the company announced via X on Monday. The move comes as the cryptocurrency exchange regularly evaluates the assets it is supporting “to ensure they continue to meet our standards,” Coinbase Institutional stated.

The affected tokens include: VideoCoin (VID), Coffee Token (CFT), Sentinel Protocol (UPP), Cellframe (CELL), Ideology (IDEA), Dorayaki (DORA), CPUCoin (CPU), SIREN (SI), Oraichain Token (ORAI), UniLend Finance (UFT), Telcoin (TEL) and E-RADIX (EXRD), among others. A full list was shared alongside the announcement.

The custody support will cease across all jurisdictions at the stated date, while derivatives support will come to an end on 1 May.

The announcement post concluded: “Coinbase Prime will no longer provide custody support for certain assets as of April 30, 2024, and derivatives support will cease on May 1, 2024. Please see the full list of affected assets and the updated Coinbase Prime service area coverage in the attached document.”

Earlier this month, Coinbase also announced that it is planning to cut 20% of its workforce in a bid to reduce costs amid the challenging macroeconomic environment. The exchange also plans to close its Coinbase Pay service in April.

The past year has seen several cryptocurrency services cease operations or announce closures amid the crypto winter and the bankruptcy of several major crypto firms. In March, crypto hardware wallet firm Ledger announced that it is closing its institutional arm, Ledger Enterprise.

Meanwhile, on Monday, a massive XRP transfer of 70,000,000 XRP (about $150,361,090) was spotted by Whale Alert. The transaction was executed between two unknown wallets.

The transfer raised questions about potential whale activity and its implications for Ripple's market strategy. Some analysts suggested that it may be linked to Ripple's On-Demand Liquidity (ODL) operations, as wallets involved are tied to familiar corridors, and the structure matches patterns seen in previous liquidity prep stages.

The timing of the transfer coincided with a rise in XRP's price, which led to speculations about Ripple potentially positioning itself for further ODL expansion or responding to market changes. However, the exact reason behind the transfer remains unclear.

Prominent crypto analyst Michael van de Poppe believes that Bitcoin could reach a new all-time high within the next three months. His assumption is based on a chart provided by Head of Macro Research at Global Macro Investor (GMI) Julien Bittel.

The chart, which began in 2023, showcases a correlation between Bitcoin's price and the M2 supply (the total amount of money in circulation). Earlier this year, Bitcoin demonstrated a sharp decline when M2 reached the bottoming zone.

"If this continues, we'll see Bitcoin rally to an ATH this quarter," van de Poppe stated.

Furthermore, the analyst noted that if M2 and the Bitcoin price skyrocket, it would signify the rise of the Chinese yuan against the U.S. dollar, a decline in the gold price, a fall in the U.S. dollar index, and the rise of the altcoin market.

"It's an interesting chart to follow. Could be interesting if this plays out."

The crypto analyst also pointed out a possibility of a "massive short-term opportunity" in the altcoin market, presenting a 300% potential in the next two to three months with a move toward the 0.382 Fib.

However, he believes that a complete reversal of the market is still two to three months away.

"We might see a complete reversal of the market in 2-3 months with crypto prices increasing massively once again and the U.S. dollar index showing signs of a bottom."

Despite the recent volatility and uncertainty in the cryptocurrency market, major cryptocurrencies like Bitcoin and Ethereum have shown resilience and potential for recovery in the coming months.input: U.Today presents the top three news stories over the past day.

Coinbase will be ending custody support for 49 assets at the end of April, the company announced via X on Monday. The move comes as the cryptocurrency exchange regularly evaluates the assets it is supporting "to ensure they continue to meet our standards," Coinbase Institutional stated.

Thus, based on Coinbase Prime's review, among other assets, the following tokens will be impacted (a full list was shared alongside the announcement): VideoCoin (VID), Coffee Token (CFT), Sentinel Protocol (UPP), Cellframe (CELL), Ideology (IDEA), Dorayaki (DORA), CPUCoin (CPU), SIREN (SI), Oraichain Token (ORAI), UniLend Finance (UFT), Telcoin (TEL) and E-RADIX (EXRD).