Crypto Market Update 06-01-23

Hello everyone and welcome to our first weekly recap of the year 🥳

Now that New Year’s Eve has gone by, here are a few curiosities about it:

Did you know that the first Times Square New Year’s party was thrown for a newspaper?
That’s right ! It was a party to celebrate the opening of the New York Times building in 1904. The square has now become a dream destination for many on this occasion. If you ever get a chance to go there for this occasion, you should also know that the confetti dropped in Times Square is holding secret messages with people’s wishes written on them. 🤫

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Onto business, this week’s traffic light:

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🔴 3AC (Three Arrows Capital) founders being served subpoenas over Twitter.

Since the first domino fall of the LUNA collapse we’re still seeing follow ups on the consequences of the collapse, the most recent one being that 3AC founders are being served subpoenas through Twitter (read more). The process is still in the infancy stages of being solved but there’s a comical side of this recent development. However, nothing comical is there in the fact that Twitter’s boss himself, Elon Musk, witnessed a $200 billion ($200,000,000,000) decrease in personal net worth in a year’s timeread more). Ouch…

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🟡 Morocco finalised crypto regulatory framework.

Although not approved yet, the bill should be introduced to public discussion in the next few days. Joining the greatest performance in a football competition ever from this country, Morocco also became the fastest-growing crypto market in Northern Africa in 2022 (read more). Coincidence? Hum.. Jokes aside, this country is leading the way regarding crypto in the African continent, arguably one of the places on Earth that could benefit the most from cryptocurrency properties and capabilities. 🐂

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🟢 Erik Voorhees tips $40K BTC by June, but little consensus among pundits.

Despite current price action, some personalities believe in a short term uptrend in the markets and others not so much (read more). Price numbers aside, Bitcoin remained the most popular in 2022 in spite of the fact that Ethereum had 338% more transactions, says the data from Nasdaq and Ycharts shared on Reddit (read more). ✍️

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And that’s all for this first week of the year, probably more stirred than we would’ve hoped but that’s life throwing curve balls at us. We’re strong and we will keep pushing onwards and forwards. 👋

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