Crypto News and Updates

In the second quarter of 2023, Exodus, a multichain wallet, reported a revenue decline of 4% year-over-year, amounting to $12.4 million. Despite the decrease, the company managed to reduce costs by 6%. The majority of revenue was generated through the exchange aggregation business, while fiat onboarding revenue experienced a significant increase of 220% compared to the previous year. The top assets traded during the quarter were Bitcoin, Tether, and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More. Monthly active users decreased by 6%. Exodus also made strategic moves, including an integration with Robinhood Connect and support for Arbitrum, Optimism, and Matic staking.

Hong Kong-based crypto exchange HashKey will soon launch retail trading, allowing residents to trade Bitcoin (BTC) and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More (ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More) starting August 28. However, investors will be limited to investing up to 30% of their net worth. The exchange will assess users’ investment background and beginners will have limited purchase options. Meanwhile, China is cracking down on private blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More firms, offering bounties for their arrest and seizing their assets. This crackdown has led to the termination of several protocols and prompted Chinese Web3 founders to emigrate and recover their funds held on these platforms. In contrast, China’s government-led blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More efforts are flourishing, with the issuance of the first digital yuan central bank digital currency (e-CNY CBDC) green bond to finance a solar panel facility expansion project. Additionally, the US FBI has identified 1,580 BTC ($41 million) stolen by North Korean hackers and warned against transactions with the associated addresses. Lastly, a Chinese Bitcoin mining magnate has been sentenced to life in prison for corruption and abuse of power.

Exodus, the multichain wallet, has released its financial results for the second quarter of 2023, revealing a 4% decrease in revenue compared to the previous year. The company generated $12.4 million in revenue, with net income reaching $1.9 million. The majority of the revenue came from the exchange aggregation business, totaling $11.6 million. Fiat onboarding revenue experienced a significant growth of 220% from 2022, amounting to $561,000. However, the volume of exchange provider transactions in Q2 dropped by 12% compared to Q2 2022. Bitcoin, Tether, and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More were the top assets traded during the quarter. Despite the decline in revenue, Exodus managed to reduce costs by 6% through measures like a reduction in headcount and cloud infrastructure expenditures. The company also decreased its administrative and marketing allocations by 65% in the quarter. Exodus currently holds $55 million in cash, cash equivalents, and U.S. Treasury Bills, as well as $46.2 million worth of Bitcoin in its corporate treasury.

The Base and Optimism networks have reached a new agreement on revenue and governance sharing, enhancing both ecosystems. Under the agreement, Base will pay a percentage of its revenue or profits to the Optimism Collective, receiving a voice within Optimism’s protocol in return. This move is seen favorably by the EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More community, as it could attract new users to the developer ecosystem.

The upcoming $1.9 billion Bitcoin (BTC) monthly options expiry on Aug. 25 is crucial for determining the sustainability of the $26,000 support level. Various macro and crypto-specific factors are expected to influence the outcome. While the recent market sell-off can be attributed to the SEC’s decision to delay Bitcoin ETFs, the U.S. Federal Reserve’s efforts to curb inflation and the strength of the U.S. dollar also play a significant role.

Bitcoin bulls must ensure that the price remains above $27,000 to prevent a potential loss of $380 million due to the expiry. On the other hand, cryptocurrency bulls face regulatory challenges, as exchanges like Binance and Coinbase are entangled in lawsuits with the SEC. Additionally, Bitstamp’s decision to halt staking services for U.S.-based clients and the ongoing classification debate of ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More as a commodity or security add to the regulatory concerns.

Despite optimistic projections, the recent correction in Bitcoin’s price caught many bullish investors off guard. The options open interest for the expiry stands at $1.9 billion, but the actual amount is likely to be lower. Depending on the price action, there are different scenarios favoring either call or put options. To level the playing field, bulls need a 6% price increase, while bears only require a modest 2% correction below $26,000.

Considering Bitcoin’s repeated drops below the $26,000 support level and the prevailing bearish momentum, it is possible that this level will be tested again after the options expiry.