Cointree Crypto Market Update - November 8th 2023

Market report for traders

🔮 BTC and altcoins

As market sentiment grows, Bitcoin ends at AU$55,070, moving +2.70 at the time of writing. Ethereum rises to AU$2,935, moving +1.05% week-on-week. In other altcoin movements, Solana climbs +22.77%, Cardano +12.46%, and XRP 11.33%.

🗞 What’s happening in the news?

In a week of dramatic courtroom conclusions and unexpected event mishaps, the crypto community is abuzz. Sam Bankman-Fried faces a reckoning, while ApeFest attendees grapple with unforeseen repercussions. Amidst it all, NFT sales volumes surge, defying market trends. Read on to catch up on this week of crypto news,

First things first, it’s official: Sam Bankman-Fried, the former FTX CEO, was found guilty on all seven charges relating to the exchange's collapse. Dubbed "one of the biggest financial frauds in American history" by U.S. Attorney Damian Williams, Bankman-Fried's rapid fall from grace decided in a unanimous jury decision. Despite his not guilty plea and defending emphasis on business errors rather than criminal intent, the jury was swift to deliver a guilty verdict, with a potential 115-year sentence looming. Bankman-Fried now awaits a sentencing hearing set for late March, alongside another trial earlier in the month.

Meanwhile, the Bored Ape Yacht Club's latest ApeFest event in Hong Kong took an unexpected turn when several attendees reported severe eye pain and vision problems. The culprit? Improper UV lighting at the venue and on the main stage. The event's fallout was met with hospital visits and an uproar on social media, prompting Yuga Labs to reach out to those affected. With less than 1% of attendees reporting symptoms consistent with photokeratitis—a condition caused by UV radiation exposure—the incident raised serious questions about event safety standards.

In other NFT news, despite a bearish overtone in the NFT market, November saw a significant jump in sales volume. Nansen reported a rise to over 68,000 ETH, equivalent to $198 million, marking a robust resurgence for the digital collectibles. Marketplace Blur outpaced OpenSea, leading the 30-day trading volume amidst layoffs and a major platform update from its competitor. This surge in NFT transactions, against the backdrop of an industry-wide downturn, suggests a resilient demand for digital art and collectibles, signalling a fascinating pivot for the NFT ecosystem.

📖 What we’ve been reading

Sol, Memes, BTC: Digital Assets That Currently Outperform the Market “While the overall crypto market remains down from its highs during the bull run of 2021 and 2022. Here are the ones to watch.” Read more

XRP Spikes 10% as Several Institutions Adopt Ripple’s Services “XRP traders often react to Ripple developments even as the company maintains distance from the token.” Read more

What Happens to Bitcoin Price if Spot ETF Isn’t Approved? “Bitcoin's recent strong performance at least in part is due to optimism regarding the imminent launch of multiple spot ETF products.” 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.