October 27, 2023
Crypto Market Update 27-10-23
Happy Friday everyone!
We’re back with your weekly recap, this time with a more positive crypto market sentiment 📰
Last 7 Days Market Performance
Bitcoin is up 15%, now at $ 34,000.00 📈
Ethereum is up 10.7%, now at $ 1,776.00 📈
Total crypto market cap: $ 1.3 Trillion
Fact for the week 🤔:
✖️ It’s been a year since Elon Musk bought social media app Twitter (now X) and the results are disappointing to say the least. Elon Musk's first year at the helm of Twitter saw a 38% drop in global app downloads, a 14.8% decline in monthly active users, and a staggering 60% decrease in ad revenue. For someone who walked into Twitter headquarters a year ago with a sink in hand, it doesn't look like all the cleaning has gone well. 😅
Onto this week’s updates 🚦
🔴 US Financial Cop Says No to Crypto 🛑
Gary Gensler is the main face of the US financial regulator (SEC) and he stated again this week that crypto “is a field rife with fraud, scams, bankruptcies, and money laundering”. While his claims are valid, it is not comprehensible that he is still not demanding for new laws so that people tell good from bad. Until this happens, even assets with enormous value, such as Bitcoin and Ethereum, will continue to be misunderstood by the general public. 😐
🟡 Solana’s Revival 🧟
After the fall of FTX exchange, given the enormous connection it had with Solana network, many thought that it wouldn’t survive. A year later, the scenario looks very different with reports that Solana (SOL) is becoming a top pick for institutions, with $15.5 millions added last week and $74 millions this year, making it the most favored altcoin. However, the truth is that there is still a lot of uncertainty and the price of the token is still trading at less than 85% of its peak, therefore far from the golden times. 📉
🟢 Bitcoin: “I’m back” 💪
A second consecutive week of significant gains is changing sentiment in the crypto market. Last week the Bitcoin rose by 10% and this week it's up even more, by 15%. Rumors of ETF approval in America are growing and investors are becoming more active in buying BTC, which is reflected in this rise. However, as the legendary trader Peter Brandt says: be careful because things could get very volatile. We say that a rollercoaster ride is what best defines the crypto space. 🎢
🎬 Contrary to the real world, the digital world is starting to turn towards a more positive sentiment, and once again we are convinced that crypto non-believers are going to be proved wrong. 💪
This is a superior technology with superior human values that can also help the real world to be fairer and more transparent. 🌍
And If you've never tried it, you can do it with us at lympid.io ✅
Lympid: Crypto interests on a trusted, regulated platform
Talk next week 👋
