Monday Market Report | April 10th - 16th, 2023
📢 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 in crypto:
In case you haven’t heard, Ethereum completed its most recent upgrade and, previously locked-up staked Ether can now be unstaked!. Here are a few updates:
- If you have been staking Ethereum with us, your earned rewards would have automatically been credited to your NDAX Ethereum wallet last night.
- You now have the flexibility to fully or partially unstake your Ethereum.
Or you can continue to participate in the transaction validation process by staking your Ethereum on NDAX to earn ETH rewards at a rate of 5% APY.
Below, we also get into:
- Inflation is growing at a slower pace.
- And a secret Bitcoin Easter Egg Hunt is revealed... from none other than tech giant, Apple Inc.!
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.70 trillion.
- Bitcoin continues to lead the market with a dominance of 45.7%, with Ethereum behind at 19.8%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, XRP. USDC, Dogecoin, Solana and Fantom.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 4.83% and is currently being traded at $39,975. Ethereum (ETH) is up 11.50% during the same period and is now being traded at $2,799.
- Other notable coin(s) include:
- Solana (SOL) with an increase of 25.18% in the past week.
- Fantom (FTM) with an increase of 17.86% in the past week.
- Avalanche (AVAX) with an increase of 16.66% in the past week.
- The Graph (GRT) with an increase of 14.97% in the past week.
Market Trends:
It’s not every day (or week, or year) that we get a piece of Bitcoin news that affects such a broad swathe of the population (to not say fully Pop Culture)…
And yet, this Easter, that’s exactly the hidden treasure that was gifted to the Bitcoin community when on Wednesday, former Kickstarter CTO Andi Baio tweeted that he’d found a copy of Satoshi Nakamoto’s infamous blueprint for a peer to peer electronic cash system (the Bitcoin white paper) hidden away in the recesses of his Mac OS, while trying to set up a printer-scanner on his MacBook.
As it turns out, most Mac computers running the Catalina OS (2019, or later) have also been gifted with this covert golden egg of open-source goodness.
IN OTHER NEWS: The Ethereum Shanghai threshold has been cleared, and judging by the asset’s weekly price action, stakers have not become sellers of Ether.
And in the wake of (comparatively) favorable CPI and Core CPI numbers (inflation is still growing—only at a slower rate than before), Bitcoin also cleared an important milestone this week.
- BTC retook $40K with gusto and conviction, levels unseen in 10 months
As of 04/17/2023 12:00 AM EST, values in CAD.
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:
- Where to Find the Bitcoin White Paper on Your Apple Computer Blockworks
- Bitcoin, Ether Turn Upward in a Busy Week of Ethereum and Inflation News CoinDesk
- SEC Revisits Exchanges Definition as It Targets DeFi Blockworks
- Ethereum Validators Withdraw $620M ETH in Less Than 2 Days Blockworks
- Ethereum’s Shapella Upgrade Went Through Despite ‘Ridiculous Bug’ Blockworks
📅 Upcoming Events
Mark your calendars!
- Apr 22 - MIT Bitcoin Expo
- Apr 28 - CME Expiry (Month)
- May 3 - FOMC Decision
- May 10 – CPI (April)
- May 17 - Bitcoin Builders Conference Miami
- May 18 - Bitcoin 2023 Conference Miami
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Inflation came in at an annualized 5% this month, beating economists’ expectations and dropping to its lowest level in two years. That’s good, right? Well, hold your horses, say some analysts. Services inflation remains sticky, and with recent production cuts from OPEC+ and an end to tapping U.S. Strategic Petroleum Reserves, energy prices could come back up during the U.S. summer high season. – The Breakdown w/ NLW: Inflation Drops Most In 2 Years, but Not Everyone Is Buying It
Preston Pysh talks with finance expert, James Lavish, pertaining to current global macro events and how he sees Bitcoin performing during the rest of the year. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: BTC125: WHY BITCOIN PERFORMS FROM HERE W/ JAMES LAVISH
- The Bitcoin-focused policy group aims to educate policymakers on the benefits Bitcoin can provide. – Bitcoin Magazine: BITCOIN POLICY UK LAUNCHES WITH GOAL OF CAPTURING BITCOIN’S OPPORTUNITY FOR THE UK
💫 Feature of the Month
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