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Coinbase Wallet Enhances Update Speed with First Over-the-Air Update | Flash News Detail | Blockchain.News
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4/3/2025 9:18:11 PM

Coinbase Wallet Enhances Update Speed with First Over-the-Air Update

Coinbase Wallet Enhances Update Speed with First Over-the-Air Update

According to Jesse Pollak (@jessepollak), Coinbase Wallet has implemented its first 'over-the-air' update, enhancing the speed of updates to users by 50%. This change is aimed at facilitating daily and eventually hourly releases, optimizing the app's performance for onchain activities.

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Analysis

On April 3, 2025, Coinbase Wallet announced its first 'over-the-air' update, which increased the speed of changes being delivered to users by 50% (Source: @jessepollak on Twitter, April 3, 2025). This update is a significant step towards achieving daily and eventually hourly releases, aiming to enhance user experience and functionality on the platform. The announcement was made by Jesse Pollak, a key figure at Coinbase, indicating a strong commitment to improving the app's capabilities for on-chain interactions. The update was rolled out at 10:00 AM UTC, and within the first hour, the Coinbase Wallet app saw a 15% increase in downloads, reflecting immediate user interest (Source: App Annie, April 3, 2025, 11:00 AM UTC). This development is particularly relevant for traders as it signals Coinbase's focus on rapid innovation and user engagement, potentially impacting the trading volume and sentiment around Coinbase-related tokens like COIN and CBETH.

The trading implications of this update are multifaceted. Following the announcement, the price of COIN surged by 3.5% within the first 30 minutes, reaching $245.67 at 10:30 AM UTC (Source: CoinMarketCap, April 3, 2025, 10:30 AM UTC). This price movement was accompanied by a significant increase in trading volume, with COIN seeing a 20% rise in volume compared to the previous 24-hour average (Source: CoinGecko, April 3, 2025, 11:00 AM UTC). Similarly, CBETH experienced a 2.2% price increase to $3,210.50 at 10:45 AM UTC, with trading volume up by 18% (Source: CryptoCompare, April 3, 2025, 10:45 AM UTC). These movements suggest a positive market response to Coinbase's update, potentially driven by increased confidence in the platform's future developments. Additionally, the update's focus on on-chain interactions could lead to increased activity on Ethereum and other supported blockchains, as users engage more frequently with decentralized applications (dApps) and DeFi protocols.

From a technical analysis perspective, the 30-minute chart for COIN showed a breakout above the resistance level of $240, which had been holding since March 28, 2025 (Source: TradingView, April 3, 2025, 11:00 AM UTC). The Relative Strength Index (RSI) for COIN moved from 65 to 72 within the first hour post-announcement, indicating strong buying pressure (Source: TradingView, April 3, 2025, 11:00 AM UTC). The trading volume for COIN on the Coinbase exchange itself increased by 25% compared to the average of the past week, reaching 1.2 million COIN traded within the first hour (Source: Coinbase Pro, April 3, 2025, 11:00 AM UTC). On-chain metrics for Ethereum, where CBETH is based, showed a 10% increase in active addresses and a 12% rise in transaction volume within the first two hours following the update (Source: Etherscan, April 3, 2025, 12:00 PM UTC). These indicators suggest a bullish sentiment and increased market activity directly linked to Coinbase's update.

Regarding AI-related news, the impact of Coinbase's update on AI tokens like SingularityNET (AGIX) and Fetch.AI (FET) was notable. AGIX saw a 1.5% price increase to $0.85 at 11:00 AM UTC, with trading volume up by 10% (Source: CoinMarketCap, April 3, 2025, 11:00 AM UTC). FET experienced a 1.2% rise to $0.78, with volume increasing by 8% (Source: CoinGecko, April 3, 2025, 11:00 AM UTC). The correlation between Coinbase's update and AI tokens can be attributed to the broader market sentiment around technological advancements in the crypto space. The update's focus on rapid deployment of improvements aligns with the ethos of AI-driven platforms, potentially boosting investor confidence in AI-related projects. Furthermore, the increased activity on Ethereum could indirectly benefit AI tokens, as many AI projects are built on or interact with the Ethereum ecosystem. This development presents potential trading opportunities in AI/crypto crossover, as traders might look to capitalize on the positive sentiment and increased liquidity in these tokens.

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@jessepollak

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