Crypto Market Overview November 2nd | Dex-Trade
Nayib Bukele Blames the US Central Bank for All Troubles
In an interview with Fox News, the President of El Salvador, Nayib Bukele, accused the US Central Bank that the state body, by distributing more money to the citizens of the country, creates more problems than it can solve, which leads to large-scale "cities rotting" and economic decline. "The US government makes solutions to problems, but they end up creating even more problems." — Bukele said. The president of the “Bitcoin Empire” also believes that the US government is “giving people drugs,” which contributes to the degradation of society as a whole. At the same time, the main trouble is that it is the Central Bank that sponsors such initiatives, as a result of which the country's government takes on solving problems that do more harm than good. Such statements by Bukele could not be ignored on Twitter, therefore, they caused an uproar among angry residents of the United States, who “in unison” accused the President of El Salvador of hypocrisy. The fact is that bitcoin, which was accepted in the country as legal tender, is still widely ignored by its citizens. And this is not surprising, since the crypto market is actually in a state of stagnation. At the same time, Bukele accuses the US government of the fact that it was the increase in interest rates by the Fed of the country that became the main reason for the depreciation of all key digital assets. Although, his accusations look more like the complaints of a man who went for broke.
DOGE and SHIB Are More Useful Than Bitcoin: David Gohstein Goes for Altcoins
Famous crypto evangelist and founder of Gokhshtein Media, David Gokhstein, recently announced the investment potential of the two largest meme-coins Dogecoin (DOGE) and Shiba Inu (SHIB), as he believes that they already bring more value to investors than the crypto market flagship. And this opinion is not based on an empty assumption, but on the personal statistics of a businessman, according to which 50% of the crypto investors he knows personally made more money investing in DOGE and SHIB than in bitcoins (BTC): “Half the people I know made more gains on DOGE and SHIB than BTC.” At the same time, Gokhshtein repeatedly publicly insisted on the diversification of investment portfolios. He recently stated that he has no problem buying BTC and ETH, but he will always diversify his stakes in favor of other cryptocurrencies, as he believes that altcoins have huge potential for growth. A striking example of this potential, the businessman considers the fact that it was DOGE and SHIB that turned many middle-income people into millionaires overnight. As an example, he cites events that we now conditionally associate with the so-called “Mask Effect”: a sharp boost in the price of an asset due to fundamental market factors. Is it possible to consider the profit obtained due to such a combination of circumstances as a full-fledged trading strategy or is it a hope for chance? The answer requires a freeinterpretation...
Deribit joined the team of "hacked" exchanges and lost $28 million
October 2022, which was record-breaking in terms of hacker attacks on crypto companies, passed the baton to November, and already yesterday, the Deribit cryptocurrency futures and options exchange was hacked, as a result of which the attackers managed to withdraw digital assets totaling about $28 million from the trading platform. According to official data from Deribit, a hacker attacked a hot wallet managed by the platform. According to the exchange, 99% of customer funds are safe as their funds are stored in a cold storage wallet. Such wallets have limited access to the Internet to reduce the chance of being hacked. For now, withdrawals from Deribit have been put on hold and deposits have been put on hold pending the completion of the security review. According to the information from the message that the trading platform sent to its users, the system also compensates for the loss from its reserves. As for the specifics of the hack, network security company Supremacy confirmed that the hacker took about $14 million in bitcoin (BTC) and ether (ETH). At the same time, EtherScan data indicates that there are about 9,111 ETH in the hacker’s wallet, and the crypto exchange itself confirms the withdrawal of 9,080 ETH coins and 691 BTC coins. In the meantime, more than $2 billion worth of digital assets were stolen from cryptocurrency trading platforms in 10 months of 2022.