Crypto Market Update 05-05-23

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Happy Friday everyone!

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By now, our weekly newsletter has likely become your favorite can't-miss sitcom, and you're sitting front row with popcorn ready — we feel you, so here it goes! 📰😎

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Last 7 Days Market Performance 

Bitcoin is down 0.75%, now at $ 29,093.02 📉

Ethereum is up 0.55%, now at $ 1,900.46 📈

Total crypto market cap: $ 1.2 Trillion

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First our fact for the week:

Being socially disconnected and smoking 15 cigarettes a day might have more things in common than you might think. Renowned Doctor Vivek Murthy did a study on solitude, and what he found is that you should not imitate the snow leopard when it comes to being alone. The risk of premature death from being socially disconnected is equivalent to smoking 15 cigarettes a day and represents an even higher mortality impact than a lack of physical activity and obesity. After all, Humans are social animals right? 🧑‍🤝‍🧑

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Ok, now onto this week’s updates 🚦

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🔴 Another week, another bank falling. 📉

This time, it's the second largest in the history of the United States, and goes by the name of First Republic Bank. So remember when everyone was justifying the fall of the previous two banks in the US with the fall of the crypto market? This time the fall is bigger and has nothing to do with Bitcoin or the crypto space. In fact the other bank failures had almost nothing to do with crypto either and it was just a simple scapegoat not to admit that there is a massive problem in the legacy financial system. Now the question is, will other banks follow…? 🤔

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🟡 The Kingdom of Bhutan has been quietly mining Bitcoin for years. 💻

After El Salvador Bitcoin’s adoption, it seemed to us that world Countries were all far from this. And we were right after all, because the faraway Kingdom of Bhutan confirmed it has been running a Bitcoin mining operation. Its geographical location in the foothills of the Himalayas provides Bhutan with an immensity of water flow, and the Buddhist kingdom has harnessed the energy of this element to profit from bitcoin mining, without causing relevant ecological footprints. After all, Bitcoin mining and renewable energy go hand to hand. ♻️

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🟢 Bitcoin breaks all-time record for daily transactions. 🚀

The Bitcoin network has seen an explosion of network activity since last week reaching now an all-time high, meaning the Bitcoin network is currently settling more transactions than ever before. This explosion of transaction activity was only seen before during the 2017 and 2021 Bitcoin bull markets, leaving the question of how high it could reach in a full-blown bull market. It should be noted that this increase in activity is due to the Ordinals project, an attempt to bring the NFT’s mania to the Bitcoin protocol. ⛓️

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🎬 And that's all for this week! Hope you enjoyed and remember, if you're looking for an easy way to get started in the crypto space, look no further because Lympid is just that solution. Go to lympid.io, open your account, deposit EURO and with the click of a button start your adventure. 💰💶

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Talk next week. 👋