Crypto Market Update 03-02-23

Happy Friday everyone and welcome once again to our weekly recap 📰😎

Well, here is an interesting fact, did you know Samsung tests phone durability with a butt-shaped robot ? 😐 Well, since people stash their phones in their back pockets all the time, Samsung created a robot shaped like a butt to “sit” on their phones to make sure they can take the pressure. Believe it or not, the robot even wears jeans. 😅

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Now hold onto your butts because the markets and taking off 📈🚀

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🔴 Job cuts everywhere, crypto included.

In recent weeks, business giants like Google, Amazon, Microsoft and others have cut jobs in the order of dozens of thousands (read more) and crypto is not an exception in this case. Despite Bitcoin’s rise in price, crypto firms cut nearly 3000 jobs in January (read more), these companies include Coinbase, Gemini, Digital Currency Group, ConsenSys and Blockchain.com. The NASDAQ listed company Coinbase alone has cut 950 jobs. It’s a knife cutting environment at the moment. 🔪🤐

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🟡UK tiptoeing crypto framework but institutions are still cautious.

In the same week that a survey from JPMorgan, one of the biggest financial businesses in the world, revealed that 72% of institutional traders are still sceptical regarding crypto (read more), a small step towards a crypto regulation framework was taken by, now his Majesty’s land, United Kingdom. In a recently published consultation paper read (more), the proposals in the paper have the ultimate goal of placing the UK at the forefront of crypto development globally. The 80-page paper mentions a diverse range of topics such as algorithmic stablecoins, NFTs and even ICOs (Initial Coin Offerings). 📖

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🟢 Millionaires salivate at crypto.

There is no other way to put it, crypto is one of the most, if not the most, volatile markets in the world today, such volatility can bring those most sought after gains if you play your cards right. That is exactly why 82% of high networth clients (individuals with assets valued between $ 1.2 million and $ 6.3 million) of deVere Group an award winning (read more) and “one of the world’s leading independent financial institutions, have asked for crypto investment advice in 2022 (read more) despite the very challenging year that it was. While some are sceptical and others are thinking about joining the crypto space, others like DekaBank, one of Germany’s largest asset managers, will start offering crypto services to their clients (read more), stating that "Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate,". And we will be here welcoming all of them. 😉

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That's all for this week, a pretty positive week overall, markets are up trending and we keep building 💪 have a great weekend! 😋

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