Summary of Crypto News:
- Coinbase announced its partnership with Optimism (OP)
- Orbeon Protocol (ORBN) sold $800,000 ORBN tokens in 24 hours
- Bitcoin (BTC) taking a breather after recent price volatility
Coinbase’s Partnership with Optimism (OP)
This week saw some major news in the crypto markets, with Coinbase announcing its partnership with Optimism (OP). Optimism (OP) is an Ethereum (ETH) scaling solution that leverages a technique called optimistic rollups to process transactions faster and cheaper than on the main blockchain. This news sent Optimism (OP) prices soaring and many investors have been optimistic about the potential of this scaling solution. Optimism (OP) will be utilized as the foundation for Coinbase’s new layer-2 platform, called Base. As projects and individuals turn to Base to scale their operations, it’s likely that Optimism (OP) will gain significant traction in the crypto market.
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a decentralized finance protocol that was launched this week and quickly sold $800,000 worth of ORBN tokens within 24 hours. ORBN is designed to disrupt traditional financing by providing users access to low cost borrowing solutions, asset management options, insurance services and stablecoins. The project has also received backing from some prominent figures in the industry such as Y Combinator, Binance Labs and Pantera Capital. ORBN tokens are now trading at around $0.40 each on exchanges such as Uniswap and Balancer Pool.
Bitcoin Price Volatility
Bitcoin (BTC) is widely regarded as the first successful implementation of a peer-to-peer electronic cash system, and its creation has paved the way for the blockchain revolution that has since followed. Bitcoin (BTC) has experienced several turbulent periods in its history, during which the price of Bitcoin has seen massive fluctuations. In the first quarter of 2021 alone, Bitcoin’s price soared to over $68,000 before experiencing a sharp correction that saw its value plummet to below $16,000; representing a drop of more than 75%. However 2023 has already started off strong for Bitcoin with its price rebounding back up towards $25k before taking a breather between $22k -$25k recently. While many analysts are predicting further growth in Bitcoin’s price over coming months there remain some warnings about another possible correction ahead.
This week saw some major news unfold within crypto markets such as Coinbase’s partnership with Optimism(OP), Orbeon Protocol(ORBN) selling out their token sale within 24 hours and Bitcoin’s ongoing price volatility all having an impact on these markets respectively.