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The winning streak experienced recently in the crypto market had brought some positive sentiment surrounding the possibility of recovery coming soon. However, with negative news overtaking the crypto space, what's next for such crypto giants like Bitcoin?
Coinbase earnings shattered the crypto world with the racked-up after-tax loss of $1.1 billion. The report indicates that the cryptocurrency exchange's revenue dropped by a shocking 61% in the last quarter as the crypto crash caused prices to drop to the ground bottom and trading volumes reached the bare minimum. The drop in Bitcoin and other cryptocurrency values sent the firm into the red in the first quarter, forcing it to lay off 18% of its workforce in June.
Coinbase shares plunged after the earnings announcements despite the exchange's recent deal with BlackRock. One would think that the world's largest asset manager's choice to trade Bitcoin would positively impact the crypto giants, and yet, the response from the crypto market trends showed otherwise.
Bitcoin price has had a bullish revival in the previous days, pushing it higher. This movement, however, might come to a halt and retrace if specific resistance points are not surpassed. As a result, investors must pay particular attention to where the price action progresses in the next hours.
Considering that Bitcoin consistently fails to follow the path to recovery, what does it mean to the future of the crypto market leader? With the cryptocurrency's price currently struggling at the make-or-break point, no one can be certain of what's to come next.
Every day, new cryptocurrencies enter the market. However, not every initiative succeeds, and new coins frequently fail before completely entering the sector. The crypto sector is extremely competitive in certain aspects due to over-saturation. However, it is also a positive because of the fact that competition encourages innovation and development.
There are several factors that may help the success of a new project, including the expansion of use cases and real-world applications, strong community backing, and enhanced infrastructure.
A new project coming to the market, PrivaCrip (PRCR), aims to bring innovative solutions to the existing problems in the Decentralised Finance (DeFi) sector and the crypto industry overall.
PrivaCrip (PRCR) offers a variety of privacy-protection technologies. The ecosystem's security-enabled blockchain is one of its key features. Using parallel-runtimes on the network, PrivaCrip might become the world's most popular adaptable, protection-enabled platform.
Confidentiality and security are not certain in DeFi. Trillions of dollars in established financial organisations are ready to enter the market but are apprehensive owing to a lack of security. PrivaCrip aims to ensure that it can provide scalability at the same time with privacy and safety. PrivaCrip can take DeFi from its early phases to mass-market adoption by utilising its layer-1 blockchain and advanced features.
With enhanced security and privacy, there are expectations that PrivaCrip might lack in speed. However, that is not true because the network will be able to execute up to 10,000 TPS (transactions per second).
To learn more about PrivaCrip, check out this article.
Presale: http://join.privacrip.io/
Website: http://privacrip.io/
Telegram: https://t.me/PrivaCripOfficial
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
