Monday Market Report | April 3rd - 9th, 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:
- Doge pumped 30% and then receded as Twitter added its loveable Shiba Inu to the Twitter logo, but then later returned to its classic blue bird.
- Ethereum prepares for its upcoming Shanghai fork.
- Following revised jobless claims data from the US BLS, crypto investors remained largely unphased, and--
- An unreleased record by David Bowie is released as an NFT.
📈 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 46.2%, with Ethereum behind at 18.9%.
Performance:
- USDC is currently the top trading pair on NDAX, followed by Bitcoin, XRP, Ethereum, Dogecoin, Cardano and Shiba Inu.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 2.05% and is currently being traded at $38,230. Ethereum (ETH) is down 4.43% during the same period and is now being traded at $2,500.
- Other notable coin(s) include:
- Dogecoin (DOGE) with an increase of 7.03% in the past week.
- Vechain (VET) with an increase of 5.49% in the past week.
- NEAR (NEAR) with an increase of 5.26% in the past week.
- The Sandbox (SAND) with an increase of 4.99% in the past week.
Market Trends:
Elon’s favorite dog coin topped CAD $0.14 for the first time in a long time before retracing slightly when the mega-entrepreneur reverted Twitter’s logo back to its classic blue bird.
Jobless claims surpassed market expectations by a larger margin than its initial report, after a last-minute revision.
Though the increasing jobless figures bode well for ‘risk-on’ markets, crypto buyers all but ignored the news.
- Last but far from least, the Bitcoin network Hash-rate continues to grow, currently flirting with its all-time high (400M TH/s) and sitting just under 380M TH/s. Our network--like our community—remains stronger than ever!
As of 04/10/2023 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:
- Ether Holds Near $1.9K as Shanghai Fork Approaches CoinDesk
- Dogecoin Drops After Musk’s Twitter Stops Using Its Dog Logo CoinDesk
- Crypto Investors Unmoved by Revised Jobless Data Coindesk
- David Bowie unreleased record debuts as music NFT Cointelegraph
- Japanese Political Faction Signals Potential Thaw in Crypto Winter Blockworks
- Mt Gox repayment window has opened, but repayments 'will take some time' TheBlock
📅 Upcoming Events
Mark your calendars!
- April 12: Ethereum’s Shanghai Upgrade
- April 12: CPI/Core CPI Data
- April 13: PPI/Core PPI Data
- April 14: US Retail Sales #s for March
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Commercial real estate remains a challenge despite the Fed's Bank Term Funding Program calming the sector. – Coindesk’s The Breakdown w/ NLW: Is the Banking Crisis Really Over?
Choosing to ignore open-source, global money technology that can’t be shut down can be a risky decision for policymakers, especially for those in states with a thriving industry of Bitcoin miners.. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: BITCOIN IS A STRATEGIC NATIONAL NECESSITY w/ Pierre Rochard
- As a host focused wholly on promoting freedom advocates and their technical tools, Matt Odell is integral to Bitcoin 2023. – Bitcoin Magazine: MATT ODELL AND THE MISSION TO ADVANCE FREEDOM TECH AT BITCOIN 2023
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