Coinbase ’doubles down’ on Solana with latest DEX acquisition

Coinbase has announced a scheduled migration of significant amounts of digital assets, specifically Bitcoin and Ether, to new internal wallets. This migration took place on Saturday, November 22, as part of the company's ongoing efforts to enhance security and operational efficiency.

Sunrise has launched a new feature that streamlines the import of Solana tokens as Monad goes live, marking a significant step in enhancing the user experience for cryptocurrency transactions on the Solana blockchain. This development is expected to facilitate easier access and integration for users and developers alike.

The Bank for International Settlements (BIS) has raised concerns that stablecoins could potentially trigger a new contagion in the cryptocurrency market, prompting Coinbase to counter these claims and defend the stability of its operations. This warning comes amid a backdrop of significant market fluctuations, including a recent decline in Bitcoin prices and a $1 trillion drawdown in the crypto market.

Monad has garnered significant attention this week as it successfully raised $269 million in an Initial Coin Offering (ICO) led by Coinbase, the leading American cryptocurrency exchange, ahead of its mainnet launch. This funding marks a pivotal moment for Monad, a layer-1 network designed to be compatible with Ethereum's Virtual Machine (EVM).

XRP's price has fallen below $2, with analysts indicating that it may be entering the final stages of a corrective structure, potentially dropping to $1.81 before a bullish reversal occurs. Technical analysis suggests that the current price movements align with an Elliott Wave formation, indicating further downside is likely.

Bitcoin, Ether, and Solana exchange-traded funds (ETFs) have experienced a notable rebound with strong inflows, signaling a positive shift in investor sentiment. This comes after a period of significant outflows and market volatility, particularly for Bitcoin, which had seen fluctuations around $90,000. The renewed interest in these cryptocurrencies indicates a potential recovery in the market.

Coinbase has announced plans to introduce 24/7 trading for various altcoins, including SHIB, Bitcoin Cash, and Dogecoin, alongside U.S. perpetual-style futures that will settle on a five-year expiry. This move is part of Coinbase's strategy to enhance its trading offerings and attract a broader user base.

Coinbase has executed an internal wallet migration, a standard practice in the cryptocurrency industry aimed at enhancing cybersecurity measures. This migration reflects the company's commitment to maintaining high security standards amidst evolving threats in the digital asset space.