Crypto Market Update 12-05-23

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Happy Friday everyone!

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Today we’re getting straight to the point, here is our favorite weekly post for you - the Weekly News Recap 📰😎

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Last 7 Days Market Performance 

Bitcoin is down 9.35%, now at $ 26,385.22 📉

Ethereum is down 7.08%, now at $ 1,767.72 📉

Total crypto market cap: $ 1.1 Trillion

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Fact check for the week:

If anyone thought that after covid things could go back to normal, better think again. Let the largest financial district in the world say so… The question is, due to remote work, how much empty office space does New York City have right now? Enough to fill more than 26 Empire State Buildings (about 6.9 million square meters, if you want to be specific) ! We don’t need to tell you that's a LOT of empty space...🏢

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Ok, now onto this week’s updates 🚦

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🔴 The average person’s wealth will be 'completely destroyed by inflation'. 📉

Arthur Hayes, the co-founder and past CEO of BitMEX is publicly claiming that the vast majority of individuals are likely to experience a gradual erosion of their wealth due to currency devaluation (i.e. "inflation" arising from the issuance of money by central banks). Hayes argues that mounting public debt will force governments to resort to money printing, resulting in fiat currency devaluation. To counter this, investing in alternative assets like cryptocurrencies, which maintain stable purchasing power relative to energy costs, is crucial. 🤔

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🟡 Over two-thirds of Bitcoin total supply have not moved in 1 year.

 (Well, we know this is a bullish sign, but just in case we are putting it in yellow 😁.) So… bitcoin owners continue to hold more bitcoins for longer according to blockchain analysis. This means that the owners of more than two thirds of all bitcoins do not want to sell them. While short-term price movements and the trading of bitcoin often grab the headlines, the reality is that bitcoin is increasingly being used as a buy-and-hold asset. I would say this is a super bullish signal…🐂

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🟢 Liechtenstein Prime Minister Wants Citizens to Pay for Government Services With Bitcoin. 🚀

Prime Minister Daniel Risch shared some exciting news in a recent interview, mentioning that a "Bitcoin payment option is on its way" for government services in the European microstate. They plan to promptly convert bitcoins into Swiss francs, their national currency, once received. This approach is inspired by Swiss communities Zug and Lugano, where local authorities have embraced Bitcoin as a legal payment method for specific taxes and public service expenses. 🚀

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🎬 Another week passed and another week we brought you the best news from the crypto space! It's no secret that we are confident in the growth of the market (otherwise we wouldn't be building Lympid 😅), so if you want to put your toes in the water, welcome aboard with lympid.io 💰💶

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Talk next week. 👋