June 9, 2023
Crypto Market Update 09-06-23
Happy Friday everyone!
It’s been a tough week for the crypto space, with the United States Financial Markets Authority (named “SEC” - Securities and Exchange Commission) prosecuting both Coinbase and Binance. We won’t bore you with all the details here — you can read the specific of each regulatory action regurgitated across the mainstream media. As usual, we’ll be focusing on three key and distinct events. This is your weekly roundup. 📰😎
Last 7 Days Market Performance
Bitcoin is dow 1.9%, now at $ 26,615.00 📉
Ethereum is down 2.6%, now at $ 1,842.75 📉
Total crypto market cap: $ 1.15 Trillion
Fact for the week:
This one's for the ages and if you don't know it yet, we'll tell you. The Dutch "Tulip Mania" in the 17th century is often considered the first recorded speculative bubble. At its peak, a single tulip bulb could cost as much as a luxurious house in Amsterdam. The bubble burst in 1637, causing a severe economic crash never to be forgotten. 🌷
Onto this week’s updates 🚦
🔴 US Financial Market Authority is on the hunt.
The SEC (Securities and Exchange Commission) is suing two of the world's leading players in crypto, Binance and Coinbase, as well as Binance CEO, known by CZ. Although the SEC is accusing both entities of illegal behavior, the truth is that Coinbase has been asking for SEC guidance for years and rumors circulate that the SEC Chairman (Gary Gensler) offered to serve as an advisor to Binance's back in 2019. Food for thought…🤔
🟡 Google searches for ‘crypto’ fall to 2020 levels.
Worn down by disastrous crashes, fraud and an intense climate of suspicion, the crypto topic has fallen off the radar of ordinary citizens, that is what Google data shows us. However, this reminds us of the time between 2018 - 2020 when the public thought the crypto was dead. Like a reborn phoenix, crypto not only rose from that difficult period, but also spread to hitherto unimaginable areas. As Warren Buffet would say: "be greedy when others are fearful". 💰
🟢 AI-related crypto returns rose up to 41% after ChatGPT launched.
ChatGPT made history being the first app to reach 100 million users in just two months and now its effects are also beginning to be seen in the crypto space. According to a German study, OpenAI’s launch of ChatGPT represented a rising tide scenario for cryptocurrency assets related to artificial intelligence (AI) at an average percentage of 41%. AI topic is hot and is here to stay 🔥
🎬 This past week has been tough, however, the fact is that most wealth is first made in downturns, just because it’s when you have the opportunity to buy assets at a value below the real. Don’t go with the flow, keep it real.
Talk next week. 👋
