Bitcoin Rollercoaster and Coinbase L2 Launch: This Week’s Crypto Recap

• Bitcoin’s price has been volatile during the past week, fluctuating between $24K and $25K.
• Coinbase announced a new L2 network called Base to attract more users.
• Optimis saw a major pump after the announcement of the new network.

Bitcoin Price Rollercoaster

Bitcoin’s price went on a rollercoaster during the past week, ranging between $24K and $25K. Last week, it was hovering around similar levels but quickly increased to reach $25K on Sunday. However, bears took over and pushed the price back below $24K. On Thursday, Bitcoin attempted another recovery shot but failed to sustain these levels and retreated back to around $24K where it is currently trading at.

Coinbase Launches Ethereum L2 Network

Coinbase announced that they are launching an Ethereum layer-two scaling solution based on Optimis called Base. The leading US-based cryptocurrency exchange aims to attract millions of new users in the industry through this network. The latter boasts a full suite of features that will allow users to send transactions faster with lower fees than before.

Optimis Pump After Announcement

The announcement of Coinbase’s new network caused a serious pump in the price of OP. This comes as no surprise considering that it is the technology behind Base and its potential for mass adoption by Coinbase customers can be huge for its future prospects.

What Does This Mean?

The launch of Coinbase’s new network can be seen as recognition from one of the biggest players in crypto that layer-two solutions have great potential for scaling up blockchain networks like Ethereum in order to make them more accessible for everyday use cases. It remains to be seen how successful this venture turns out to be, but it certainly looks promising so far!


It was certainly an eventful week for crypto enthusiasts! The rollercoaster ride that Bitcoin’s price took us on might not have resulted in any significant increase (or decrease), but Coinbase’s announcement of their Base L2 network certainly gave us something positive to look forward to regarding Ethereum scalability moving forward!

SEC Sues Terraform Labs for Crypto Fraud Involving UST and LUNA

• The US Securities and Exchange Commission (SEC) has accused Terraform Labs, the Singapore-based company behind the creation of LUNA and UST crypto assets, and its co-founder Do Kwon of promoting a multi-billion dollar fraud through the use of unregistered securities.
• The SEC’s complaint argues that Terraform promoted UST as a “yield-bearing” stablecoin with up to 20% interest through its Anchor lending and borrowing protocol.
• The SEC alleges that the defendants marketed unregistered securities of crypto assets to seek their own benefit by repeatedly claiming that the tokens increased in value.

SEC Sues Terraform Labs & Do Kwon for Crypto Fraud

The US Securities and Exchange Commission (SEC) has accused Terraform Labs, the Singapore-based company behind the creation of LUNA and UST – native tokens of the Terra ecosystem – and its co-founder Do Kwon of promoting a multi-billion dollar fraud by offering and selling unregistered securities through the use of crypto assets.

Details Of The Complaint

The SEC’s complaint was filed in the US District Court for the Southern District of New York, arguing that this fraudulent scheme caused losses of billions of dollars to both retail and institutional investors using different investment channels.

Marketing Of Unregistered Securities

The SEC alleges that Terraform promoted its stablecoin UST as „yield-bearing,“ paying up to 20% interest through an Anchor lending/borrowing protocol. They also allege that Kwon and Terraform marketed unregistered securities in order to increase their own benefit by claiming that these tokens had increased in value.

Penalties For Defendants

The SEC is seeking civil penalties from both defendants for violations related to this fraud, including disgorgement plus prejudgment interest, civil penalties, permanent injunctions against future violations, as well as other relief deemed appropriate by the court.


In conclusion, if found guilty, both do Kwon and Terraform labs will face hefty penalties imposed by the SEC for their involvement in this multi-million dollar fraud involving crypto assets.

