a16z fleeing the United states. Bank of China using Ethereum. BlackRock files for spot Bitcoin ETF.

June 16, 2023

Crypto Market Update 16-06-23

Happy Friday everyone!

This is your weekly roundup of the news you can't miss 📰😎

Last 7 Days Market Performance 

Bitcoin is dow 4.4%, now at $ 25,477.60 📉

Ethereum is down 10.1%, now at $ 1,662.59 📉

Total crypto market cap: $ 1.07 Trillion

Fact for the week:

There is enough gold inside the Earth to cover our entire planet. 😯 So, one of the reasons people give value to gold it’s because it’s supposed to be scarce, but turns out there’s quite a bit of gold on - or, really, in - our planet: 99 percent of the precious metal can be found in the Earth’s core, Discover Magazine reported. How much is there? Enough to coat the entire surface of the Earth in 45 cm (or 1.5 feet) of gold. That is a lot…

Onto this week’s updates 🚦

🔴 a16z fleeing the United states. 💨

a16z, also known as Andreessen Horowitz, is one of the most important American venture capital firms investing in startups and they are so fed up with the US authorities when it comes to crypto that they have decided to open a new headquarters in London. The decision was very well received by the British Prime Minister Rishi Sunak, who even welcomed it to Her Majesty's land in a tweet on his personal account. 🐦

🟡 Bank of China using Ethereum. 😯

This could be a green one, but as when it comes to China you never know, we're putting it in yellow. 🤨 On June 12, Bank of China's subsidiary BOCI issued $28 million in digital structured notes on the Ethereum blockchain, becoming the first Chinese bank to issue a tokenized security in Hong Kong, with assistance from investment banking company UBS. Unlike a few months ago, China appears to be back in the crypto space, let's see how far this goes. 🇨🇳

🟢 BlackRock files for spot Bitcoin ETF. 🔥

BOOM! BlackRock, the world's largest asset manager, has officially filed with US authorities for a spot bitcoin ETF. Given the current regulatory environment in the US, this is something that comes as a surprise to us, which has led everyone to ask if they know something that we don't. BlackRock is an experienced financial player which is not in the habit of making missteps, so this move makes us believe they are convinced it will be approved. And the results of this? Could lead to the largest inflow of funds into Bitcoin to date. 🚀

🎬 The crypto market is full of roller coaster events and and this was one of those weeks. By the way, today we are going to launch a new product on Lympid for earnings in crypto, go check it out because our platform is also starting to get really hot 🔥 🔥🔥

Talk next week. 👋


Great job on learning something new today 🎉