Monday, December 5, 2022
HomeCrypto"End of affiliation", "Liquidity crisis" - Coinbase worries the cryptosphere

“End of affiliation”, “Liquidity crisis” – Coinbase worries the cryptosphere

Coinbase weakened? – With this crypto winter now well advanced, we might dare to hope that the FUD (fear, uncertainty, doubt) begins to settle down. But obviously, worry throwers always seem quick to throw rumors in pasture at the feverishness of the crypto market. After FUD rumors about KuCoin early July (unfounded so far), now it’s the turn of the venerable crypto-stock exchange Coinbase to be the victim of whispers of fear.

Coinbase Affiliate Program Suspension Rumors

After the Terra Disaster (LUNA) in May, then that of Celsius and 3AC in June, every micro-decision of crypto players is analyzed with a magnifying glass. And, very often, with a pessimistic overinterpretation.

New FUD of the moment comes to us from a decision made by the cryptocurrency exchange platform Coinbase. Indeed, as reported by several crypto-media, a E-mail aimed at executives would have leak (we don’t know how). The latter would speak of a “temporary suspension” from affiliate program from Coinbase, according to information (not official, not confirmed) published on July 15, 2022.

Plus the discontinuation of Coinbase Pro announced a few weeks ago (which, in reality, merged simply with coinbase.com), it was enough for panicked rumors spread. And the (false?) rumor may have been enough to create a sadly true notable asset drawdown for Coinbase.

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Irrational panic is enough for some to get their cryptos out

No time for reflection among the most feverish: the slightest FUD, and presto, they have already withdrew their cryptos of the new plague victim pointed out (wrongly, until proven otherwise). Result: there were so many worried people that they almost caused a small liquidity crisis on the hot wallets from Coinbase.

Indeed, as reported by AMBCrypto and according to data from CryptoQuant, the stablecoin reserve of Coinbase would have noticeably melted July 15, at the height of this rumor. A FUD which is already starting to take the lead in the wing at the time of writing these lines. Neither Coinbase nor its CEO Brian Armstrong didn’t even bother to report it.

A drop in Coinbase Pro stablecoin reserves due to the recent FUD? – Source: ambcrypto.com / Data: CryptoQuant

Started now more than 10 years (as of June 2012), the Coinbase crypto exchange is largely part of of the most established in this market. Added to this that society is now listed on the Nasdaq stock exchange (COIN action), and it seems unlikely that this rumor – part of a membership suspension (still not confirmed by the way)) – enough to bring down Coinbase.

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