Cryptocurrency exchange Coinbase is acquiring a minority stake in Circle Internet Financial, dissolving their partnership and bringing the stablecoin USD Coin fully in-house, while also adding native support for USDC on six additional blockchains, bringing the total to 15.
Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.
Ethereum's support range of $1,600 - $1,550 is crucial to prevent a potential correction of 37% to 45%, with co-founder Vitalik Buterin moving 600 ETH to Coinbase possibly signaling an anticipated dip to $1,000.
Uniswap, the leading decentralized exchange, has surpassed Coinbase in spot trading volume in 2023, processing around $110B worth of trades in Q2 compared to Coinbase's $90B, showcasing the resilience of decentralized protocols during the crypto bear market.
The 1inch Investment Fund's crypto wallet has purchased $10 million worth of Ether (ETH) after cashing out on previous trades, bringing its total digital asset holdings to $80 million.
Vitalik Buterin, co-founder of Ethereum, transferred 3,000 ETH ($4.9 million) to an unknown address, possibly to diversify and secure his funds, following previous transfers totaling about $6 million in ETH.
Coinbase CEO Brian Armstrong shared ten emerging ideas in the cryptocurrency space that excite him, including the creation of a CPI-linked stablecoin, on-chain reputation systems, on-chain advertising, and decentralized labor markets.
Ethereum co-founder Vitalik Buterin has sold his MKR tokens and earned around $581,000 in ETH, leading to speculation that the sale was in response to the MakerDAO founder's positive comments about Solana's blockchain.
Ethereum's price has been declining, leading to concerns among investors, but there are two factors to consider: a drop in user activity and transaction volume on the Ethereum blockchain, which may be due to users migrating to faster and cheaper Layer 2 blockchains, and selling by Ethereum "whales" and insiders, including co-founder Vitalik Buterin, which could be attributed to profit-taking and security measures rather than a lack of confidence in Ethereum's future prospects. Despite the market's overreaction, Ethereum remains a strong investment with its dominance in various business segments and ongoing development plans.
Coinbase has reportedly earned a $1 million profit from the $73 million Curve exploit in July, but has refused to refund victims, highlighting the tension between the decentralized nature of blockchain finance and the lack of recourse for crypto theft.
The ether-to-bitcoin ratio has reached a 14-month low as significant token holders, including Ethereum co-founder Vitalik Buterin, move coins to crypto exchanges, potentially indicating an upcoming sell-off.
