Crypto Market Update 21-07-23

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Happy Friday everyone!

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During the height of summer, eager to go for a swim on the beach, but we don't fail you. Here's your weekly recap. 📰😎

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Last 7 Days Market Performance 

Bitcoin is down 4.7%, now at $ 29,826.00 📉

Ethereum is down 5.6%, now at $ 1,890.00 📉

Total crypto market cap: $ 1.24 Trillion

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Fact for the week:

If you think you're sometimes behind on most of your work tasks, think again. Tesla’s Cybertruck - the electric pickup that Elon Musk broke the window at the presentation event - had its first production car for sale this week. Well so far nothing much, the problem is that this famous event happened almost 4 years ago, and the plan was to have the first vehicle for sale after 2 years. Let's just say 2 years late is no big deal? 🙃

Onto this week’s updates 🚦

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🔴 Nasdaq hits the brakes 🛑

The world's most-known stock market operator announced on Wednesday that it is canceling its projected crypto custody service, originally scheduled for initiation in this year's second quarter. Nasdaq has opted to halt these plans and its effort to pursue the necessary license "considering the shifting business and regulatory environment in the U.S.," said its CEO in the earnings call. Considering the current hostile legal environment in the United States towards crypto, we don't blame them. 🤷

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🟡 Centralized platforms can be the doors to DeFi 🚪

Well, are we hearing about Lympid here? Charles d’Haussy, CEO of a well-known DeFi project - dYdX - said that centralized platforms - such as Lympid - play a key role in technology adoption and new users for DeFi and crypto in general. The easier user experience and simplicity of these platforms allow different people with different consumer desires to access DeFi in an easier way, thus enabling new users who, without these platforms, would never adhere to the technology. That’s why we’re here 😊 

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🟢 47% of investors expect Ether to ‘surpass’ Bitcoin 📈

It’s no news that many people believe that the total market value of Ether (token of the Ethereum network) may in the short term exceed the value of Bitcoin and this is what a survey from CryptoVantage concluded. According to that questionnaire, 47% of respondents believe that this will happen in the next 12 months. Fidelity Digital Assets also goes in the same direction by providing an optimistic outlook for ETH in the next 12 months. The reasons are always based on the solid adoption numbers that the network is showing. 🔥

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🎬 Calmer waters this past week, but again with positive adoption indicators. We may be close to an explosive new cycle of market growth, so keep an eye open. 

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Talk next week. 👋