Bitcoin Falls 5%, Pepecoin 50% Ahead of CPI Report! [ Crypto Espresso 5.9.23 ]

Tuesday Newsday with a dome to be alive I'm your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and here we Go first up the cryptocurrency market Experienced a sharp decline on Monday With Bitcoin dropping below 27 500 for The first time since January the leading Digital asset was trading at around Twenty seven thousand three hundred and Fifty dollars at press time down more Than 5.5 percent in the last 24 hours Several factors contributed to this Bearish sentiment including the rising Popularity of the Pepe meme coin which Reached a market cap of over one billion Dollars before losing steam over this Weekend losing half of its value the Meme inspired token attracted investors Looking for quick profits and fun but it Also raised concerns about Market froth And speculation meanwhile eth also faced Downward pressure falling below 1900 and Holding above that level for most of the Past week unfortunately eth was trading At about 1829 at press time down 4.4 Percent on a 24-hour basis BRC 20 tokens Are a hot new type of cryptocurrency That can be created and traded on the Bitcoin blockchain inspired by the erc20 Standard on ethereum brc20 uses a Different protocol called ordinals to Inscribe data on satoshi's which is the Smallest unit of Bitcoin well the BRC 20

Market has grown rapidly since its Launch in March of 2023 with the first And most popular token called ordi Hitting a market cap of over 500 million Dollars other BRC 20 tokens include Vimpex meme Bank BRC and pepe BRC which Have all been listed on gate.io the First exchange to support brc20 trading In total brc20 tokens are just about to Hit a 1 billion dollar market cap going Forward ordinals and brc20 tokens do Face some challenges such as limited Functionality compared to erc20 tokens And high Network congestion and fees due To the increased demand for Bitcoin Transactions binance maybe you've heard Of them one of the Lar largest Cryptocurrency exchanges in the world Temporarily halted Bitcoin withdrawals Twice in 24 hours over the weekend Citing Network congestion as the reason For the suspension which lasted about an Hour on Sunday gee I wonder if those Darned BRC 20 tokens have anything to do With that the move came after binance Faced a similar issue on Saturday when It paused Bitcoin withdrawals for about 20 minutes due to a minor technical Issue The Exchange assured all of its Users that their funds were safe and That it was working to resolve the Problem as soon as possible in an effort To solve the issues associated with Higher congestion on the Bitcoin Network

Binance said they've increased the fees On withdrawals and are working to Integrate the lightning Network a layer 2 payments protocol for Bitcoin and say It with me everybody binance is the Parent company of coin market cap Bittrex one of the oldest and most Popular cryptocurrency exchanges in the US has filed for bankruptcy protection In Delaware on Monday the company cited Financial difficulties and Regulatory Uncertainty as the main reasons for its Decision according to the bankruptcy Petition bittrex owes more than 100 Million dollars to its creditors Including several crypto companies and Service providers the company also Reported having less than 50 million Dollars in assets mostly in digital Currencies bittrex was founded in 2014 And quickly became a leading platform For trading various altcoins however in Recent years the company faced several Challenges such as losing its New York Bit license being sued by the SEC for Allegedly selling unregistered Securities and facing competition from Newer and more compliant exchanges the Company said it will continue to operate Its platform and serve its customers During the bankruptcy process it also Expressed hope that it will be able to Restructure its debt and emerge as a Stronger and more sustainable business

In the future and finally World coin a Cryptocurrency project backed by open AI CEO Sam Altman has launched its first Major consumer product a wallet app that Allows users to store and transfer Crypto tokens called worldcoin via the Polygon blockchain the app currently in Beta is appropriately called World app And aims to achieve this Vision by Distributing its tokens for free to Anyone who proves their real and unique By using a device called an orb to scan Their eyeball and while scanning Eyeballs might make some people a little Uneasy it is designed to protect a User's privacy by using a world ID World ID is a digital identity system based on Providing proof that a user is human Without revealing one's true real world Identity You're just showing them your Eyeball people the app also allows users To participate in the governance of the World coin protocol which is an open Source project supported by a global Community of developers individuals Economists and technologists and if you Just want to participate in our Engagement Spiel you don't have to scan Anything you just have to like this Video subscribe to our YouTube channel And click on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live I mean if you Do that there can't be any Bots here at

All none in that comment section they're All real people who just happen to say The exact same thing on all of our Videos with exactly the same replies I Don't think there's anything weird about That and what did you think about Today's episode no I don't want to know About your losses in the crypto Market Give me your actual feedback in that Comment section below because I actually Do read the comments questions about our Headlines or crypto in general take that Plunge and ask Alex in that description Below Alex is always a great resource For all things web 3 and the metaverse And that about does it for today as Always I've been your host Andrew these Have been your headlines and we'll see All of your beautiful shining faces Tomorrow