Crypto Market Update 03-11-23

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Happy Friday everyone!

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It’s Friday and that means bringing you the latest crypto news! Here to our weekly recap 📰

Last 7 Days Market Performance 

Bitcoin is up 2.8%, now at $ 34,560.00 📈

Ethereum is up 2.9%, now at $ 1,818.00 📈

Total crypto market cap: $ 1.33 Trillion

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Fact for the week 🤔:

🚀 The first week of November historically marks the beginning of the "Santa Claus Rally" in stock markets - a phenomenon where stock prices tend to increase in the last two months of the year. This seasonal effect is attributed to increased consumer spending in preparation for the holiday season, optimism fueled by the festive mood, year-end bonuses being put to work in the market, and institutional investors adjusting their portfolios for the year-end. In the crypto world, some like to call November by Moonvember, indicating that prices are going to rise a lot, to the moon. 🌙
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Onto this week’s updates 🚦

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🔴 SBF Found Guilty 🧑⚖️

Sam Bankman-Fried, the former crypto king and FTX CEO, was found guilty by a court jury yesterday and now faces a prison sentence of up to 115 years. The epic saga of a trip to the top of the hill, with a thunderous fall, will certainly make for a book that will go down in the history of crypto and finance. SBF went from beaching in Bahamas with Tom Brady, Gisele Bündchen, Orlando Bloom, Kate Perry, Shaquille O’Neal and many others - yes, the list goes on - to now spend his life behind bars. Now that's a turnaround…😬

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🟡 “I Should Own Bitcoin” 🧐

Legendary investor Stanley Druckenmiller went on the news to say: “I’m 70 years old, I own gold. I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with.” He ended by saying “I don’t own any bitcoin but I should.”. Why does this matter? Druckenmiller never had a down year in the three decades that he ran his investment firm, while simultaneously achieving investment returns of about 30% annually during the same time period. Few ever achieved this. ⭐
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🟢 Bitcoin Could Hit $150K by 2025 🚀

Bernstein analyst Gautam Chhugani said the firm expects the U.S. Securities and Exchange Commission to approve a bitcoin ETF by the first quarter of 2024, and with that the price of bitcoin could rise to $150,000 by 2025. It’s no secret anymore that everyone in town is expecting ETFs to be approved any time in the United States and you can see that optimism in bitcoin price. The bullish estimate is about five times the current price of around $34,000, so it’s easy to do the math. 🤫

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🎬 Crypto markets are becoming increasingly optimistic, and many say that the worst is already behind us. Right or wrong we do believe in the future of crypto as better technology, so count on us to be here 💪

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Meanwhile, you can buy bitcoin on Lympid or just get 5% on your cash, you decide ✅

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Join us at lympid.io ✅
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Lympid: Crypto interests on a trusted, regulated platform
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Talk next week 👋

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