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Monday Market Report | 5 Dec - 11 Dec 2022

Dec 12, 2022
byNDAX Labs

📢 Weekly TL;DR

  • Total Crypto Market Cap rose to CAD $1.14T
  • HydroQuebec Requests Reallocation of Electricity Away From Bitcoin Miners
  • US Bureau of Labour Statistics’ PPI (Producer Price Index) rose 0.3% on a monthly basis in November, 50% more than the expected 0.2%
    • That’s up 7.4% from November 2021
  • Bank of Canada raised rates by 50 bps, to 4.25%, says future rates are highly data-dependent


📻 Crypto News


  • Jack Dorsey-Backed East African Bitcoin Miner Gridless Raises $2M – CoinDesk
  • 360 Mining raises $2.25 million as it scales natural gas bitcoin production – TheBlock
  • DeFi derivatives protocol Perennial raises $12 million, launches mainnet – TheBlock



  • A year after Taproot, Bitcoin community works to unlock DeFi potential – CoinTelegraph
  • Bitcoin’s Case for Payments Builds With New Strike Development – Blockworks



  • India Looks to Coordinate Global Crypto Rulemaking as It Assumes G-20 Presidency – CoinDesk
  • UK financial reforms push for more investment in crypto businesses – TheBlock


📝 Moves

  • Bitcoin (BTC) CA$23,092.20 -0.49%
  • Ethereum (ETH) CA$1,700.10 -2.19%



  • Axie Infinity (AXS) CA$10.41 +7.67% 
  • EOS (EOS) CA$1.34 +5.23%
  • The Graph (GRT) CA$0.09 +4.99%



  • Dogecoin (DOGE) CA$0.12 -14.72%
  • Chainlink (LINK) CA$8.99 -10.88%


Visit our Prices Page for more

*As of 12/11/2022 12:00 AM EST

📊 Cryptocurrency Market Overview

NDAX users were the first in Canada to be able to stake ether from the comfort of their favourite Canadian crypto trading platform… Well, friends, we have a tentative date for Ethereum’s next upgrade (so-called Shanghai)--which should ostensibly allow stakers to unstake their ether–as early as March 2023.


Quebec’s minister of Technology and Innovation hinted at this several weeks ago–they’ve gone ahead and proposed to cut off Hydro-Quebec power to any new crypto-mining projects. (Current mining operations are safe… For now). Quebec and Alberta have been serious beneficiaries of China’s bitcoin mining crackdown last year (as has been the US, which is now the #1 bitcoin-producing nation in the world). HydroQuebec has stated that they’d like to prioritize energy usage for more ‘worthwhile uses’ (such as supplying New York State and Massachusetts) but in the past have routinely had to pay New York state to take excess energy off their hands.


The Bank of Canada has raised its benchmark lending rate by another 50% of a percentage point to 4.25%, claiming that any future rate hikes or cuts will be highly data-dependent


The US Bureau of Labour statistics meanwhile has published November PPI (Producer Price Index) numbers, and they came in 50% higher than the expected 0.2%---or 0.3% month over month (a 7.4% rise from the same month last year).


And last but not least, Bitcoin’s largest holder, the Grayscale Bitcoin Trust (GBTC) is now trading at a record 47% discount to the price of its underlying asset, putting even more pressure on itself, its holder, and the industry.


That’s it for now folks. Be sure to stay tuned and follow NDAX on all the social for some terrific holiday gift ideas (and crypto giveaways!) coming down the pipeline of a Twitter or Instagram feed near you.


- Yours in the #Hodl

 📈 Bitcoin Technical Analysis

  • Bitcoin price held relatively stable (and flat) for another 3rd week in a row in the wake of its most recent beating
  • BTC rallied modestly over the last 2 weeks and has been holding steady close to $23K
    • Current resistance levels: $24,500 - $26,000
    • Current support levels: $22,000 - $21,000

📰 What We’re Reading

  • Quebec Utility Requests Reallocation of Electricity Away From Bitcoin Miners – Bitcoin Magazine
  • Understanding Bitcoin Network Hash Rate Increases - Bitcoin Mag


🎙️ What We’re Streaming





📅 Events

  • Dec 13th - November CPI release
  • Dec 14th - FOMC rate decision
  • Dec 30th - CME futures expiry

Happy holiday season!

NDAX team