Crypto Market Update 04-08-23

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Happy Friday everyone!

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No stopping here, welcome again to your weekly recap 📰😎

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Last 7 Days Market Performance 

Bitcoin is down 0.6%, now at $ 29,249.00 📉

Ethereum is down 1.7%, now at $ 1,845.00 📉

Total crypto market cap: $ 1.21 Trillion

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Fact for the week:

In an unexpected move made last week, Elon Musk transformed Twitter - a brand so iconic it became a verb -, into "X", discarding the well-known bird logo and the term "tweet". Analysts estimate this bold shift could evaporate between $4 billion and $20 billion of the brand's value. If there's one thing Elon can be proud of, it's of being bold 😬

Onto this week’s updates 🚦

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🔴 Major DeFi protocol gets hacked 🤕

Curve Finance, one of the most important DeFi protocols with more than 3 Billion dollars of value locked last week, was exploited by hackers who managed to withdraw over 52 million dollars! It all happened because of a failure in Curve’s system - a mistake in the programming language called 'Vyper'. This bug made the stablecoin pools, which are essentially secure digital vaults for cryptocurrencies, vulnerable to hackers. They were able to exploit this weakness, causing a lot of digital money to be at risk 😵

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🟡 First tweet NFT from $2.9M to $4 🙄

During the peak of the NFT market in 2021, crypto entrepreneur Sina Estavi made headlines when he purchased Twitter’s co-founder Jack Dorsey’s first tweet as an NFT for $2.9 million. At the time of his purchase, the Iranian investor tied the NFT’s value to its uniqueness and its association with a valuable company like Twitter. Two years later, the value perception of the same NFT has significantly changed with the best offer currently standing at just $3.77, according to the latest data from OpenSea. 📉

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🟢 KPMG Validates Bitcoin's Impact ♻️

KPMG's recent report disputes the widespread belief that Bitcoin mainly has negative environmental, attributing this to misunderstandings about the technology. The report outlines how Bitcoin mining can promote clean energy production, increase financial inclusivity, and potentially reduce industrial greenhouse gas emissions, despite the high energy consumption. These ideas are not necessarily new but they are now being shared by a trusted, well-respected institution.🔋

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🎬 Mostly due to Curve’s hack, this week was dominated by the feeling of fear in the DeFi space. This is the reason why we believe that uninterrupted monitoring of the space is necessary to be prepared for all risks.

On another level, it is satisfying to see that more traditional entities are finally beginning to realize the potential benefit of Bitcoin at all levels 🙂

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Talk next week. 👋