• Bitcoin sees the second-highest number of new Inscriptions per day.
• Unemployment rate drops to 3.5% and Bitcoin is valued at $29,200.
• Coinbase generates more revenue from subscriptions and services than fees, while Ethereum’s NFT gas usage reaches 2-year low.
Record Number of Bitcoin Inscriptions
A total of 400,000 new Ordinal Inscriptions were added to the Bitcoin blockchain on Aug. 7, the second-highest number ever recorded. This spike in popularity led to a massive increase in transaction fees that grew mining profitability.
Unemployment Rate & Bitcoin Value
The unemployment rate in August dropped to 3.5%, while bitcoin was valued at $29,200 — representing an all-time high for the year so far.
Coinbase Revenue Streams
Coinbase generated more revenue from subscriptions and services than fees as of July 2020 — representing a shift in its business model away from trading commissions and towards subscription-based services such as custody solutions and institutional products.
Options Implied Volatility
Despite options implied volatility dropping recently, market participants still expect turbulence in the near future due to macroeconomic uncertainty caused by the pandemic and geopolitical tensions between countries.
NFT Gas Usage on Ethereum
Finally, NFT gas usage on Ethereum has reached a two-year low — potentially signifying fewer people buying or selling non-fungible tokens on its blockchain network compared to previous years