Crypto Market Update 17-03-23

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Well, a lot of things happened in this week's rollercoaster, ready? Fasten your seatbelts, let’s go!  📰😎

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But first our curious fact of the week: did you know that until 2015, the “Happy Birthday” song was not for public use? Meaning that prior to 2015, the song was actually copyrighted and you had to pay a licensing fee to use it! 🤯 Ok, whoever sang it first please step ahead, you have some pending bills to pay… 🤐 But not to worry now friends, in 2015 a federal judge has ruled that the song belongs in the public domain. Ufff, that was close 😅

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Now onto this week’s ups and downs and ups and… You get the point… So:

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🔴 Cracks in Traditional Finance shell 😖

‍Just after we released our weekly recap last week, two American banks (Silvergate and Silicon Valley Bank) went into a spiky downfall, bringing a rather odd behaviour to the crypto markets. We would expect to see a proportionally direct response, meaning stocks fall = crypto markets fall, however we got strength instead, a lot of it actually! Could this mean that people are finally taking a serious look at crypto as “be your own bank”...? Well, that is in fact one of the benefits of cryptocurrencies, you can be your own bank and Lympid is your easiest way to do it. 🧐

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🟡 Fear not of the previous news, America's got your back 😉

Right after the recent downfalls of two banks, Biden appeared as soon as possible calming their citizens that they would be covering all depositors amounts and the Federal Reserve came to light with a special fund that would be deployed to help other banks in risk of failing. Taking this in consideration with the fact that in 2020/21 the Federal Reserve printed more money than ever before and consequently it might’ve just started a bull run for the crypto markets, leaves us thinking a little bit, will this time be the same or different…? 🧐

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🟢 Uptrend confirmed..? In just the last 6 days Bitcoin rose up 35%! 📈

If we measure since the first day of the year, BTC is up 60%. Reasoning is uncertain, however the biggest Cryptocurrency in existence was created just after the 2008 financial crisis and one of its goals is exactly to prevent bank crashes that take the economy down with them. Some analysts say that we could be on the brink of another crisis, but this time Bitcoin exists and it’s here as an option to traditional banks. So we are witnessing interesting behaviours between the stock market, commodities and the crypto markets. 🧐🤩

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This was surely a rollercoaster of a week, but crypto markets don’t have the “most volatile in the world” title for nothing, right? 😅 Hold strong! Or as we say in crypto slang: HODL (Hold On for Dear Life) 😂 That’s it for this week, have a great weekend! 😎

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