Market update
Cointree Crypto Market Update - November 1st 2023
Market report for traders
š® BTC and altcoins
As the market begins to calm,Ā BitcoinĀ ends at AU$53,560, moving -1.89% at the time of writing.Ā EthereumĀ steadies to AU$2,856, moving -2.22 week-on-week. In other altcoin movements,Ā SolanaĀ continues rising +19.94%,Ā CardanoĀ +20.15%, andĀ XRPĀ +3.03%.
š Whatās happening in the news?
Bitcoin is back! And traders are witnessing aĀ significant surgeĀ in liquidity. These spikes typically enhance trader confidence and decrease the inherent risks associated with investments. This surge is welcomed by traders and institutions "who prefer an asset class which can provide exposure and exit without high spreads," Bitfinex analysts say. However, it remains unclear whether this rise in liquidity is the sign of a fresh upward trend or if it's merely a short-lived correction in the market. Only time will tell.
In the wake of this optimism, the crypto world remains glued to the courtroom drama surrounding FTX's Sam Bankman-Fried. Taking the stand in his criminal fraud and conspiracy trial, Bankman-Fried made efforts toĀ deflectĀ blame onto his deputies. Acknowledging his mistakes at FTX, notably the absence of a risk manager, he attributed certain operational errors to an attempt to rectify a bug within the risk-management system - throwing Caroline Ellison under the bus.
Furthermore, while explaining his decision to delete communications, Bankman-Fried stated it was a common industry practice meant to avoid potential negative publicity. During his testimony, he maintained a composed demeanor. However, his lengthy explanations at times led to objections and admonishments from both the prosecutor and the judge.
And finally, as these stories capture headlines, an alarming incident from theĀ cybersecurityĀ front demands our attention. LastPass, a renowned cloud-based password storage platform, suffered a significant security breach, leading to hackers stealing a staggering $4.4 million in crypto assets from at least 25 traders in a single day. The total stolen funds, as per recent data, now exceed $35 million. MetaMask has identified upwards of 80 crypto wallets compromised due to this breach. In light of these events, ZachXBT issued a stark warning on X: "If you believe you may have ever stored your seed phrase or keys in LastPass, migrate your crypto assets immediately."
So a word of advice to our traders at Cointree: While those exclusively using our platform won't be affected by this, we recommend individuals with other wallets to heed this advice if you are using LastPass for storing seed phrases.
š What weāve been reading
Crypto Funds See Largest Weekly Inflows in More Than a Year āInflows for the week ending October 27th were USD$326 million, while the previous week only saw USD$66 million.ā Read more
Bitcoin White Paper Turns 15 as Satoshi Nakamotoās Legacy Lives On āIāve been working on a new electronic cash system thatās fully peer-to-peer, with no trusted third party," Satoshi wrote in an Oct. 31 email in 2008. Read more
Warren Buffettās āCrypto Stockā Beats Apple and Amazon ā but not Bitcoin āWarren Buffett may still view cryptocurrencies and Bitcoin as ārat poison squared,ā but he is generating big profits from his position in a crypto-friendly bank in 2023.ā Read more
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
