In a recent blog post, Coinbase Global Inc., the largest cryptocurrency exchange in the United States, revealed that as of January 2023, it will stop accepting Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP, and Stellar (XLM) in its wallet.
Brief facts
- Users will still be able to access their assets on this wallet using a recovery phrase, according to Coinbase, which said the update was delayed due to “poor usage” and was initially scheduled to go into effect on December 5.
- Users are warned by the exchange that any attempts to send or receive unsupported assets on the platform will result in the loss of those assets.
- Despite the bearish opinion around these tokens, all four appreciated in value during Wednesday morning trading in Asia along with the rest of the major tokens, with the strongest of the four, XRP, gaining 5% to US$0.49 in the 24-hour period ending at 10:30 a.m. in Hong Kong. In the same timeframe, there was a minimum 2.2% increase in ETC, BCH, and SLM.
- Due to its present ranking as the seventh-largest cryptocurrency by market cap, as per CoinMarketCap, the withdrawal of support for XRP in particular may have surprised several investors.
- Recently, XRP has been receiving a lot of attention as the deadline for the filing of both parties’ final judgments in the U.S. Securities and Exchange Commission (SEC) case against Ripple Labs Inc., whose payment network is supported by XRP, approaches.
- Since their beginning, BCH and ETC, two forks of the most popular cryptocurrencies, Bitcoin and Ethereum, have had inconsistent usage. ETC experienced a spike in interest prior to the eagerly awaited Ethereum Merge, but it has dropped more than 50% of its value since August and is currently trading at $20.38 as of Wednesday morning.