Market update

Cointree Crypto Market Update - October 4th 2023

Market report for traders

🔮 BTC and altcoins

Over the last seven days, Bitcoin steadily rises +1.30% to AU$43,473 at the time of writing. Ethereum follows at AU$2,629, moving +1.07% week-on-week. In other altcoin movements, Solana skyrockets +20.20%, Cardano +2.80%, and ARB by +6.87%.

🗞 What’s happening in the news?

It’s already October - or as some investors like to call it, “Uptober”!

This month kicks off with Pudgy Penguins riding a wave of popularity post-Walmart deal. We’ll also dive into funds movement from the notorious FTX hack and gear up for the imminent, high-stakes trial of FTX founder, Sam Bankman-Fried. Let’s dive in!

Walmart, the American multinational retail corporation, partners with NFT project Pudgy Penguins, sparking a 241% trading volume surge in a week! This deal lands Penguin toys (sold for $19 each) in 2,000 Walmart stores, opening gates to the digital Pudgy World and pumping the overall trading volume to a whopping 190,563 ETH ($510 million).

Transitioning to more serious news, funds linked to last year’s FTX hack shown recent activity. All 15,000 ether (ETH) sitting in a wallet associated with last year's $600 million attack on FTX's wallets have now moved through privacy tools and bridges. Concerns and interest surrounding this infamous security breach are being reignited, with many watching closely that see where these funds will go to next.

Adding another layer to the FTX saga, the exchange's founder, Sam Bankman-Fried, is gearing up for a court battle that is nothing short of historic. Facing seven counts of conspiracy and fraud, Bankman-Fried is staring down the barrel of a potential century-long prison term if convicted on all charges. With an array of witnesses ranging from former clients to investors poised to testify, the trial promises to shed light on the operations of what was once a cryptocurrency behemoth. The stakes are high, the audience global, as the curtain rises on what people are calling one of the largest fraud cases in U.S. history, involving the staggering sum of USD$8.9 billion.

📖 What we’ve been reading

Is ‘Uptober’ here? “Bitcoin and Ether surged nearly 4% in just a 15-minute window, sparking bullish predictions for the month of October” Read more

September Biggest Month for Crypto Exploits “Mixin Network cross-chain protocol accounted for almost two-thirds of the crypto exploit losses in September.” Read more

‘All the Crypto Cowboys Are Going to Be Gone Soon’ “Kevin O’Leary, who reportedly served as a paid spokesperson for FTX, speaks out” 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.

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