July 14, 2023
Crypto Market Update 14-07-23
Happy Friday everyone!
We’re back and this week was huge for crypto, so let’s begin 📰😎
Last 7 Days Market Performance
Bitcoin is up 3.0%, now at $ 31,262.36 📈
Ethereum is up 6.7%, now at $ 1,996.70 📈
Total crypto market cap: $ 1.3 Trillion
Fact for the week:
Last week we let you know that Threads - a new app that competes with Twitter and whose owner is the Meta group - reached 1 million users in 5 days, beating all previous records. But the records did not stop there, just 5 days after launch, the platform reached 100 million users. The previous record belonged to ChatGPT which had reached 100 million in two months. Incredible growth 🤯
Onto this week’s updates 🚦
🔴 Celsius founder arrested 👮
The year 2022 was terrible for crypto, having killed many projects, one of them, the famous Celsius platform. Before July 2022, the platform had more than 10 billion dollars of assets, however, as the saying goes, “only when the tide goes out do you learn who has been swimming naked”. The consecutive fall in cryptocurrency values led to the discovery that Celsius was acting beyond the bounds of legality. This week its founder, Alex Mashinsky, was arrested and placed on bail of $40 million. 🚓
🟡 ETFs could inject $30 Trillion into Bitcoin 💰
In a reference to Bloomberg this week, the US capital markets specialist Eric Balchunas warned that Bitcoin's entry into the world of grown-ups opens up a market of $30 Trillions to the digital asset. For reference, 6 of the 7 largest economies in the world have a combined GDP of $30 Trillion (China, Japan, Germany, India, UK, and France), so you can easily understand the potential impact. At the same time, the British bank Standard Chartered is predicting Bitcoin will reach $120,000 in 2024. 🚀
🟢 Ripple knockouts SEC 🥊
Well… who would tell?! In a true fairytale story, yesterday news came out that Ripple - issuer of the XRP token - scored a huge victory against the US regulatory authority, the SEC. The lawsuit began in 2019 and was seen by the entire crypto industry as decisive for the future of crypto in the US. Perhaps not even the most optimistic would believe it, but yesterday it was revealed that the XRP token was not sold as a financial instrument to retail and, therefore, doors are open to a new wave of adoption in the US. 🔥
🎬 Crypto Twitter enthusiasts are screaming “we’re back”, and sentiment has gradually turned positive after a harsh crypto winter. In the meantime, if you’re wondering where you can buy XRP (it’s up +70% in a day 🔥), of course you can do it on Lympid 💪
Talk next week. 👋
