#1MinuteCrypto - Weekly Market Update

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The one minute crypto update of this week will be focusing on the new Twitter and what it means for the crypto world, followed by the biggest hack of the past weeks and an optimistic October for Bitcoin.


Elon Musk buys Twitter and what it could mean for crypto

As Elon Musk is now the owner of Twitter, there will be a lot of attention paid to his account. He has long been an advocate for crypto, so it is possible that he will continue promoting not only crypto in general, but some of the smaller coins such as Dogecoin, one that he has been quite positive about. Furthermore, it’s likely that his like of crypto could lead to a relaxing of crypto advertising and awareness on the platform going forward.

Bitcoin has a positive October

Bitcoin has had a slightly positive October, as it looks like the $18,000 level continues to offer a floor. At this point, the question will be whether or not accumulation is occurring. Bitcoin finds its next move in the hands of the Federal Reserve, as tight monetary policy takes risk off the table for institutional investors. Nonetheless, stabilization is the beginning of a potential positive trend. With a strong US dollar, crypto and other assets have struggled, so a slowing trend in the greenback could be just what the doctor ordered.

Deribit loses $28 million in Hot Wallet hack

Derebit, the cryptocurrency options and futures exchange has been hacked, with $28 million being drained from its hot wallet. The exchange says that client assets have not been affected but withdrawals have been temporarily halted as the exchange makes several security checks. Chief Commercial Officer Luuk Strijers stated that “we keep 99% of our assets in cold storage and only 1% in hot wallet.” It’s also been stated that the entirety of the loss will be covered by the company’s balance sheet assets.

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