MARKETS DAILY: Crypto Update | What JPMorgan Analysts Missed About Bitcoin's Rally

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4.7 • 698 Ratings

🗓️ 13 November 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores recent crypto project exploits, U.S. consumer expectations, big-bank investment comments and more. Today's episode is sponsored by CME Group and PayPal. To get the show every day, follow the podcast here. Today’s Stories: Poloniex Hot Wallets Hacked With $114M Seemingly Stolen: On-Chain Data https://twitter.com/zachxbt/status/1723757797316133240 Raft Suffers $3.3M Exploit That Drove Down Stablecoin 50%, but Hacker Likely Lost Money on Attack Binance fake-app scammers steal crypto funds via malicious Skype app: SlowMist The Crypto Market Rally Looks Overdone, JPMorgan Says - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. - PYUSD, a stablecoin made for Payments. 1USD = 1PYUSD. Introducing PayPal’s new digital currency, PayPal USD (PYUSD), a stablecoin backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Buy, sell, hold and transfer it in our app or site and explore Web3 with a payments brand that has been trusted for over 20 years. Get started now at paypal.com/pyusd. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group and PayPal.
0:09.2	It's Monday, November 13, 2023, and this is Markets Daily from CoinDesk.
0:16.2	My name is Noel Acheson, CoinDisc collaborator and author of the Crypto is Macronau
0:20.2	newsletter on Substat. On today's show, we're talking about exploits, consumer expectations,
0:26.2	big bank investment comments, and more. So you don't miss an episode, be sure to follow
0:35.8	the podcast on your platform of choice and turn on notifications.
0:39.7	And just a reminder, CoinDesk is a new source and does not provide investment advice.
0:45.0	Now, a markets roundup.
0:47.9	After the hectic activity at the end of last week, as markets reacted to BlackRock's filing of an Ether Spot ETF proposal, the weekend
0:55.6	seemed like an oasis of calm. So far today, the market looks mixed. According to CoinDesk
1:01.5	indices, at 9 a.m. Eastern time this morning, Bitcoin was down two-thirds of a percent over the past
1:06.7	24 hours, trading at $36,873. Ether was up one-third, trading at $36,873.
1:11.6	Ether was up one-third, trading at $2,059.
1:16.6	Elsewhere, Filecoin was up 14%, Cosmos was up 10%,
1:21.6	Optimism and the Lido-Dow token were up 5%.
1:25.6	Salana was down 1% after what has been an astonishing run.
1:31.1	Over the past week, the asset is up over 40%.
1:34.7	You may remember that in an early October episode,
1:38.5	I pulled out the average performance of Bitcoin for the month of October going back to
1:43.0	2010, which was 27%. I calculated that
1:47.7	if Bitcoin achieved that average performance during the month, the price would reach just over
1:52.8	$34,000. Well, that's pretty much what happened. Do please note, I am not saying I know where the
	...

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