Cointree Crypto Market Update - October 11th 2023

Market report for traders

🔮 BTC and altcoins

Over the last seven days, Bitcoin continues to hover at AU$42,691, moving -2.77% at the time of writing. However, Ethereum takes a dive to AU$2,439, moving -8.03% week-on-week. In other altcoin movements, Solana falls -8.40%, Cardano -6.58%, and ARB by -6.26%.

🗞 What’s happening in the news?

In this week’s update, we’ll touch on aid initiatives in Israel to new tech ventures in China, and the unfolding SBF courtroom drama that keeps the crypto community on its toes.

In the light of recent conflict, an ensemble of crypto entities have united to launch ‘Crypto Aid Israel’. This global fundraiser aims to offer solace and support to Israeli civilians displaced and distressed by the ongoing turmoil. In a recent press release, the creators of Crypto Aid Israel emphasised the importance of donor vigilance to ensure the contributions are directed to the legitimate and intended wallet. Cautioning donors to diligently verify wallet addresses against the official website to prevent falling victim to potential phishing scams and cyber attacks.

Turning our gaze eastward, China Daily, a newspaper channeling the voice of the Chinese Communist Party, has ambitions of crafting its own metaverse and non-fungible token (NFT) platform. In an initiative aiming to amplify the resonance of Chinese civilisation, the media outlet is prepared to invest 2.813 million Chinese yuan (equivalent to AUD$606,000) into the endeavor. With a deadline set for October 17, the prospective contractors are expected to heed the call and bring the envisioned platform to life within three months.

Lastly, the courtroom drama unfolds with the trial of former FTX CEO, Sam “SBF” Bankman-Fried. Caroline Ellison, Bankman-Fried’s former business associate, testifying against him for the alleged misuse of FTX user funds. Ellison confessed to committing fraud during her tenure at Alameda, all under Bankman-Fried's directive, claiming that it was SBF who “set up the systems” that eventually saw Alameda appropriating approximately USD$14 billion from the exchange for various investments.

The unfolding legal battle continues to shed light on the complex web of professional and personal relationships, as well as the serious allegations levelled against the crypto exchange's former leadership.

📖 What we’ve been reading

Bitcoin Could Fall as Market Braces for Spread of Israeli-Hamas War “Three traders (…) agree on a short-term drop given the global uncertainties.” Read more

Crypto Should Ghost the SBF Trial “It’s a distraction for the industry when the focus should be on passing enabling legislation, says Katherine Snow” Read more

Binance Freezes Hamas-linked Accounts After Israeli Request “The freeze does not affect Binance accounts owned by ordinary Palestinian civilians.” 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.