Here’s what happened in crypto today

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1 month ago

Are you curious about today's crypto events? Get the most recent information on events and trends that affect the price of Bitcoin, blockchain, DeFi, NFTs, Web3, and regulations pertaining to cryptocurrencies.

This is the cryptocurrency news for today.

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Coinbase claims that by introducing embedded smart contracts, it will help developers with the challenges they face when creating Web3 applications. The removal of the Nigerian naira from Binance's peer-to-peer (P2P) service has angered Nigerian cryptocurrency traders, and on the same day that Grayscale's spot Bitcoin exchange-traded fund witnessed withdrawals of about $600 million, Bitcoin pulled back from its recent surge.

increases its selection of wallet-as-a-service

cryptocurrency trading For developers, Coinbase has released integrated smart wallets, enabling improved interoperability across Ethereum Virtual Machine (EVM) apps.

The release states that users can carry their cryptocurrency balances with them across various EVM-compatible applications that are integrated with the Coinbase Wallet SDK thanks to the exchange's new smart wallet solutions. Developers can integrate noncustodial white-labeled wallets into their applications using the embedded wallet capability.

The most significant new product since @base and the most significant consumer wallet to be released in the previous five years is the @coinbase smart wallet.

Because it "just works," it's the final component to connect billions of people to the blockchain.

"Over the past year, we've learned a lot from our customers and have been working hard to enhance the overall service experience. Embedded wallets are the result of our efforts." Yuga Cohler, senior technical manager at Coinbase Embedded Wallets, told Cointelegraph in an interview that "it's been really a continuous effort for the past year."

BlockShow by Cointelegraph is returning on May 8–9 in Hong Kong with a cryptocurrency festival. Take Your Place!

The solutions build upon Coinbase's wallet-as-a-service product line, which spares developers from having to design new technologies in order to include cryptocurrency wallets into their own applications.

Naira is removed from Binance's P2P

The Nigerian naira was taken out of Binance's P2P service, a cryptocurrency trading platform, after the government said the platform was causing the currency's depreciation.

According to presidential advisor Bayo Onanuga, Binance's arbitrary fixing of foreign exchange rates would bring the Nigerian economy to collapse if it were not stopped.

Users, buyers, and sellers can transact without the involvement of a third party thanks to the P2P feature. Following the government's ban on the nation's booming cryptocurrency business during the administration of former President Muhammadu Buhari, it gained popularity in Nigeria in 2021.

The price of bitcoin drops 3% when holders of GBTC sell off about $600 million.

Following a withdrawal of $598.9 million by investors in Grayscale's spot Bitcoin ETF, the price of Bitcoin (BTC) dropped by more than 3% to $62,009.

million left the fund on February 29, which was the second-highest net withdrawal ever.

According to Cointelegraph Markets Pro, Bitcoin reached a 24-hour high of $63,585 early on February 29 and has subsequently fallen by roughly 3.3% to slightly under $61,500.

X post regarding GBTC outflows from Balchunas. Eric Balchunas/X is cited.

It coincides with daily net outflows from the freshly converted asset managers' ETF, Grayscale Bitcoin Trust (GBTC), which closed at $600 million on February 29 according to early Farside Investor statistics.

Only a few days have passed since GBTC reported a records low daily net outflow of $22.4 million on February 26. These near-record outflows.

In a Feb. 29 X post, senior ETF analyst Eric Balchunas of Bloomberg commented on the day's outflows, saying, "Two steps forward, one step back."

The day's inflows may be impacted by the most recent GBTC withdrawals. Although complete inflow data for the remaining nine ETFs is not yet available, Farside's data from February 29 indicates that Fidelity's Bitcoin ETF, which is among the top three largest funds in terms of assets, generated just $44.8 million in net inflows on that day, which was its fourth-lowest day ever.