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Coinbase suspends 80 non-USD trading pairs

Coinbase is removing dozens of trading pairs in order to improve liquidity on its platform.

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Coinbase is removing dozens of trading pairs in order to improve liquidity on its platform.

Coinbase has suspended 80 non-USD trading pairs, including those with cryptocurrencies like Bitcoin, stablecoins like Tether and fiat currencies like the euro.

Announcing the news on Oct. 16, Coinbase said that the trading pairs’ removals aim to improve “overall market health and consolidate liquidity.” The trading pairs were removed from the Coinbase exchange and other platforms like Advanced Trade and Coinbase Prime at 19:30 UTC on Oct. 16.

The latest trading pairs’ removals on Coinbase align with the exchange’s plans to suspend the markets announced in early October. Coinbase emphasized that users of the affected platforms can still trade the markets in its “more liquid USD order books” by using the exchange’s USD Coin balances.

Coinbase has been suspending trading pairs on its platforms to improve liquidity for a while. The exchange removed another 41 non-USD markets in mid-September, citing the same reasons. While Coinbase removed multiple USDT-containing trading pairs, none of the suspended markets included USDC, a stablecoin co-developed by Coinbase and Circle.

Coinbase’s ongoing measures to improve liquidity come amid the exchange’s trading volumes tanking this year. According to the cryptocurrency market data provider CCData, Coinbase’s spot trading volumes for the third quarter plummeted 52% since 2022.

Other major cryptocurrency exchanges like Binance have also seen their spot market share dominance falling this year. According to CCData, Binance’s spot market share fell for a seventh consecutive month in September 2023, tumbling from 55% in early 2023 to 34% in September 2023.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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