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Coinbase Wallet Deletes Some Crypto Assets

Navigasi - Wallet Coinbase has removed a number of crypto assets, namely Bitcoin Cash (BCH), Ripple's XRP Ledger (XRP), Ethereum Classic (DLL), Stellar Lumens (XLM).

Coinbase Wallet Deletes Some Crypto Assets
Coinbase Wallet Deletes Some Crypto Assets

In a report on Coinbase's official website on November 23, 2022, it was emphasized that the announcement specifically referred to the Coinbase Wallet, not its removal on its cryptocurrency exchange. The removal of the token was made due to the low number of users.

The assets will no longer be supported as of December 5, 2022 however remaining user funds will still be tied to existing user addresses.

Additionally, the Coinbase Wallet comes pre-configured to work with the following networks: Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, xDai, and Solana. Moreover, it supports all Ethereum-compatible networks and Ethereum Virtual Machine (PVM).

Retail Investors Prefer Bitcoin Over Altcoins

Launching from Cryptopotato, retail investors are investing heavily in Bitcoin despite all the negative news surrounding the crypto market. Moreover, the debacle of the FTX bankruptcy and the collapse of Terra LUNA are the most significant examples of bad news affecting the entire industry.

However, Glassnode reports that wallets holding less than 1 BTC have added around 86.2K BTC to their holdings since the FTX bankruptcy.

This has been the most notable “peak balance increase”, reaching over 1.21 million BTC, equivalent to 6.3% of the circulating supply of BTC.

Because of this, the low usage of cryptocurrencies being removed from Coinbase wallets may be due to the fact that new investors are becoming more aware when investing money by choosing to avoid investing their money in altcoins or meme coins whose assets have not been highly tested.