đ„đ„Crypto Market Update and News for November 1, 2023đ„đ„
- Bitcoin (BTC) is holding above $34,200 ahead of the Federal Reserve's interest rate decision today. #BTCđ„đ„ has gained over 20% in the past month, attributed to increased institutional adoption, growing retail demand, and anticipation of a potential Bitcoin ETF approval.
- Solana (SOL) is also performing well, up over 10% today and nearly doubling in price since October 1st. This surge is likely due to new projects launching on the Solana blockchain, the popularity of Solana-based NFTs, and overall bullish market sentiment.
- Financial services giants Fidelity and BNY Mellon have made significant moves into crypto in recent months. Fidelity launched a Bitcoin retirement account in March, and BNY Mellon announced in August that it would begin offering custody and asset management services for cryptocurrencies. These developments signal growing institutional interest and acceptance of crypto.
- Crypto asset funds saw their biggest weekly inflows since last July, according to CoinShares. This suggests that investors are becoming more confident in the crypto market and are looking to gain exposure to digital assets.
Other news:
- The decentralized finance (DeFi) protocol Unibot was hacked for millions of dollars yesterday, a reminder of the risks associated with DeFi. Investors should carefully consider their risk tolerance before investing in any DeFi projects.
- FTX CEO Sam Bankman-Fried has claimed to suffer from memory loss, which could impact his upcoming trial on fraud and conspiracy charges. It remains to be seen how this will affect the trial, but it is certainly a development worth watching.
- Billionaire investor Mike Novogratz has said that he is looking to invest more in Bitcoin, despite the recent volatility in the market. Novogratz has long been a bullish advocate for Bitcoin, and his continued faith in the asset is a positive sign for the long-term prospects of $BTC .
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