Monday Market Report | December 25th - 31st

Jan 01, 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 New Year, dear Ndaxers! Here’s hoping you celebrated the end of a most difficult (yet productive) year safely and memorably, well surrounded and well celebrated! If you’re reading this, congratulations: You’ve survived crypto’s hardest bear market on record. And you are now (ostensibly) a stronger investor for it. The last week of 2023:

Which CEO (of the largest bitcoin holder) resigned last week? And—
Which publicly traded corporation added $600M in BTC to their books?

Hint: It wasn’t Michael Saylor. Just a few days short of the new year and a few weeks shy of an ostensible bitcoin ETF approval, the CEO who oversees the largest Bitcoin fund in the world... stepped down. No one knows at this point why Barry Silbert, CEO of Greyscale Investments (which famously won their court battle this year against the SEC—do the words “arbitrary and capricious” ring a bell?) resigned last week (and, as you can imagine, there has been rampant speculation.) Silbert, the CEO of Grayscale’s parent company Digital Currency Group (DCG), has not commented on the resignation. Mark Murphy, another Grayscale board member, has also joined Silbert in leaving the board. Both resignations are set to go into effect today. Mark Shifke, DCG’s current CFO, will replace Silbert as Grayscale’s chairman, according to the company. Decrypt

Hint: This wasn’t not Michael Saylor. Perhaps unsurprisingly, Saylor is back at it, and has added another 14,620 BTC to MicroStrategy's books last week, totaling $615M US. Saylor has spent the last 3.5 years conducting an out-in-the-open all-out speculative attack on the dollar, and his bold play has thus far netted his company a couple cool billion in unrealized profit. MSTR is now sitting on almost $6B (189,150 BTC) and their stock has rallied over 300% in 2023 alone. MicroStrategy's Executive Chairman, Michael Saylor, announced via Twitter that the company acquired this last tranche of Bitcoin at an average price of $42,110 per unit. The entire holding was obtained at an average price of $31,168 per BTC. Coindesk

📰 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:

Bitcoin Worth $1B Leaves Exchanges in Largest Single-Day Outflow in 12 Months Coindesk
Solana DEXs book record volumes following airdrops Blockworks
This Might Be the Last Hurdle for Bitcoin ETF Approval Decrypt
Cathie Wood's ARK Sells Remaining GBTC Shares, Buys $100M in Bitcoin Futures ETF Decrypt
Avalanche Foundation to Invest in Meme Coin Collection Cointelegraph
Crypto Gaming Predictions: Will 2024 Be the Breakout Year? Decrypt

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2.18 Trillion.
Bitcoin continues to lead the market with a dominance of 50.3%, followed by Ethereum at 16.6%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Solana, Ethereum, XRP, Cardano, Avalanche, Hedera, Fantom and Litecoin.
Week over week, the value of Bitcoin (BTC) is down 2.52% and currently trading at $55,949, while Ethereum (ETH) is down 0.65%, now trading around $3,010.

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week?

Polygon’s MATIC token rallied 18% (above $1 US) to achieve a market cap of $9.4B US, positioning itself at #14. MATIC has rallied 29% in 2023 and is now trading on NDAX above CA $1.30.

Uniswap’s native token UNI was up 20% on the week. UNI rallied 50% this year, is ranked #19 by market cap ($5.78B US) and is now trading shy of CA$10.

But the top performing asset—coming a little out of left field—was Play2Earn Axie Infinity's AXS token, which was up by a quarter. AXS rallied into the double digits to trade above CA$12, bringing it up just shy of 50% y/y. Axie’s is ranked #65 by market cap, which now stands around $1.26B US.

As of 01/01/2024 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Jan 5 - Franklin Templeton ETF SEC comment rebuttal period ends
Jan 10 - Final ARK 21Shares (the first bitcoin ETF) decision deadline for SEC

📖 Educational Resources

For those of you looking to learn more about bitcoin and crypto markets this week:

The second half of The Breakdown's review and aggregation of various reports and predictions for the coming year. – The Breakdown w/ NLW – 10 Crypto Predictions for 2024 (Part 2)
The most pressing issue today in improving quality of life for people around the planet is access to energy. Bitcoin mining finances the build out of infrastructure to do that. – Bitcoin Magazine - BITCOIN MINING: A PATH TO ELECTRIFYING THE WORLD
A deep dive into Nostr with Miljan Braticevic, discussing its necessity, unique features, and the Primal client's approach, including UX optimization, integrated wallet, and moderation tools, plus insights into Zaps, Primal Wallet, and future directions. - Bitcoin Fundamentals w/ Preston Pysh - THE FREE SPEECH SOLUTION – PRIMAL’S MILJAN BRATICEVIC

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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.