Crypto News and Updates

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. 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. 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. 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.

Prime Core Technologies, the parent company of crypto custodian Prime Trust, has reported a loss of approximately $8 million in client and treasury funds through investments in TerraUSD (UST). Under prior management, the firm lost $6 million in client funds and $2 million in treasury funds when the algorithmic stablecoin collapsed in May 2022. This significant loss, along with increased spending, led to the bankruptcy filing of Prime Trust. Despite the company attributing the impact to the wider crypto market downturn, it acknowledges the ripple effect caused by the crypto winter.

A federal judge has sentenced former OpenSea product manager Nathaniel Chastain to three months in prison for wire fraud and money laundering related to insider trading on the platform. Chastain, who used insider information to profit from the trading of NFTs, was convicted of wire fraud and money laundering. He purchased 45 NFTs before they were featured on the OpenSea website and then resold them. The judge sentenced Chastain to three months in prison, three months of home confinement, and three years of supervised release, along with a $50,000 fine and forfeiture of ill-gotten EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. (ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.) from the NFT trades. Chastain’s lawyers plan to appeal the decision and request bail. This case marks the first instance of NFT insider trading, with Chastain being a first-time offender. However, there are mitigating circumstances and acknowledgment of his potentially promising future.

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