Binance underwater. Crypto "Appears to Have Staying Power”. The biggest institutions are here

June 23, 2023

Crypto Market Update 23-06-23

Happy Friday everyone!

This was another one of those milestone weeks in crypto, but this time the focus is on our positive green. What a week! We let you know all in our weekly news recap 📰😎

Last 7 Days Market Performance 

Bitcoin is up 17.8%, now at $ 30,092.50 📈

Ethereum is up 12.6%, now at $ 1,878.60 📈

Total crypto market cap: $ 1.21 Trillion

Fact for the week:

Pineapples = Wealth 🤨 Well, who would say but in the 18th century Europe, pineapples were so rare and esteemed, their value equated to $8,000 each in today's money! In fact the European elite prized pineapples due to their rarity and the challenging logistics of transporting them fresh from South America, leading to a unique trend of pineapples being seen as symbols of opulence and prestige at high society gatherings. 🍍

Onto this week’s updates 🚦

🔴 Binance underwater 🤿

As we have been reporting, in recent weeks the crypto sector has been buffeted by lawsuits and investigations by regulatory authorities. Binance has been one of the most affected players and, after withdrawing from the Netherlands and being subject of a judicial investigation in France for alleged money laundering, it is now also withdrawing from the United Kingdom. Things are not looking good for the biggest crypto exchange. 👮

🟡 Crypto "Appears to Have Staying Power” 💪

Who said it was none other than Jerome Powell, Chair of the Fed, when speaking to the US House of Representatives this week. Being one of the most influential people in the world when it comes to monetary policy - if not the most influential - this statement is of enormous recognition for the core value underlying crypto tech. In fact, Powell noted in his testimony that “crypto appears to have staying power as an asset class”, however the Fed does not refer to any specific asset and has its own plans for issuing digital assets. 🤔

🟢 The biggest institutions are here 🔥🔥🔥

After BlackRock last week, now everyone is joining the herd.  NASDAQ, Deutsche Bank, Soros Fund Management, Citadel, Fidelity, Charles Schwab and even the french Crédit Agricole, are all giant traditional institutions that this week have entered or announced to be entering the crypto space. Well, it was no coincidence that the value of BTC rose by almost 18% in a single week, these are some of the institutions that represent most of the world's wealth. Buckle up 🏛️

🎬 Once again the roller coaster makes itself felt in space, this time in clear ascent. Crypto has gone through huge ups and downs, in the end and for the evolution it means, we also believe it is here to stay. 🧑💻

Talk next week. 👋


Great job on learning something new today 🎉