#coinbase

In an interview with CNBC, Coinbase CEO Brian Armstrong mentioned:

Coinbase, the American cryptocurrency exchange, has made the decision to delist 80 trading pairs that are not tied to the US dollar (including USDT) in an effort to enhance liquidity on its platform.

Coinbase has registered a trading volume of $76 billion in Q3 2023, showing a marked decrease from the $159 billion in the preceding year.

Coinbase's blockchain, Base, has set a new daily transaction record, reaching 1.88 million transactions. This achievement surpasses its previous high of 1.41 million transactions, established shortly after its launch in August. Notably, this number surpasses the combined daily transactions of both Optimism and Arbitrum, which totaled 878,000 transactions.

Coinbase has voiced major reservations about the tax guidelines put forth by the US Internal Revenue Service (IRS).

The head of business operations at Coinbase reported that a year ago, Alameda Research minted USDT worth $39.55 billion or about 47% of the total stablecoin supply.

FTX's portfolio liquidation is unlikely to shake the market significantly, as noted by Coinbase in their latest weekly report. They cited multiple reasons supporting this claim. 1. Weekly Sell Limits: Initially, liquidations are capped at $50 million per week for digital assets. This limit will gradually increase to $100 million in subsequent weeks. Any permanent increase to a maximum limit of $200 million requires approval from two committees representing FTX debtors. 2. Insider-Affiliated Tokens: Stricter controls govern the sale of “insider-affiliated” tokens, necessitating a 10-day advance notice to the same committees. 3. Locked Holdings: A significant portion of FTX’s SOL holdings, along with some other tokens, are locked until approximately 2025 due to token vesting schedules, limiting their availability for sale. 4. Hedging Measures: FTX has the option to hedge its sales of BTC, ETH, and other debtor-identified assets through an investment advisor, contingent on prior committee approval. These precautions ensure a measured and controlled approach to asset liquidation.

It involved two transactions of 150,000 ETH each, totaling approximately $480 million. The purpose behind this transfer remains a mystery, and it may not necessarily impact the price.