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Cryptocurrency: Bitcoin faces the memecoin storm with the introduction of the new “BRC-20" token standard

12/05/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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For days, Bitcoin has been weathering the memecoin storm with the introduction of the new token standard “BRC-20". As it passes, it shakes the already tumultuous waters of

the cryptosphere.

The novelty about Bitcoin is arousing curiosity and fueling an excessive wave of speculation, despite warnings from developers. Indeed, PayPal manages $943 million in cryptocurrencies for its customers, nearly half of which in bitcoin ($499 million) and a significant portion in ethers (362 million dollars). The value of deposits increased by 56% compared to December 31, 2022. The Internal Revenue Service (IRS) has filed 45 claims against FTX and its subsidiaries, seeking a total of $44 billion for unpaid taxes and payroll charges

.

In the first quarter, Robinhood suffered a 30% drop in cryptocurrency revenue, from $54 million in the last quarter of 2022 to $38 million. However, the company recorded an increase of more than 36% in its cryptocurrency deposits, reaching nearly $11.5 billion. For its part, Stripe, the American leader in payment solutions, has launched a fiat-to-crypto solution to help Web3 businesses offer their customers an easy way to buy cryptocurrencies. Coinbase announced an increase in quarterly revenue of 22% over the previous quarter, from 604.9 million to 736.4 million dollars. Furthermore, Bitcoin has been hit by speculators' enthusiasm for memecoins, which are community cryptocurrencies representing comedic Internet memes, and that's as weird as expected.

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