Coinbase Commerce Drops Support for Bitcoin And UTXO – Effects On BTC Price

Coinbase, a prominent crypto exchange, has stopped its support for Bitcoin (BTC) on Coinbase Commerce according to the platform’s recent X post. 

According to a February 18 X thread posted by Lauren Dowling — the head of product of Coinbase —, they have officially discontinued its native support for Bitcoin (BTC) and other Unspent Transaction Output (UTXO) on its merchant payment service, Coinbase Commerce. 

According to Dowling, the recent decision was driven by challenges encountered while attempting to integrate recent updates into its EVM payment protocol for Bitcoin. 

As per the new Coinbase Commerce update, the platform is designed to detail each payment on the blockchain, support a broad range of assets. At this stage, shoppers paying with Coinbase Commerce will still be able to use Bitcoin, Bitcoin Cash, Dogecoin, and Litecoin, as long as they have an account with Coinbase. In addition, Coinbase is in the process of integrating Light Network into Coinbase. 

Meanwhile, Bitcoin’s (BTC) bullish trend this month still continues. In fact, a 2% drop in its price won’t mean that much, although the price movements could still be slow and steady. As of this writing, BTC is up by 1.13% trading at $52.407 in the last 24 hours. Bitcoin remains at #1, with a total market cap of $1.0 trillion. 

However, analysts keep reminding the community to tone down their excitement. As per close observation, BTC’s rally appears to be hugely psychologically driven. This approach shows that we’re in for a lot more of the boring price action that preceded it and that this year’s bull trend will be different from the ATH in 2021.