Bitcoin abides 💪

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📝 What you need to know

The crypto market was fixated on the government of Germany as it divested itself of 50,000 BTC, with hundreds of millions of dollars’ worth of the top coin moving on a nearly daily basis. Yesterday, the last of the Bitcoin had been dumped—and the price of Bitcoin ended the week higher than it started.

Between Germany and Mt. Gox, the third quarter of the year got off to a rough start. And according to Coinbase Research, we can look forward to a “choppy” summer.

From Our Partner

Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”

Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.

“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”

Find out more here.

💬 Quote of the Day

“The third quarter started on a sour note with supply overhangs generated by indiscriminate Bitcoin selling from price-insensitive sources.”

—Coinbase Research

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