Market News

Bitcoin Surges to New Highs as Coinbase Expands Its Altcoin Listings

Coinbase, one of the leading cryptocurrency exchanges, has announced the listing of two new altcoins, Sky (SKY) and USDS (USDS), amid a historic surge in Bitcoin's price.

The addition of these altcoins to Coinbase's portfolio comes on the heels of a softer regulatory stance from the SEC, allowing for quicker listings than in the past.

Trading for SKY and USDS is set to begin tomorrow at 19:00 UTC+3, contingent upon adequate liquidity conditions.

Moreover, Coinbase cautioned users that both altcoins will only be supported on the Ethereum network, warning against sending them from different networks, which could lead to asset loss.

In a related development, Coinbase CEO Brian Armstrong has publicly speculated that MicroStrategy, which owns 597,325 bitcoins, likely stores its BTC using Coinbase Prime.

Despite Michael Saylor's hesitance to disclose proof of reserves, Armstrong revealed that eight of the top ten publicly traded companies holding BTC utilize Coinbase Prime.

This has sparked concerns among experts about the potential risks associated with social engineering and the security of custodial arrangements.

Research indicates that social engineering attacks account for a significant number of cybersecurity breaches.

Armstrong’s tweet raises questions about the transparency and security of cryptocurrency custodians, especially for major players like MicroStrategy.

As Bitcoin reaches new heights, the evolving landscape of crypto regulation and exchange functionalities continues to shape the market.