Bali says "no crypto for you!". Traditional Finance gains new life through crypto. ‘Bitcoin Jesus’ says Ethereum is the Messiah.

June 2, 2023

Crypto Market Update 02-06-23

Happy Friday everyone!

Welcome back to our weekly crypto news roundup! Our mission is to keep you informed about everything you shouldn't miss 📰😎

Last 7 Days Market Performance 

Bitcoin is up 1.3%, now at $ 26,942.00 📈

Ethereum is up 3.2%, now at $ 1,884.00 📈

Total crypto market cap: $ 1.18 Trillion

Fact for the week:

“Person or Robot?” 🤖 That’s the question all CEO’s are asking themselves...  According to a latest report, AI was responsible for the dismissal of more than 3,900 people last May and this is just the beginning. However fear not, advertised AI-related positions have been going through the roof also… you just have to position yourself on the right side of the field 🧐

Onto this week’s updates 🚦

🔴 Bali says 'no crypto for you!'

Sorry crypto lovers - it hurts us also - but it’s time to pack your bags and find another island to buy coconuts at the beach 🏖️ The longtime dream island Bali is cracking down on crypto payments by foreigners and threatening harsh measures for those who use it, such as deportation, administrative sanctions or criminal penalties. But the catch here is that the use of currencies other than rupiah is also prohibited, so no Mr. Dollar or Euro also. 🤷

🟡 Traditional Finance gains new life through crypto.

U.S. Government bonds are coming to crypto and they are not coming on tiptoes. 💵 The market capitalization of tokenized bonds has surpassed $200M, with most of the growth coming from projects like Ondo and Matrixdock, which launched tokenized versions of U.S. treasury bonds in the beginning of the year. These tokens are offering higher yields than stablecoins in DeFi at the moment, as well as exposure to lower-risk assets.🤔

🟢 ‘Bitcoin Jesus’ says Ethereum is the Messiah.

Longtime Bitcoin advocate Roger Ver, also known as Bitcoin Jesus for being one of the first bitcoin adopters, is saying that Ethereum will lead the way in terms of driving worldwide crypto adoption. It’s no news that Ver thinks that the technology behind bitcoin should evolve, which is why he congratulates Vitalik Buterin, creator of Ethereum, for taking a risk and creating a protocol that today has a more evolved and vibrant ecosystem.

🎬 We enter June and Summer is just around the corner in the northern hemisphere, perhaps that is also why the market is calmer, because as the saying goes “Summer: the season when productivity hides under a beach umbrella.” We at Lympid are here to work for you though while you enjoy these warmer days soaking up some vitamin D, because money, after all, never takes a rest. 💰

Talk next week. 👋


Great job on learning something new today 🎉