Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

$4.7 Billion USDC Burned From Coinbase, Possible SEC Effect?

Published 02/10/2023, 06:32 AM
Updated 02/10/2023, 07:00 AM
© Reuters $4.7 Billion USDC Burned From Coinbase, Possible SEC Effect?
COIN
-

  • PeckShield identifies $4.7 billion USDC burned from Coinbase (NASDAQ:COIN).

  • The movement is likely to be linked with the US crackdown on staking.

  • Coinbase stock plummeted by 14.13% today.

Blockchain security and data analytics company PeckShield recently identified a $4.7 billion USDC burn from Coinbase alone. This was a follow-up to a $175 million USDC burn.

PeckShield believes it could possibly be due to the recent SEC crackdown on cryptocurrency staking. Rumors were out on the street that the U.S. Securities and Exchange Commission (SEC) is possibly planning to ban cryptocurrency staking.

The rumors started surfacing after SEC chairman Gary Gensler spoke about the possibility of classifying cryptocurrencies that allow staking to come under the securities. Coinbase CEO Brian Armstrong also took to Twitter to address the rumors.

The post $4.7 Billion USDC Burned From Coinbase, Possible SEC Effect? appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.