• 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!