Coinbase ’doubles down’ on Solana with latest DEX acquisition

Coinbase has announced the introduction of 24/7 trading for several cryptocurrencies, including SHIB, Bitcoin Cash, and Dogecoin, enhancing its trading capabilities and user engagement. This move is part of Coinbase's ongoing efforts to expand its services and adapt to the evolving cryptocurrency market.

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.

Coinbase has reported a significant widening of its 'negative premium,' indicating weak demand in the U.S. cryptocurrency market. This premium gap has reached its widest level since the first quarter of the year, reflecting a decline in institutional interest and increased selling pressure on Bitcoin.

Bitcoin exchange-traded funds (ETFs) have attracted $238 million in inflows, marking a positive shift in investor sentiment, while Ether funds have ended an eight-day outflow streak. This development indicates a renewed interest in Bitcoin amidst a fluctuating market.

Glassnode co-founders Jan Happel and Yann Allemann assert that the current cryptocurrency crash is driven by a singular source of sell pressure, primarily affecting Bitcoin. They argue that this situation reflects a mechanical unwind rather than a narrative shift in the market. Their analysis indicates that the sell-off is not a natural market response but rather a forced exit by a participant, as evidenced by unusual momentum indicators.

Analysts have observed a 15% surge in XRP's price, attributed to the reappearance of a key metric that has historically indicated short-term rebounds. Crypto expert Dom noted that this pattern has consistently led to price recoveries of at least 10%. Despite recent volatility in the broader cryptocurrency market, XRP has shown resilience, maintaining trading levels above $2.

Bitcoin exchange-traded funds (ETFs) have experienced significant outflows, totaling $903 million, marking the second-largest withdrawal since their inception. This trend reflects growing investor caution amid fears of a potential bear market, as Bitcoin's price has been declining. The overall sentiment in the cryptocurrency market remains negative, with investors shifting their focus to other assets.

Coinbase Global Inc. has acquired Vector, a decentralized trading platform built on the Solana blockchain. This acquisition is part of Coinbase's strategy to enhance its offerings in the cryptocurrency market, particularly in decentralized finance (DeFi).