The largest economy in the world is under pressure, suggesting that interest rates may be doing their job.
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Coinbase, like the majority of major cryptocurrency companies currently, must navigate an uncertain regulatory landscape. Less than two weeks ago, the largest cryptocurrency exchange in the United States was issued a "Wells Notice" by the Securities and Exchange Commission, indicating that it is likely to take action against Coinbase's alleged offering of unregistered securities in the near future. The Commodities and Futures Trading Commission has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, for evading regulation. Moreover, as regulatory pressures increase on centralised exchanges, decentralised exchanges are becoming more attractive.
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The adoption rate of USDC, the second-largest stablecoin with a market cap of $32.5 billion, has been slowly declining as the Circle-issued token's redemptions have increased. Recent concerns began when Circle disclosed that it held approximately $3.3 billion at the now-defunct Silicon Valley Bank, causing USDC to briefly de-peg from the USD. Later, SVB depositors were notified that their deposits would be returned in full, but confidence in the stablecoin appears to have been shaken.
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The dollar advanced during Wednesday's session and remained elevated on Thursday.
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The dollar pushed ahead early on Wednesday, breaking out of the week's trading range.
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This morning, the European currency rose to levels above $1.08, for the second consecutive day.
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As the largest cryptocurrency exchange in the United States, Coinbase represents a significant portion of crypto trading in the United States. Coinbase's stock price soared near the end of 2021, during the crypto bull market. However, the bear market of 2022 took a toll on its shares, as it did for many other companies in the industry. In the past year, Coinbase's stock price has decreased by 63%. Currently, the exchange giant faces a second issue, which could prove even more problematic than falling cryptocurrency prices.
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