Crypto Market Update 16-03-24

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Happy Saturday everyone!

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Here’s your weekly recap 😎📰

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Last 7 Days Market Performance 

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Bitcoin is down 1.1%, now at $ 67,570.00 📉

Ethereum is down 6.5%, now at $ 3,640.00 📉

Total crypto market cap: $ 2.69 Trillion

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Fact for the week 🤔:

🤔 OpenAI's ChatGPT is using an enormous amount of electricity, equivalent to more than 17,000 times what an average household consumes daily. If generative AI technology spreads further, its energy usage could exceed the annual electricity consumption of entire countries, highlighting the substantial energy demand of AI technologies compared to common household usage. 🌍

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Onto this week’s updates 🚦

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🔴 Crypto Caution Advised ⚠️

Once again US Financial Market cop Gary Gensler has warned that the crypto world is full of fraud and risky deals, pointing out the dangers in investing in things like Bitcoin. He's looking closely at new types of crypto investments but urges people to be cautious because of their unpredictable nature. We can’t say he's absolutely wrong though. 🚔
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🟡 Bitcoin Creator Dispute 🧑⚖️

A UK judge ruled that Australian computer scientist Craig Wright is not the true inventor of Bitcoin, dismissing his long-standing claim to be Satoshi Nakamoto, the pseudonymous creator of the cryptocurrency. This verdict ends Wright's attempts to sue Bitcoin developers over his claim, marking a victory for the open source community and affirming the integrity of Bitcoin's anonymous origins. ⛓️
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🟢 Institutions Embrace Bitcoin 🚀

The asset manager firm Bitwise has announced that big institutions will likely begin investing in Bitcoin ETFs by the second quarter, signaling strong interest in cryptocurrency from firms with trillions of dollars in assets. This move is part of a broader trend where diverse investors, from individual retail buyers to hedge funds and asset managers, seem to be increasingly drawn to Bitcoin ETFs due to its regulatory clarity. Buckle up 😄

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🎬 And this is it, hope you all are having a great weekend!

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And 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 👋