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Seeking Alpha 2022-11-29 19:39:45

Coinbase to delist bitcoin cash, ether classic, ripple, stellar, citing 'low usage'

Coinbase Global's ( NASDAQ: COIN ) wallet service is set to delist cryptocurrencies bitcoin cash ( BCH-USD ), ethereum classic ( ETC-USD ), stellar ( XLM-USD ) and ripple ( XRP-USD ), citing their "low usage," according to the crypto exchange's website . The tokens won't be supported on Coinbase Wallet starting on December 5, but following that date, users will be able to make withdrawals with a recovery phrase. The move comes as major cryptos face tremendous downward pressure from a year ago against a backdrop of financial contagion effects hitting the industry, macroeconomic headwinds, and increased regulatory scrutiny. Looking at the chart below, bitcoin cash ( BCH-USD ) suffered the worst year-over-year drawdown among the four cryptos getting pulled out of Coinbase ( COIN ), nosediving over 80% .

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