Ethereum: The Future of the Internet, Says Marc Andreessen

• Marc Andreessen, founding partner of the tech-focused VC giant Andreessen Horowitz (a16z), believes that Ethereum is now more bullish on Ethereum and Web 3 than he is on Bitcoin.
• Crypto and Web3 represent „the other half of the internet,“ containing all of the functions people wanted the internet to have until now.
• Andreessen predicted a new generation of the internet with wide-ranging applications forming on a platform of „distributed trust“ in 2014.

Marc Andreessen’s View On Cryptocurrencies

Marc Andreessen, founding partner of the tech-focused VC giant Andreessen Horowitz (a16z) has shifted his view from believing Bitcoin would be the second coming of the internet to seeing Ethereum as a foundation for a decentralized web. During an interview published by ReasonTV, he discussed his outlook for crypto adoption and regulation; as well as Bitcoin’s role in money.

Crypto & Web3: The Other Half Of The Internet

Andreessen explains how crypto and Web3 represent “the other half of the internet”, containing all features people desired it to have until now; such as financial trust layers which enable businesses to transact across borders. He believes this can open up opportunities for activities such as representing money, ownership claims, title deeds, assurance contracts, loans and even art pieces over the untrusted internet – leading to potentials beyond imagination.

2014 Predictions

In 2014, Marc wrote an article for The Washington Post discussing his expectations for a new era of Internet based on distributed trust; similar to what we are currently seeing with blockchain technology today.

Regulations & Adoption

On regulations, he outlines that governments will be looking at cryptocurrency regulations with caution due to its potential implications for monetary policies and taxation. In terms of adoption however, he is more optimistic about its future prospects given its already growing popularity amongst millennials who are increasingly making use of digital services such as Venmo or Paypal.


Ultimately, it appears that Marc sees great potential in cryptocurrencies especially with regards to their ability to form part of an entirely digital economy which could potentially revolutionize our current system.

Peer Acquires Elite 3D Maps Team Behind Zenly’s Popularity

• Peer Inc. announced the hiring of a specialist team of engineers from Zenly to develop its AI-powered 3D maps.
• The team, known as „Wonka,“ developed Zenly’s innovative 3D social maps platform that had 160 million downloads and 35 million daily active users in 2022.
• With this acquisition, Peer will be able to fast-track the development of their gamified social network called “Peer” which will be available on iOS and Android in Q2 2023.

Peer Acquires Elite Team of Engineers

Peer today announced the hiring of a specialist team of engineers from Zenly to develop its AI-powered 3D maps. This team is known in tech circles as „Wonka“ and developed Zenly’s popular 3D social maps platform with 160 million downloads worldwide and 35 million daily active users in 2022.

Revolutionizing Social Networking

Peer is revolutionizing social networking by integrating AI, AR, and blockchain technology into a unique, planet-scale 3D map that delivers a game-like, immersive social experience. This app will allow users to construct their personal „places graph,“ or a map of people, places, and memories. It is expected to be available on both iOS and Android in Q2 2023.

Acquisition Accelerates Development

The acquisition of the Wonka team accelerates the development process for Peer Inc.’s new app significantly. Tony Tran, Founder & CEO of Peer Inc., said: “We’re huge fans [of Zenly], and we look forward to working with the Wonka team to recreate that magic and take it to the next level.“ Milan Bulat, Wonka’s former lead engineer now Head of Maps at Peer added: „We have an aggressive roadmap to deliver the features that Zenly users loved in an all-new platform they will rave about.“

Features Adored by Users

Zenly users adored its polished and delightful features which Peer plans on recreating within their own platform. These features include 3D mapping capabilities which allow for exciting exploration experiences not seen before on other apps or networks. Additionally these features also make it easier for users to find friends or even discover new places they have never been before all within one user friendly interface.


In summary, Peer Inc has acquired the elite engineering team from Zenly know as Wonka which allows them fast track their development process for their upcoming app called “Peer” which integrates AI , AR ,and Blockchain technology into one user friendly platform making it easier for users explore new places and find friends all within one application set to release on iOS & Android devices Q1 2023