Markets Daily Crypto Roundup
Crypto Update | What JPMorgan Analysts Missed About Bitcoin's Rally
Nov 13, 2023
Noelle Acheson, creator of Crypto Is Macro Now newsletter, discusses recent crypto exploits, US consumer expectations, and JP Morgan's analysis on Bitcoin rally. Topics include Poloniex hack, Raft exploit, Binance fake-app scam, and the overdone crypto market rally.
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Quick takeaways
- Crypto exploits on platforms and apps highlight the need for enhanced security and cautious custody arrangements for investors.
- The Bitcoin rally is sustainable despite JP Morgan analysts' skepticism, as the increase in assets under management for Canadian spot ETFs and potential new market participants can still drive demand and price.
Deep dives
Crypto Exploits and Their Impact on the Market
In this section, the podcast discusses the recent flurry of exploits on crypto platforms and apps. It explains that these exploits, which are often carried out through code loopholes, can be damaging due to their speed and the privacy features of blockchains. While exploits can quickly drain assets, they can also be detected and traced on public blockchains. The podcast highlights recent examples of crypto exploits, including a hack on the crypto exchange Poloniex and a phishing attack using a fake Skybat. It concludes by emphasizing the importance of security and cautious custody arrangements for investors.
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