December 29, 2023
Crypto Market Update 29-12-23
Happy Friday everyone!
And welcome to the last weekly recap of the year 😎📰
Last 7 Days Market Performance
Bitcoin is down 4.1%, now at $ 41,760.00 📉
Ethereum is down 1.1%, now at $ 2,290.00 📉
Total crypto market cap: $ 1.74 Trillion
Fact for the year 2023 🤔:
🤖 The significant role of artificial intelligence (AI) in our daily lives it’s not indifferent to the financial sector. This year saw a boom in AI, with OpenAI's ChatGPT making a huge impact and Nvidia's shares soaring. Major companies like Amazon, Alphabet, and Meta Platforms invested heavily in AI, utilizing their vast data and capital resources. Microsoft was also a key player, with AI being likened to their "iPhone moment." This trend in AI has been integral to the financial landscape of 2023. 🧑💻
Onto this week’s updates 🚦
🔴 $2 Billion Hacks in 2023 🚨
Cryptocurrency users lost nearly $2 billion to scams, rug pulls and hacks in 2023, roughly half the amount of last year, but a sign that the industry remains susceptible to security risks. The reduction is largely due to reduced value of crypto coins and tokens, while also attributed to improved security and increased awareness. We hope 2024 can bring additional confidence in this sensitive topic. 🛡️
🟡 Trump’s Crypto Profits 👱
Former President Donald Trump appears to have sold off $2.4 million worth of ETH, which he accumulated over from his NFT collection. For a person who in the past has fiercely criticised bitcoin and crypto in general, this is yet another event that gives strength to the popular wisdom that "look at what they do, not what they say". 👀
🟢 Bitcoin Dominates 2023 💪
In 2023, Bitcoin notably outshined other cryptocurrencies, claiming about 51% of the market, a significant increase from the start of the year. Ethereum, in contrast, saw a slight dip in its market share. This shift reflects Bitcoin's growing appeal, partly due to regulatory clarity and new developments like Ordinals and BRC20s. Despite Bitcoin's dominance, there's anticipation for Ethereum's rebound, fueled by potential ETF rumors and emerging narratives around new protocols being built on top of the Ethereum network. 💪
🎬 This is it, the last weekly recap of the year. Wishing everyone a Happy and Prosperous Financial New Year 🥂
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Talk next week 👋
