Month: August 2023

Coinbase layer-2 network Base hits 136,000 daily active users

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Daily active users on Coinbase’s layer 2 blockchain have exceeded 100,000 for the first time, just the day following the official launch of the network. Dune Analytics figures from Aug. 10 show over 136,000 daily users, the highest daily number in its short history, which also coincides with the second day of its public release. Daily active users on Base. Source: Dune Around 30% of the daily users on Aug. 10 were new Base users, who amounted to nearly 42,000 — although the record stands at over 60,000 on July…

Bitcoin, Litecoin falling after LTC halving, QUBE rising

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The cryptocurrency landscape is characterized by its inherent volatility and unpredictability, where rapid shifts can reshape fortunes overnight. The recent Litecoin halving event has introduced a curious trend, highlighting the market dynamics.  Amidst these changes, the lesser-known token, QUBE by InQubeta, has gained attention as an unexpected contender. At the same time, established cryptocurrencies like Bitcoin (BTC) and Litecoin (LTC) have faced challenges.  Delving into this scenario raises questions about the reasons behind this shift and the future…

Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada

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The typical Canadian has little reason to adopt a central bank-issued digital currency, which could cause problems with its broad acceptance, according to a new paper from the Bank of Canada. In the staff discussion paper released on Aug. 10, the central bank looked at a hypothetical scenario where cash was virtually eliminated in order to see what role a potential CBDC could play in helping the underbanked. It found that most consumers would have “weak incentives” to use one, as Canadians don’t face meaningful barriers to financial services like…

Ethereum is a commodity, says co-founder Joseph Lubin

Regulating cryptocurrencies is challenging due to the difficulty of categorizing them as commodities or securities. Their decentralized nature and unique requirements make placing them in a single category hard. As digital currencies are intended to operate independently of government control, the debate on their classification continues to spark controversy. This is what happens to Ethereum, too, as the asset wasn’t created to be only a commodity like Bitcoin is. Although ether can be used for transactions, the blockchain is much more than a simple network for digital exchanges. It includes learning…

Bitcoin ETFs to push US slice of crypto ETF trading volume to 99.5% — Analyst

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The United States could make up for 99.5% of the global trading volume for crypto-related exchange-traded funds — but only if spot Bitcoin ETFs are approved, according to a Bloomberg ETF analyst. Currently, North America accounts for 97.7% of all crypto ETF trading volume, Bloomberg senior ETF analyst Eric Balchunas revealed in an Aug. 10 X (Twitter) post. “If/when spot ETFs come out in the U.S. this will likely go to like 99.5%,” he speculated. Global crypto ETF trading volume: Source: Eric Balchunas on X (Twitter) There is currently a…

$1 Billion War Chest Shields Against Shrinking Market Share

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According to a Bloomberg report, Circle, a prominent player in the stablecoin market, strategically leverages its substantial cash reserves of over $1 billion to weather fresh competition from non-crypto giants like PayPal.  The company’s market share of the second-largest stablecoin, USD Coin (USDC), has been declining, mainly due to factors such as Binance’s decision to reduce its usage of USDC.  However, per the report, Circle remains optimistic about the future of stablecoins and aims to stem the decline while exploring new revenue streams and global expansion. Circle Relies On $1…

Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons

Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support. Bitcoin is struggling to remain in a positive zone above $29,200. The price is trading below $29,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $29,200 support zone. Bitcoin…

XRP briefly hits $50 on Gemini as users suspect relisting ‘price glitch’

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Crypto users have reported seeing “wonky” prices for Ripple’s XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading. Several crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a “price glitch” that has seen XRP’s displayed price on the exchange rise above $1 a number of times and even spiking to $50 on one occasion. Major exchange @Gemini had a glitch. $50 per #XRP! pic.twitter.com/UBEWN7Rv7j — JackTheRippler ©️ (@RippleXrpie) August…

RocketX join hands with Hedera for blockchain interoperability

RocketX, a multichain centralized and decentralized exchange (DEX) aggregator that allows users to trade multiple assets, is integrating Hedera, per a press release shared with crypto.news on Aug. 10. RocketX integrates Hedera Incorporating the RocketX infrastructure aims to enhance Hedera’s interoperability in decentralized finance (defi). This development will also likely make Hedera interact with other networks and blockchains more seamlessly. RocketX is a platform that facilitates the trading of numerous assets from multiple networks via a single user interface and API.  As of Aug. 10, RocketX aggregates more than 300 centralized and…

Robinhood beats investors’ appeal in GameStop meme stock case

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A United States federal appeals court has upheld a decision to dismiss an investor class action lawsuit against online brokerage firm Robinhood Markets over its meme stock trading debacle in early 2021. A total of 16 investors took part in a class action lawsuit against the trading platform in September 2021, alleging the firm restricted them from purchasing 13 “meme stocks” when hedge funds were being short squeezed in January 2021. This stopped them reaping the profits and also caused the share prices of these stocks to plummet, they alleged.…