GM Folks. It’s Coinbasics, It's been a crazy week for Bitcoin and the crypto market, and we've got all the juicy details for you!
Here’s the Juice :
Binance Halts $BTC withdrawals, twice.
How Bitcoin got congested over the weekend.
Why $ETH > $BTC, Yolo-ing ?
Doooooodles 2.
Let’s get into it.
Binance Halted $BTC withdrawal, Twice! Why?
Binance had to close BTC withdrawals due to congestion on the Bitcoin network, leaving traders scratching their heads and wondering what's next.
The Bitcoin network has been the center of attention lately, with over 500,000 unconfirmed transaction waiting to be completed on the Bitcoin network (a new all-time high), leading to Binance temporarily halting BTC withdrawals.
The congestion is believed to be due to a surge in BRC-20 transactions related to meme tokens like PEPE, which has experienced significant gains in the last week.
Transaction fees have surged to around $20 per transaction, up a staggering 1,500% from last week's average of $1.20 per transaction.
Yee-ouch! It looks like the bulls are running wild in the fee market.
Binance has since resumed BTC withdrawals, adjusting fees and integrating the Lightning Network to prevent similar occurrences in the future.
But It seems like Bitcoin is having a bit of trouble keeping up with the memecoin mania!
The market value of BRC-20 tokens has surpassed $900 million, with Ordi memecoin leading the category with a fully diluted value exceeding half a billion dollars.
Ordi became available for trading today on Gate.io, becoming the first centralized exchange to list the top BRC-20 token.
The Ordinals protocol, which allows developers to assign a distinct identity or file onto every satoshi within the Bitcoin network, has enabled the creation of both fungible and non-fungible tokens on Bitcoin.
It has also led to the generation of over 11,000 tokens in just a few months.
However, the rise in trading activity surrounding these tokens has contributed to a substantial increase in daily transactions on the Bitcoin network, leading to network fees hitting a two-year high.
Everything About Doodles 2, Alpha or Nah?
This whimsical NFT collection that has taken the world by storm.
With its latest collection, users can create custom wearables for their original Doodles avatars on the Flow blockchain.
And boy, has it taken off!
The Dooplicator collection is currently sitting at a 0.66 ETH floor price, which is roughly $1,000.
And the trading volume?
A whopping 12,897 ETH or about $20,312,775 at the time of writing.
If that's not impressive enough, the original Doodles collection, which launched in October 2021, currently has a 6.5 ETH floor price, or nearly $10,300, with a 156,220 ETH trading volume, about $246,785,000.
Clearly, the world can't get enough of these adorable little NFTs.
And with Doodles putting efforts into becoming a global brand, expanding its reach beyond Web3, we can't wait to see where this goes next.
Now, let's talk about YOLO-ing in $ETH.
$ETH > $BTC? YOLO-ing?
In every group of 5 traders, there's always one who thinks it's good to trade on high leverage and ruin themselves financially 📉.
But what is leverage anyway?
It's when you use borrowed funds to increase the potential return on an investment. And the potential risk.
Trading with leverage is like trying to do a TikTok dance after drinking a lot of juice 🧃. It can lead to some impressive moves, but also some serious wipeouts 🥴.
So, we don't advise trading with leverage to anyone!
But if you must, here's an interesting observation: ever since 2021, $ETH has always seen higher leverage than $BTC 🔺.
This shows that traders take higher risk, higher reward positions of trade on $ETH > $BTC ⬆️.
Basically, YOLO-ing in $ETH is higher 😈*.
So, there you have it, very different things happening in the world of Web3.
Stay tuned for more updates, stay curious, stay informed, and most importantly, stay safe.
Until next time!
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.