Daily Digest 8/19/21
Insight on the biggest news and charts that provide context for whats going on in the market today.
“We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future,”. Coinbase is opening up services in Japan starting with 5 top cryptos based on trading volume. This is bullish news as Japan is one of the biggest countries in terms of crypto adoption and comes off the news that Japanese crypto exchange “Liquid” was just hacked for $80M. The need for trust between exchanges and their users increases with every hack. Coinbase goes live in Japan in partnership with banking giant MUFG
Back on Feb. 11, Binance had to temporarily go offline after suffering an outage due to a 60% spike in its web traffic. As a result, the exchange suspended “deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.” This shows a good example of two things: Even the biggest exchanges are still small enough that an increase in traffic puts down the entire exchange and that regulatory clarity needs to be more clear as users are trying to get reparations for "unrealized gains or losses". Binance crypto exchange outage sparks outrage as traders lose millions
Cade Cunningham one of the top NBA draft picks this year signed a deal with Blockfi getting his signing bonus paid in BTC. The deal continues a trend of top-drafted athletes forging early-career pacts within the digital assets industry – and receiving at least part of their payout in crypto. Trevor Lawrence, the first overall draft pick in in the National Football League, received a mix of bitcoin, ether (ETH, -0.79%) and Solana when he signed an FTX sponsorship in April. Top NBA Pick Paid in Bitcoin for BlockFi Sponsorship Deal
Trading volume has risen for ALT coins across coinbase across the past year. However coinbase has been listing more alts this rise can also be an indicator that were in the middle of an alt rally.
