Year: 2023

Coinbase has increased its debt repurchase initiative to $180 million indicating financial strength, despite reporting a net loss of $430 million in Q1 2022. Meanwhile, Visa expands its support for USDC settlements on Solana blockchain, potentially revolutionizing cross-border transactions despite potential risks.

“Tether, one of the world’s leading buyers of US Treasury bills, has increased its holdings to $72.5 billion. Despite the complexities expansion brings, this represents the growing mainstream acceptance of digital currencies and their incorporation into the traditional financial world.”

₿trust, a non-profit backed by Twitter co-founder Jack Dorsey, recently acquired Qala, a body aiming to enhance Bitcoin and Lightning engineers’ skills in Africa. The integration aligns with ₿Trust’s mission to stimulate Bitcoin open-source developers’ learning globally, particularly in the Global South, potentially changing the region’s involvement in Bitcoin development.

“Crypto infrastructure provider Qredo is reportedly laying off around 50 staff members, including key executives, reducing the firm’s headcount to around 130. The layoffs are part of a resizing strategy, an attempt to endure the difficult crypto market while refocusing efforts to save approximately 50% of its expenses.”

“The crypto market performance has been tepid this week with Bitcoin staying below $26,000. Despite SEC revisiting its denial of Grayscale’s ETF bid, other application avenues remain restrained. Deribit, a crypto derivatives platform, saw a 17% surge in trading volume, indicating strong activity in the global crypto options market.”

“The Rollbit Coin (RLB) has seen a 4% price increase, despite being down 9% on the week. This comes as rival online casino, Stake, suffers a $41 million hack. Overall, RLB has grown 9,000% over the year, making it a top-performing token. Some believe more growth is possible if Stake’s user base shifts due to this hack.”

“In an unexpected move, Nima Capital’s withdrawal of liquidity from the DeFi cross-chain bridge Synapse caused a dramatic decrease in the value of SYN tokens, causing uproar in the crypto community. Despite this, Synapse reassures users of their platform’s security system integrity. Additionally, the escalating complexity of cryptocurrency bankruptcy cases is resulting in a staggering profit for legal practitioners.”

Stellar Lumens has experienced a 12% comeback ahead of the Stellar Development Foundation’s announcement. As a key player in stablecoin blockchains, its recovery rally signifies a 16% increase from its double-bottomed support. Its underlying strength suggests a potential 32.68% increase, painting a bullish picture for both new and experienced investors.

“The Shiba Inu (SHIB) token’s price has declined notably but shows promising signs of recovery. Increasing trading volumes and high-value transfers hint at growing market interest. With the relaunch of Shibarium, a layer-two network, the SHIB ecosystem’s future could be bright. However, high-risk assets like crypto offer no guarantees.”

“Short-Term Holder Spent Output Profit Ratio (STH-SOPR) for Bitcoin fell, indicating less profitable conditions for short-term Bitcoin holders. Amid a Bitcoin price correction, these holders face potential sales that could trigger further price descents. Meanwhile, Bitcoin ETF applications are delayed, cooling investor enthusiasm.”

Despite a global slump in derivatives activity, Deribit’s crypto trading volume demonstrated resilience, with the total activity of options, futures, and perpetual futures rising 17% compared to the previous month. This strong performance can be attributed to successful option contracts execution, allowing Deribit to control nearly 90% of global crypto options activity, highlighting its considerable market influence.

“The decentralized exchange market (DEX) is experiencing a surge, with the POW token (“Pepe of Wall Street”) increasing in value by over +3,000%. This is part of a general upswing in on-chain trading activity called ‘On-Chain Summer’.”

“Despite a slight market dip, Dogecoin (DOGE) showed potential stability with a 2% gain in the last 24 hours. However, its overall gains remain modest and investors remain uncertain. Developments like DOGE-based swaps on Robinhood and potential Twitter integration could boost its adoption, yet the road ahead is still unclear due to a potentially oversaturated meme-token market.”

“A study by the World Federation of Exchanges reveals contrasting sentiments within the financial landscape about cryptocurrency integration. With 41% of global exchange respondents now active in cryptocurrency, there’s a significant industry shift. Nevertheless, one-third remain resistant. While retail investors are interested in digital assets like NFTs and stablecoins, institutional investors prefer security tokens and custody services.”