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All is quiet on the bitcoiern front: TL;DR Jan 9

Jan 09, 2023
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byNDAX Labs

📢 Weekly TL;DR -  Jan 9

  • BTC and ETH rise steadily w/w
  • Argentina’s new leading presidential candidate is pro-bitcoin
  • Dust settles following layoffs/restructuring in big tech: Crypto and fintech, no exception.

📝 Moves

  • Bitcoin (BTC) +3.1%
  • Ether (ETH) +7.4%

📊 Market Overview

Bitcoin's (governmental, institutional, widespread) adoption---or that of any exponential new tech:

"Gradually, then suddenly." - Ernest Hemingway

Argentina’s leading Presidential candidate–an economist by trade Javier Milei–came out a few evenings ago as pro-bitcoin. (In a country that has repeatedly had to turn to the IMF for assistance in resetting its economy--for cause of over a half dozen cases of hyperinflation since the 1970s), this may come as a very promising development for the Argentinian people.

Just last March 2022–as a condition of their most recent loan from the IMF–the Argentine Senate, Congress and Central Bank were required to curtail Argentine citizens' access to crypto, thus effectively blocking off any safe-haven exit from the hyperinflating peso to those--most!--who could not afford to store their wealth in tangible goods like stocks and real-estate).

Javier Milei said of Bitcoin: “It prevents politicians from robbing you through inflation”. Here, here! (...To renegotiating a more favourable deal for the Argentine people in 24-30 months.)

While the Bitcoin mining industry remains under duress, if the network hash rate is any indicator (high as it is); the world may be waking up to the inalienable properties of the world’s largest open computer network. Secular, uncensorable. And that to me sounds like a pretty solid start to 2023.

Have a great week friends–hope you’re stackin’ sats!

- Yours in the #hodl

📈 Bitcoin Technical Analysis

  • Bitcoin has remained almost completely flat week over week
  • The longer it stays at this price, the more solid the support.
  • As coins continue to exchange hands at this price level (8 weeks and counting), more new (and old) market participants are solidified in their current (or new) positions.

Support and resistance levels remain largely the same going into 2023,

  • Resistance levels: $24,500 $26,000
  • Support levels: $22,000 $21,000

📻 News

INDUSTRY:

  • Bitcoin's mining industry is in survival mode. What's in the cards for 2023? – The Block
  • BTC price forms new support at $16.8K as Bitcoin lures whales – Cointelegraph

LEGISLATIVE ENGAGEMENT:

  • Fed: FTX Collapse Didn’t Pose Broader Market Risk to Financial System – BlockWorks
  • Rise of Argentina’s Bukele? Leading Pres. Candidate Preaches Bitcoin – Bitcoinist

FUNDING:

  • Funding Wrap: 2023’s First Crypto Startup Raises – Blockworks
  • Aptos-based multisig wallet Msafe raises $5 million led by Jump Crypto – The Block

🔎 Feature

Were you aware that you could set your Bitcoin Buys to Autopilot with the NDAX Recurring Purchases?

It’s true! This means you can step up your DCA game with minimal effort. Plus, setting up recurring purchases just got even more straightforward, as we’ve added it in-app as well. And if you’re at all reluctant (as was this writer) to put your buy orders in the hands of someone else: Rest assured that I’ve been getting honest and consistent good order fills. (Even at market prices!)

Upon login, select Recurring Purchases from the drop-down menu when you select the main NDAX Logo button.

🎙️ Streaming

📰 Reading

  • For the US, Bitcoin is a National Security Opportunity, Not a Threat – Bitcoin Magazine
  • Fiji’s New Pro-Bitcoin PM Ponders Legal Tender Bill: Report – Bitcoin Magazine

📅 Events

  • Jan 12: US CPI
  • Jan 18: US PPI
  • Jan 27: Bitcoin Futures Expiration

📸 On Socials

In case you missed these… Be sure to follow us on Twitter for educational tidbits and news.

NDAX’s own COO and Founding Member Tanim Rasul addressed the Canadian Parliamentary Committee on Industry and Technology:

  • You can check out the short video here

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For buying crypto, use NDAX.

  • Largest platform in Canada by volume (i.e. deep liquidity and paper-thin spreads)
  • 0.2% trade commission across the board. No hidden fees/markups.
  • Intuitive UI (+ advanced orders/ technical tools for traders)

It's the safest, most transparent and least expensive marketplace in Canada for bitcoin.  Plus, NDAX is the only crypto trading platform in Canada that is Soc 2 Type 2 compliant... (And this--publicly audited by a reputable Canadian accounting firm-- for several years in a row).

Deposits are free, and receive $10 when you fund your account with $100CAD+ Sign up today.


Disclaimer: This email is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.