Reddit Farewell to Crypto. Bitcoin is “Flight to Quality”. Ferrari Accepts Crypto.

October 20, 2023

Crypto Market Update 20-10-23

Happy Friday everyone!

As always on Fridays, we're back with your weekly recap 📰

Last 7 Days Market Performance 

Bitcoin is up 10.4%, now at $ 29,513.00 📈

Ethereum is up 4.2%, now at $ 1,608.00 📈

Total crypto market cap: $ 1.16 Trillion

Fact for the week:

⚠️ Jamie Dimon is the CEO of the world’s biggest bank, J.P. Morgan, and Ray Dalio is the legendary investor and founder of the largest hedge fund in the world, Bridgewater Associates. What do they have in common? Serious fear of an escalation of conflicts worldwide, i.e. a World War. The JP Morgan CEO, has warned the world may be living through “the most dangerous time the world has seen in decades”, while Dalio said the risk of a world war has risen to 50%. Their statements should not be taken lightly, as previous World Wars also began with isolated conflicts between just two parties, as we now see happening, but on two sides of the world. 🗺️

Onto this week’s updates 🚦

🔴 Reddit Farewell to Crypto 👋

Reddit, the giant community-driven content platform that embraced crypto in 2020, has now decided that its points program based on the Ethereum network will come to an end. This decision took the crypto community by surprise, not least because Reddit has been one of the most successful cases of tokens being launched and adopted by people outside the crypto world, but given the hostile regulatory environment, is now coming to an end. 😐

🟡 Bitcoin is “Flight to Quality” ✈️

BlackRock CEO, Larry Fink, just said this week that the firm is seeing huge client demand for crypto 'around the world. We often write about BlackRock here because being the largest asset manager in the world, it’s like being the Messiah of finance, so you can get it… Larry even went on to say that their clients around the world are talking about the “need for crypto”, and that buying Bitcoin is a “flight to quality”. 🌍

🟢 Ferrari Accepts Crypto 🏎️

Ferrari, the Italian dream car brand, announced this week that has started to accept crypto payments for its luxury sports cars. Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested and built their fortunes around cryptocurrencies. For the initial phase in the U.S., it will allow transactions in Bitcoin, Ethereum and USDC.

🎬 This was it for this week, hope to come back with more overall positive news next Friday.

Meanwhile, if you haven't entered the crypto space yet, take a look and register for free on our platform.

Lympid: Crypto interests on a trusted, regulated platform

Talk next week 👋


Great job on learning something new today 🎉