Bitcoin Pressured On Bad News Across Crypto Industry

Bitcoin and other cryptocurrencies are edging higher on Tuesday but the digital asset space continues to face pressure on multiple fronts, including contagion from the bankruptcy of exchange FTX and the increasing difficulty of crypto mining.

The price of Bitcoin surged by 1% over the past 24 hours to just shy of $16,500. The largest digital asset continues to hold above the two-year low near $15,500 it hit in the trough of panic selling amid the collapse of crypto exchange FTX earlier this month, but remains well below levels near $21,000 at which it began November. Bitcoin is trading for less than one-quarter of its all-time high from around this time last year.

Coinbase Wallet will no longer support the native tokens associated with Bitcoin Cash, Ethereum Classic (ETC), Ripple’s XRP Ledger (XRP) and Stellar (XLM), effective Dec.5, according to an update on the crypto exchange’s website.

The assets will no longer be supported on December 5, although users with balances will be able to withdraw after that date with a recovery phrase.

Coinbase cited “low usage” as a reason for delisting the four coins, all of which rose to sizable prominence in the 2017 cryptocurrency bull market.