Hello as always, and welcome to today's edition of Overbit News.
From almost any angle, it seems clear the biggest story of today is: the selloff in Bitcoin and crypto markets across the board. Bitcoin fell to a three-month low on Monday, confirming the most significant price pullback of the current bull run. BTCUSD fell to as low as $42,000, marking a correction of 35% from its all-time high above $60,000.
The selling pressure strengthened over the weekend, with some investors speculating Tesla may be selling its bitcoin holdings after Elon sent out several tweets chiding Bitcoin and praising other cryptocurrencies. Musk later sparred with other Twitter users, calling the cryptocurrency "highly centralised" and pointing to a "Fortune" story about bitcoin mining in China.
Though it's clear much of it was in jest, it seemed these bearish interactions from one of the more prominent proponents of crypto proved too much for a cryptocurrency market hovering at support with little bullish momentum.
Tesla CEO Elon Musk attempted to calm market nerves early Monday with a Twitter announcement, saying the company hasn't sold its bitcoin holdings. Bitcoin has not made new lows since then, but it definitely seems price action will continue to be the story of the week in the future.
Coinbase, the world's largest publicly traded cryptocurrency company, has developed a Chrome browser extension through which users of the common exchange can now access their cryptocurrency DApps directly from the Google Chrome browser, allowing users to link to decentralised applications and finance directly from their desktop.
According to Coinbase Wallet lead Sid Coelho-Prabhu, over 1 million Coinbase Wallet customers regularly link to applications such as Uniswap and Compound. The new Chrome extension would make this process easier by eliminating the need for users to check a QR code on their mobile devices each time they want to connect.
Coelho-Prabhu explained: "Starting today, we're making it much simpler to access and use these Dapps on desktop with the Coinbase Wallet extension. The new extension allows for instant access to Dapps on desktop — after linking your Wallet account to the extension once, you are free to browse all Dapps with one click."
Users may also trade on decentralised markets and receive nonfungible tokens, or NFTs, with the latest expansion. Many decentralised applications, including Rarible, OpenSea, SushiSwap, Matcha, Synthetic, and Aave, are sponsored.
According to CoinGecko info, Coinbase is one of the world's largest cryptocurrency exchanges, with its Coinbase Pro network handling nearly $10.6 billion in transactions in the last 24 hours. Just Binance performs more transactions.
Coinbase was also the first major cryptocurrency exchange to register for an initial public offering (IPO). COIN shares were listed on the Nasdaq in mid-April. Like many other newly listed stocks, COIN has seen significant volatility in its short trading history, only recently falling below the $250 pre-listing reference mark.
The theme of this week’s Overbit News, is that even as the market is consolidating, the tech is being built for the future.