Monday Market Report | April 2nd - 8th

Apr 08, 2024

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.

Happy Monday NDAXers,

Ripple Labs to introduce a new coin? 💵
Developments on the Ether ETF front, and—
The DoJ is moving more seized BTC.

Ripple, the company behind XRP, is entering the stablecoin market with a new token pegged to the U.S. dollar. Slated for release later this year, the stablecoin is said to be 100% backed by U.S. dollar deposits, Treasuries, and cash equivalents. It aims to cater to enterprise and banking customers seeking stability and compliance. Ripple's CTO David Schwartz cited the growing $150b stablecoin market forecasted to reach $2.8t by 2028 as a key opportunity. Schwartz argues Ripple's solid balance sheet promotes transparency via public audits and discourages misconduct. While USDC dominates compliance-focused users, Schwartz believes multiple stablecoins can coexist as the market expands. Coindesk

The SEC is seeking public comments on proposed rule changes to list and trade shares of spot Ether ETFs from Bitwise, Fidelity, and Grayscale. (The public has 21 days to respond after publication in the Federal Register.) These filings come ahead of the SEC's expected final decision on a spot Ether ETF in May, likely starting with VanEck's application. Consensys claims the SEC's concerns about fraud and manipulation for a spot Ether ETF are baseless... However analysts like Bloomberg’s James Seyffart don't view the SEC's request for comments as a positive signal, stating it's standard procedure.Cointelegraph

The U.S. Department of Justice appears poised to sell a significant portion of the 30,175 Bitcoin it seized during the Silk Road takedown over a decade ago. This was hinted at by a recent small test transfer of 0.001 BTC to a Coinbase wallet, a common precursor to larger sales of confiscated cryptocurrency. The Silk Road, an infamous dark web marketplace, was shut down in 2013, leading to the arrest of its founder Ross Ulbricht, who is currently serving a life sentence. The government's planned sale of these Bitcoin, worth over $1b US at current prices, comes as Ulbricht's family continues to advocate for his release, arguing the sentence was disproportionate. The movement of these long-held Bitcoin suggests the government may be preparing to finally liquidate a portion of the massive hoard tied to the Silk Road case. (The USG is currently sitting on about as much BTC as MicroStrategy, or around 215K coins, pre-sale.) Blockworks

📰 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:

BlackRock Adds Goldman, Citigroup, UBS as APs for Bitcoin ETF Coindesk
Bitcoin Mining Ban Proposed in Paraguay Over Power Problems Decrypt
BIS and 7 central banks to explore asset tokenization through Project Agora Cointelegraph
Bitfarms announces $240M mining upgrade to triple post-halving hash rate Cointelegraph
Bitcoin Exchange Reserves Drop to Multi-year Lows: CryptoQuant The Block
Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary Coindesk
Near Record High Funding Rate Suggests Bitcoin Pullback Not Over Coindesk

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📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $3.65 Trillion.
Bitcoin continues to lead the market with a dominance of 52.7%, followed by Ethereum at 16.3%.

Performance

After slowly regaining lost ground over the past few weeks, Bitcoin continued its slow comeback to end the month of March with its highest monthly candle on record. BTC ended the first week of April down a couple percentage points (2.5%; with a weekly amplitude—volatility—of near 10%!) BTC’s now trading somewhere between the CA$94K and $97K levels. (At time of writing. Have you installed NDAX’s new price widget on your phone yet?)

Top Weekly Movers at NDAX
Who was the top performing asset on NDAX last week?

The clear % gain winner at NDAX last week was Layer 1 Near Protocol. The blockchain’s NEAR token was up by almost 7.6% (#22), at a market capitalization of $7.8B US. NEAR is currently trading around CA$9. NEAR has doubled in 2024, but still down around 65% from its January 2022 ATH.

Prices and percentages as of 8/4/2024 1:15 AM EST

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

April 20 (est.) – At block height 840,000; The Bitcoin Halving
May – SEC Decision on BlackRock's Ether Spot ETF Decision

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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.