Coinbase CEO Reveals ‘Important’ Bitcoin Update As ‘Unprecedented’ Price Warning Hits Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Tron And Toncoin

13 September 2023

in DOGE

Reading Time: 5 mins read

BitcoinBTC, ethereum and other top ten cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, solana, tron and toncoin have struggled in recent weeks despite the market being primed for a $15 trillion earthquake.

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The bitcoin price has dropped 10% over the last month, falling as U.S. president Joe Biden, China and G20 leaders ramp up a global crypto regulatory crackdown.

Now, as CoinbaseCOIN chief executive Brian Armstrong reveals the platform will integrate bitcoin’s payment-focused lightning network, Mizuho analysts have warned an “unprecedented” decoupling could be about to cause crypto price chaos.

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weeks, falling sharply and weighing on the price of ethereum, BNB, XRP, cardano, dogecoin, solana, tron and toncoin.

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“We’ve made the decision to integrate lightning,” Armstrong posted to X (Twitter), following criticism from Twitter founder Jack Dorsey that Coinbase was “ignoring” the technology.

“Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper bitcoin transactions,” Armstong said, asking users to be patient as it “will take some time to integrate.”

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Bitcoin’s layer two lightning network, developed as a potential solution to bitcoin’s scaling issues and already adopted by Coinbase rivals Binance, Kraken and Bitfinex, allows cheaper and faster bitcoin transactions without compromising what some argue are the core tenets of the bitcoin network.

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The announcement was cheered by many in the bitcoin and crypto space, including Lightning Labs founder Elizabeth Stark, who replied to Armstong’s post: “Love to see you joining the future of bitcoin with lightning.”

Meanwhile, Coinbase’s tumbling trading volumes have sounded alarm bells for Mizuho analysts who have issued a “stark” warning over the “likely unprecedented” decoupling of the bitcoin price to trader interest.

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few years, dragging the price of ethereum, BNB, XRP, cardano, dogecoin, solana, tron, and toncoin with it.

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“This indicates potential fatigue among retail customers,” Mizuho managing director Dan Dolev wrote in a note to clients seen by CNBC. “Unlike in prior cycles, FOMO no longer entices investors to trade bitcoin when prices rise the way it did in prior years,” adding this could “prove problematic for [Coinbase].”

Dolev pointed to retail accounting for 95% of Coinbase’s trading revenue and predicted a “reality check” for Coinbase shareholders following the stock’s 140% year-to-date rally.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.