CoinCodeCap's Weekly Issue 12
CoinCodeCap Weekly brings you an entire week’s market updates and news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!
Amidst the chaos, Coinbase declares that it will be unifying the USD and USDC order books, raising suspicion that the company might be running out of USD. It has been cited that this step has been taken to provide a seamless trading experience and deeper liquidity for both USD and USDC. However, we are anticipating that Coinbase is doing so to create a slippage in the market. There is a possibility that the order rate for USD is on rising and the firm does not have enough holdings.
Another reason can be the market volatility that is causing a rise in the amount of spread. This step might be an attempt by Coinbase to gain control over the fluctuating price as it states that users will be able to automatically credit on a 1:1 basis with USD. It was an unexpected move by Coinbase as the dollar-pegged stablecoin USDC is supposed to exist independently on the blockchain.
The Happenings
Will Ethereum ever reduce its high gas fees or is it nearing its end? The decentralized exchange platform, dYdX will soon ditch Ethereum to shift to its blockchain, Cosmos. Read more.
After major crypto firms get insolvent, is Coinbase going to follow the same path? The exchange's recent activities point in a similar direction. Learn what's happening.
Will social media platforms launch their NFTs to further broaden the dimensions of the crypto ecosystem? After Instagram, Facebook launches NFT Testing in the US. Know more.
Will Grayscale and the SEC ever settle disputes between themselves? The animosity only seems to grow. Here's why.
Will another crypto mining firm go insolvent? Bitcoin Mining Firm Mawson to Suspend all Major Capital Expenditures. Know more.
Is the use case of Blockchain losing its value? Will it now only be used for educational purposes? Read here.
Charts And Dips
XLM Price Analysis June 2022. Link.
ALGO Price Analysis June 2022. Link.
XMR Price Analysis June 2022. Link.
ATOM Price Analysis June 2022. Link.
ETC Price Analysis June 2022. Link.
BCH Price Analysis June 2022. Link.
VET Price Analysis June 2022. Link.
APE Price Analysis July 2022. Link.
SAND Price Analysis July 2022. Link.
The information above does not constitute investment advice, and the author does not ask you to either buy or sell any of the assets mentioned in the article.