Crypto Market Update 09-02-24

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Happy Friday everyone!

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And here’s to our weekly recap 😎📰

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Last 7 Days Market Performance 

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Bitcoin is up 11.2%, now at $ 47,808.00 📈

Ethereum is up 8.9%, now at $ 2,502.00 📈

Total crypto market cap: $ 1.87 Trillion

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Fact for the week 🤔:

🤖 Deepfake tech is causing serious damages. This week, a worker at a multinational company was deceived into transferring $25 million to scammers who used deepfake technology to impersonate the company's CFO during a video conference call. This scam, highlighted by the sophisticated use of deepfakes to mimic colleagues, is part of a growing trend of fraud so, when in a video call, you better start doubting whether the person on the other side is real or not 😬

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Onto this week’s updates 🚦

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🔴 Solana 5-Hour Outage 😴

Once again the Solana blockchain is news for the worst reasons. Solana blockchain faced a significant disruption with a 5-hour outage also leading to a temporary decline in the value of its SOL token. This incident exposes once more the vulnerabilities in the blockchain's operation, raising serious doubts about the real possibility of competing against blockchains like Ethereum. 🖥️
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🟡 JPMorgan: Low Crypto Interest 🤔

JPMorgan's survey of over 4,000 institutional traders reveals a sharp decline in enthusiasm for cryptocurrencies and blockchain technology, with 78% indicating no plans to trade crypto in the next five years and only 7% viewing blockchain as influential for future trading. The survey highlights a shift towards AI and machine learning as the dominant technologies expected to shape trading. One can’t ignore that traders follow narratives, not fundamentals. 📊
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🟢 LINK's Two-Year High 🔼

LINK, the cryptocurrency of Chainlink network, has soared, hitting a two-year high, with its valuation breezing past the $11 billion mark to become the talk of the crypto town. Behind this meteoric rise is an excitement around tokenizing real-world assets and a surge of activity from large investors, awakening a frenzy of interest that hints at even brighter days ahead for Chainlink. Lympid is proudly part of the Chainlink network 🔥

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🎬 The markets are in the green today, so we are heading into the weekend well 🙂 Take your time and read a little about this fascinating crypto world. 🤓

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You can always find us at lympid.io ✅

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Lympid: Crypto interests on a trusted, regulated platform

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Talk next week 👋