During recent months, the primary crypto Bitcoin (BTC), has seen a considerable price rise. On the other hand, some trading parties have suspected an immediate price correction because of the substantial elevation.
Nonetheless, the remarks of Brian Armstrong (the chief executive officer of the crypto exchange Coinbase) could likely be favourable for the top cryptocurrency.
Coinbase to Integrate Bitcoin Lightning, Says Brian Armstrong
The Coinbase CEO shared on his official Twitter account that the crypto exchange platform has a strategy to integrate Bitcoin Lightning Network (the L2 scaling solution for the top crypto).
The respective network offers cost-effective and rapid off-chain transfers between consumers. By developing a network comprising payment channels, the target of the Lightning Network is to enhance the usability as well as the scalability of Bitcoin (BTC).
This tweet was shared in response to another Twitter post that was meant to condemn him for aggressively neglecting the network.
The CEO offered no more particulars regarding the things involved in the integration of the Lightning Network. As a result of the respective comments, a significant upsurge was witnessed in Bitcoin’s social activity.
The data provided by LunarCrush noted that a 25.1% increase was witnessed in the sum of social mentions related to Bitcoin. Apart from that, the social engagements dealing with Bitcoin have spiked by nearly 8.4% in number.
Moreover, the crypto community is also considered to be more positive thinking about Bitcoin. Nonetheless, trading parties did not express such a sentiment.
As per the data offered by Coinglass, the sum of short positions taken against Bitcoin elevated during recent weeks. The crypto exchanges, including the now-defunct FTX, Binance, and Coinbase, have been criticized due for not integrating the Bitcoin Lightning Network.
As per a GitHub repository made by David Coen (a Lightning enthusiast), Coinbase has several options in this respect.
A prominent reason behind the short positions’ rise could be the mounting selling pressure being experienced by the miners. Recent months have witnessed a huge increase in the mining difficulty.
While the mining difficulty of Bitcoin is extraordinary, it could pave the way for diverse challenges posed to crypto miners. These take into account high competition, mounted energy consumption, as well as the requirement for the latest hardware.
As per Coen, the exchange can collaborate with OKX, Kraken, and Bitfinex (the prominent trading firms) to integrate Lightning Network if Coinbase CEO remains true to the latest claims.
Formerly, Coen had indicated that the integration of Lightning might oppose the business strategy for several of the above-mentioned trading entities. This is so as the priority appears to be the integration of many altcoins as well as following the market trends.
Coinbase CEO Says He Has Tested Lightning Network App
Armstrong asserts having tested an application dealing with Lightning Network recently. Coinbase has recently been additionally enthusiastic about the Ethereum ecosystem.
In this regard, the crypto exchange released “Base” back on the 23rd of February. It is an L2 app-focused network with a fellow L2 platform Optimism responsible for powering it.
The interesting thing is that Armstrong noted an article entitled “Scaling Bitcoin” back in 2016. In that article, the Coinbase CEO mentioned that he would offer support at the back of scaling solutions related to Bitcoin.
He also expressed an expectation to witness such a solution shortly. Lightning was introduced later in 2018’s March. The previous month marked the network’s 5th anniversary.
