Monday Market Report | April 24th - 30th, 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.
One year out from the next Bitcoin halving, the rekindling of institutional interest in Digital Assets has begun. This week:
- Record inflow of staked Ether
- Franklin Templeton Jumps on the bandwagon... via Polygon, and--
- Bitcoin reacts positively to First Republic news.
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.60 trillion.
- Bitcoin continues to lead the market with a dominance of 46.8%, followed by Ethereum at 18.8%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, XRP, Dogecoin, Polygon and Shiba Inu.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 2.99% and is currently being traded at $38,704. Ethereum (ETH) is down 0.86% during the same period and is now being traded at $2,495.
Market Trends:
- Last week, 571,950 ETH tokens were deposited into staking contracts, worth over $1B, according to Dune Analytics (see Shanghai Upgrade article below)
- Rep. Patrick McHenry told CoinDesk’s Consensus ’23 that following some hearings in May, we could expect a crypto bill in the US in 2 months.
- When asked whether he thought a bill could be signed by President Biden in 12 months, he answered—without missing a beat—Yes.
- Deloitte is hiring hundreds of crypto specialists while--
- KPMG Published a report finding that most family offices plan to invest in Digital Assets—if they haven’t already.
As of 05/01/2023 12:30 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:
- U.S. House Will Have Crypto Bill in 2 Months: McHenry CoinDesk
- Ethereum Shanghai Upgrade Brings Record Inflow of 572K ETH Staked in a Week CoinDesk
- Fidelity Doubles Down on Metaverse with Financial Literacy Experience Blockworks
- Analysts at odds over Fed, US debt ceiling impact on Bitcoin price CoinTelegraph
📅 Upcoming Events
Mark your calendars!
- 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:
- Deloitte has hundreds of jobs advertised around digital assets. Franklin Templeton just announced a major blockchain project with Polygon. Standard Chartered Bank is betting on $100k BTC in 2023. The institutions are back, baby. – The Breakdown w/ NLW: The Institutions Are Coming Back to Crypto
- Dylan LeClair comes on to talk about the current market conditions for Bitcoin on-chain analytics and news. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – BTC127: LONG-TERM HOLDERS DRIVING THE BITCOIN MARKET W/ DYLAN LECLAIR
- A guide to crypto analytics platforms trying to build a coherent picture of crypto markets by sifting and sorting through reams of data. Unchained -- A Guide to the Big Crypto Analytics Platforms
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