Poloniex Hacked in $100 Million. Bitcoin is “Exponential Gold”. Blackrock ETFs Love Affair.

November 10, 2023

Crypto Market Update 10-11-23

Happy Friday everyone!

I’ll just say, if you haven' been following the crypto market, you should! I'll tell you why, here’s to our weekly recap 😎📰

Last 7 Days Market Performance 

Bitcoin is up 7.9%, now at $ 37,300.00 📈

Ethereum is up 15.1%, now at $ 2,090.00 📈

Total crypto market cap: $ 1.46 Trillion

Fact for the week 🤔:

🤖 ChatGPT might have a new serious competitor, and they’re calling it the “rebellious” chatbot. Why? Because it's supposed to be more fun and do things like giving instructions for making cocaine but ending with the comedic phrase, “Just kidding!”. Its inventor is known to everyone for stuff like this, and it’s of course Elon Musk. The Tesla CEO always seems to have plenty of time, so he founded xAI that now created “Grok”, the rebellious chatbot. 😎

Onto this week’s updates 🚦

🔴 Poloniex Hacked in $100 Million 😬

Well, after four weeks of not writing about hacks in crypto space, here we are again and in full force. Poloniex is one of the oldest exchanges in the crypto market - the first one I used also - but it has long since lost the credibility it once had. This week, then, was a disaster to say the least. Directly to the top 10 biggest crypto hacks of all time, the famous exchange saw more than 100 million dollars worth of crypto illegally taken by malicious players. One cannot say that being a hacker isn't profitable. 🧑💻

🟡 Bitcoin is “Exponential Gold” 🥇

Sorry for cheating because this news is from the previous Thursday, but as I couldn't include it last week, here it goes. So, one of the Directors at Fidelity Investments just went on to say that “In my view, Bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold.” Wow, right..?! And if you’re not sure why this is big: Fidelity manages over $11 trillion in assets (!), being one of the titans of the traditional financial system. 🏛️

🟢 Blackrock ETFs Love Affair ❤️

First, if you're wondering why the Bitcoin price has been rising so much, I tell you: it's because of the strong rumors that the first Bitcoin ETF will be approved,and it could well be Blackrock's. Second, if you're thinking the same, but for today's strong rise in Ethereum (ETH), it's because Blackrock just submitted a new ETF application, this time for ETH. But if this is news to you, either you don't know about the power of BlackRock or you haven't been reading our weekly recap. 😄

🎬Optimism is back in town, however, caution is always the right word, crypto is a rollercoaster of emotions, so if you want to deal with it well, be careful when acting on FOMO.

Meanwhile, you can buy the equivalent of a minimum of €20 in Bitcoin or Ethereum at Lympid, or rest assured with our 5% on your cash, you decide ✅

Join us at lympid.io

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Talk next week 👋


Great job on learning something new today 🎉