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Monday Market Report | Jan 23rd-29th, 2023

Jan 30, 2023
byNDAX Labs

📢 Weekly TL;DR

Every Monday morning, 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.

This week, we look at movement on the central bank and regulatory fronts.

  • The Bank of Canada hiked rates 25bps, signalling a pause in further hikes until they see how recent ‘break-pumps’ have affected our economy.
  • The US Fed contends with a slowing GDP while SMB labour demands grow.

📈 Weekly Moves

Market Summary:

The global cryptocurrency market has reached a total market capitalization of $1.44 trillion.

  • The DeFi market cap is at $73.04B, up 0.89% in the last 24 hours. Stablecoin's market cap saw a slight rise of 0.02% to reach $184.75B.

Bitcoin continues to lead the market with a dominance of 42.5%, with Ethereum closely behind at 18.6%.


  • Bitcoin is currently the top trading pair on NDAX, followed by Tether, Ether, Decentraland and XRP.

  • Bitcoin (BTC) has seen a gain of 3.92% in the past 7 days, currently trading at $31,386.

  • Ethereum (ETH) has seen a loss of 0.15% in the past 7 days, currently trading at $2,171.

  • Other notable coins include:
  • Fantom (FTM) with an increase of 24.75% in the past week.
  • Avalanche (AVAX) with an increase of 14.94% in the past week.
  • Polygon (MATIC) with an increase of 14.91% in the past week.
  • The Graph (GRT) with an increase of 11.52% in the past week.

Market Trends:

  • Bitcoin stayed steady at around CAD $31k–ostensibly ‘solidifying’ this $30K region as support–and is on track for its “Best January since 2013” (See Coindesk link below)

  • Has the future arrived? American State legislatures are going blockchain native! (See Arizona and California links below)

  • US Consumer Spending fell 0.2% in December ’22, but small businesses are causing strong labour demand: A possible sign the Fed still has more tightening to do.

  • This week was also about Regulator Swagger: The Fed denied Caitlin Long’s Custodia Bank its master account application at the Fed (after postponing it for years).

As of 01/30/2023 12:30 AM EST

Keep an eye on the market here 👉 Cryptocurrency Prices

📰 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 is on track for the best January since 2013, led by bullish trading in US hours Coindesk

  • US institutions account for 85% of bitcoin buying in ‘very positive sign’—Matrixport CoinTelegraph

  • State senator pushes bill to make bitcoin legal tender in Arizona CoinTelegraph

  • California pilots blockchain car title management system on Tezos Blockworks

  • Canadian bitcoin miner Hut 8 takes North Bay power supplier to court CoinTelegraph

📖 Educational Resources

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

💡 Weekly Coin Profile

This week, we're taking a closer look at Fantom (FTM).

FTM is a DeFi token that aims to improve the experience of using DeFi products by reducing transaction costs and increasing scalability. It runs on the Fantom Opera Network, a fast, secure and scalable blockchain platform.

FTM's market cap is currently at $1.8B, and it has seen a 24.75% increase over the past 7 days. It has a circulating supply of 2.8B FTM.

The token is being used as a governance token for the Fantom network and for participating in staking and voting. In addition, FTM is being utilized for its fast transaction speeds, low fees and scalability, making it a popular choice for DeFi applications.

💫 Feature of the Month - Dollar Cost Averaging

Dollar-cost averaging allows you to buy smaller amounts of an asset over a long period of time at different prices. As the cost of assets moves in a zigzag manner, investing at regular intervals allows you to buy an asset at an average price versus buying a huge chunk at one price point.

🕑 Invest consistently

Recurring purchases are an effective solution for traders looking to invest at an average price over a longer timeframe.

📈 Forget complex price movements

As more institutional and retail investors enter the crypto markets, prices of cryptocurrencies are gaining stability. However, you may still not want to take any significant risks with your money by trying to time the market.

💰 No need for a large sum of money

Investing a considerable amount at once is not possible for everyone. The dollar-cost average approach can be a good choice for investors looking to slowly enter the cryptocurrency market.

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.