Bitcoin’s Huge Rollercoaster and Coinbase L2 Network Base: This Week’s Crypto Recap

The Bitcoin price has been on a rollercoaster ride for the past seven days and has failed to register any significant increases (or decreases) during the period. However, it was particularly volatile.

Last week at this time, the price was hovering around similar levels around $24,000, but it quickly rose to the skies and hit $25,000 on Sunday. What followed was the first correction back to $24,000, after which BTC bounced again and hit $25,000 once more. It stayed there for a few days, but the bulls failed to establish control and the bears eventually won the war, pushing the price below $24,000.

On Thursday, BTC attempted yet another recovery attempt and reached around $24,700, but it failed to sustain those levels and bounced back to where it is currently trading at around $24,000.

That said, Bitcoin volatility wasn’t the biggest news of the week. This spot is reserved for Coinbase’s announcement that they are releasing an Ethereum layer two scaling solution based on Optimis. Needless to say, this caused a serious drop in the OP price.

According to the official press release, the leading US cryptocurrency exchange aims to attract millions of new users to the industry through Base (that’s what the new network is called). The latter has full EVM equivalency and aims to do so at a fraction of the cost.

This caused a somewhat mixed reaction in the industry community because many argued that Arbitrum is the better way forward because it is cheaper than Optimism. Others said that Base will attract millions in fee income because of Coinbase’s huge user network and therefore increase the value of its stock.

Overall, it was an interesting week in the market, although the capitalization remained more or less where it was. It’s exciting to see how the next few weeks will unfold.

Market data

Market capitalization: $1142 billion | 24H Vol: $78B | BTC dominance: 40.2%

BTC: US$ 23,822 (+0.3%) | ETH: $1,646 (+0%) | BNB: $309 (+1%)

See why batteries (STX) exploded 160% in one week. Stacks has seen its native cryptocurrency skyrocket by a staggering 160% over the past seven days. STX is one of the best performers in the entire market. Here are some possible reasons.

Coinbase Launches Optimism-Based Layer-2 ETH Network, OP Token Pumps 6%. Major US cryptocurrency exchange Coinbase surprised the industry. The company revealed that it has launched the testnet for a new Ethereum layer two scaling solution based on Optimism. The new string is called Base.

Spotify runs a pilot for token-enabled playlists with NFT partners. Leading music streaming app – Spotify – has announced that it is running a pilot program for token-enabled playlists with certain non-fungible token partners. It is testing the new service.

Banks are still allowed to service the crypto industry, the Federal Reserve clarifies. Three US federal banking regulators – the Federal Reserve, the FDIC and the OCC have sent an enlightening message to banking organizations. They said catering to the cryptocurrency industry is neither illegal nor discouraged.

Sam Bankman-Fried is slapped with 4 new criminal charges after FTX Fallout. Sam Bankman-Fried received a total of four new criminal charges in a new indictment filed against him on Thursday. Includes more details on alleged illegal political donations made by the former CEO of FTX.

Bitcoin volatility increases as Binance closes some Australian derivatives accounts. Binance closed all Australian account derivatives positions that were misclassified. This caused an increase in volatility and the price of Bitcoin skyrocketed.

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This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot and Chainlink – click here for the full price analysis.