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When was the last time Bitcoin was this ‘oversold’? Monday Market Report | August 22nd - 28th, 2023

Aug 28, 2023
byNDAX Labs

📢 Weekly TL;DR

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

August is typically a pretty slow month in traditional finance, and markets in general see less volume this time of year. After the walloping that the crypto market cap took last week, these markets were understandably happy to take a breather.

  • ARK Invest and Glassnode are developing and new ‘tokenomic’ framework that better analyzes and reflects Bitcoin’s on-chain supply and demand dynamics. They released a report to this effect on Thursday and are calling the new metric “Cointime Economics”. It aims to offer "a more accurate picture of the real economic weight of each bitcoin in the network". We can’t wait to see what strange Hodler truths they uncover. 👀 The Block
  • 2 open-source coders were indicted this week by the DoJ for facilitating $1B in money-laundering (notably ‘enabling’ North Korean hackers Lazarus Group to launder funds via their crypto privacy tool Tornado Cash): Free-speech and privacy activists are rallying to their defense. A third code contributor—Alexey Pertsev, spent six months in prison in the Netherlands and is now awaiting trial. “Coin Center questioned the indictment of Tornado Cash co-founders Roman Semenov and Roman Storm—highlighting the distinction between software publication and money transmission.” The Block
  • It may seem hard to believe, but a commonly used technical indicator known as RSI (Relative Strength Index) is showing that Bitcoin price has not been this oversold since... The pandemic. Relative to its average price over 14 days, Bitcoin price (often considered a reliable gauge/reflection of global liquidity by Macro investors) is under the added pressure of economic gloom from China, recession in Europe (and the US?) as well as competition from climbing US Treasury yields, and somewhat inexplicably, a roaring stock market. Coindesk

📰 Other Community News

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

  • Bitcoin Wins While Fed Prints More 'Fiat Toilet Paper', Says Arthur Hayes Decrypt
  • Sam Bankman-Fried is low on meds, living on $3 peanut butter in prison Cointelegraph
  • GOP Debate: Where Do the Candidates Stand on Bitcoin? The Block
  • Tornado Cash Devs Charged With Helping Hackers Launder $1B, Including Infamous North Korean Attacks Coindesk
  • What Is a Central Bank Digital Currency? A Brief Guide to CBDCs Unchained

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary:

  • The global cryptocurrency market has reached a total market capitalization of CAD $1.43 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 48.3%, followed by Ethereum at 18.9%.


  • Bitcoin is currently the top trading pair on NDAX, followed Ether, XRP, Cardano, Solana and Dogecoin.

  • Over the past 7 days, the value of Bitcoin (BTC) has decreased by 1.92% and is currently being traded at $35,363. Ethereum (ETH) is down 3.28% during the same period and is now being traded at $2,242.

As of 08/27/2023 11:31:00 PM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

  • Sept 1 – 1st SEC Deadline for BlackRock iShares ETF
  • TBD – SEC Eth Futures Deadlines

📖 Educational Resources

Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:

  • The US Government has arrested one of the founders of Tornado Cash and is on the hunt for another. NLW examines the community's reaction, and the discussion of whether it's an action more about chilling privacy tech than it is about actually preventing terrorism financing. v– The Breakdown w/ NLW – Tornado Cash Arrests: Attack on Terrorism or Attack on Privacy?

  • Susie Reilly, DDS is a wife, mother of four and dentist recently retired with her husband in Hawaii. She found success and financial security through her dentistry business, but going down the rabbit hole made her question the way she was spending and saving money. Her 17-year-old son told her about Bitcoin in 2019, and began to buy. After studying Bitcoin for several years, she and her husband decided that it was time to retire, sell their business and home, and dollar cost average into more Bitcoin. Susie recently launched a medical clinic in El Zonte, El Salvador and is looking for volunteers to work with patients there. - Coin Stories with Natalie Brunell - Dr. Susie Reilly: "Let's Sell Our Home, Retire, and Buy More Bitcoin"

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Disclaimer: This article 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.