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First Mover Americas: Coinbase Wallet Ditches 4 Tokens
The latest price moves in crypto markets in context for Nov. 30, 2022.
Updated Nov 30, 2022, 1:28 p.m. Published Nov 30, 2022, 1:28 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Coinbase Wallet has said it will end supportfor bitcoin cash (BCH), ethereum classic (ETC), Ripple’s XRP ledger (XRP) and stellar (XLM). This will be effective as of Dec. 5. The exchange cited “low usage” for dropping the tokens. XRP remains the seventh-largest cryptocurrency with a market cap of almost $20 billion.
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Genesis Global Trading has hired lawyers to help find a way to prevent the firm from having to file for bankruptcy. Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, according to Bloomberg. This follows the lending arm of the crypto investment bank suspending redemptions and new loan organizations in the wake of crypto exchange FTX’s collapse. Genesis and CoinDesk share the same parent company, Digital Currency Group.
Sam Bankman-Fried has been called to an FTX hearing by a Texas securities regulator. The Texas State Securities Board has been investigating FTX US since October, and it is asking the ex-FTX CEO to answer claims that FTX US offered unregistered securities products through its yield-bearing service. FTX Capital Markets LLC is registered as a dealer with the board, and “Texans were able to buy and sell publicly traded stock through the firm,” according to the hearing notice that was dated Nov. 22.
Bitcoin (BTC) rose 2% to $16,803, and ether (ETH) gained 4.2% to $1,264 as the cryptocurrency market remained resilient in the midst of a drumbeat of bad news following the collapse of FTX.
Chart of the Day
- The chart shows bitcoin's hash ribbon going back to January.
- The hash ribbon uses the 30-day and 60-day simple moving averages of the hashrate or the computing power being used to process transactions to identify periods where miners are in stress.
- The 30-day average is about to cross below the 60-day gauge, indicating miner capitulation.
- "Hash ribbons, a metric created by Charles Edwards, illustrate when the 30-day moving average of bitcoin’s hashrate crosses below the 60-day moving average. Another miner capitulation officially has begun," Blockware Solutions said.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
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