Monday Market Report | Feb 13th-19th, 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.
All in all, last week was not unkind to crypto investors…
- Volatility returned to Bitcoin and Ether: Bitcoin achieved an 8-month price high, but–
- But while the week may have been exciting for digital asset holders, the same cannot be said for crypto entrepreneurs or the industry at large, which continue to be the target of the SEC.
📈 Weekly Moves
- The global cryptocurrency market has a total market capitalization of $1.51 trillion.
- Bitcoin continues to lead the market with a dominance of 42.2%, with Ethereum behind at 18.5%.
Bitcoin is currently the top trading pair on NDAX, followed by Tether, Ether, Solana and Shiba Inu.
Over the past 7 days, the value of Bitcoin (BTC) has increased by 12.98% and is currently being traded at $32,806. Ethereum (ETH) is up 12.09% during the same period and is now being traded at $2,269.
Other notable coins include:
- VeChain (VET) with an increase of 30.25% in the past week.
- Solana (SOL) with an increase of 27.96% in the past week.
- Polygon (MATIC) with an increase of 23.04% in the past week.
- While Bitcoin and Ether both rallied significantly midweek…
- Following hawkish remarks from U.S. Federal Reserve officials signalling more upcoming interest rate hikes, both later corrected.
- Leading digital asset Bitcoin had a tumultuous week, starting off the week at multi-week lows, but later reclaiming the CAD $33.5K level (an 8-month high) before correcting again to end the week.
- Meanwhile, Ethereum also surged to new month highs on Thursday, before also correcting on hawkish Fed remarks.
- In sum, the total crypto market cap ended the week up, buoyed by news of large-scale institutional investments in the space, as well as the launch of various new DeFi protocols.
As of 02/20/2023 2:00 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:
- SEC Sues Over TerraUSD Stablecoin That Rocked Crypto Bloomberg
- Mt. Gox’s 2 Largest Creditors Pick Payout Option That Won’t Force Bitcoin Sell-Off: Sources Coindesk
- SEC Land Grab: Crypto Enforcement Actions Accelerate Under Gensler Blockworks
- Venture Capital Firm a16z Loses Vote on Uniswap’s Deployment to BNB Chain Unchained
- Opinion: Bitcoin Ordinals Can Lift the Entire Crypto Ecosystem Coindesk
📅 Upcoming Events
Mark your calendars!
- Feb 24 - CME Options/Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
- The Senate Banking Committee discussed the regulatory path forward at Tuesday’s “Crypto Crash” hearing – Coindesk’s The Breakdown w/ NLW: Regulators Only Have Themselves to Blame for Crypto Not Being Better Regulated
- Incorporating many of the values inherent in Bitcoin, the Nostr protocol could grow into a social media platform that better serves its users – Bitcoin Magazine: WITH BITCOIN INTEGRATION, NOSTR COULD REDEFINE SOCIAL MEDIA
- Preston Pysh talks with Luke Broyles about Bitcoin’s impact from a monetary historical perspective and why its scarcity will be so important during the information era – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: BITCOIN AND THE START OF THE INFORMATION ERA W/ LUKE BROYLES
💡 Weekly Coin Profile
This week, we're taking a closer look at Vechain (VET).
Vechain (VET) is a blockchain-based platform that focuses on supply chain management and product tracking. The platform aims to create a more transparent and efficient supply chain by using blockchain technology to provide secure and reliable product information.
Vechain was founded in 2015 and launched in 2017 as a project of the Chinese blockchain company BitSE. One of the key features of the Vechain platform is its ability to create unique digital identities for physical products using NFC chips or QR codes. This allows manufacturers, retailers, and consumers to easily access and verify product information, such as the product's origin, authenticity, and quality.
Vechain has established partnerships with several major companies, including Walmart China, BMW, and LVMH, and has been used to track a variety of products, from food and wine to luxury goods and automobiles.
As of February 2023, VET has a market capitalization of around $3.0B CAD and a circulating supply of 72.5B VET.
To learn more visit: What is Vechain?
💫 Feature of the Month
Did you know you could set your Dollar Cost Averaging on Autopilot with the NDAX Recurring Purchase feature?
Dollar-cost averaging allows you to buy smaller amounts of an asset over a long period of time at different prices. As the cost of assets moves in a zigzag manner, investing at regular intervals allows you to buy an asset at an average price versus buying a huge chunk at one price point.
🕑 Invest consistently
Recurring purchases are an effective solution for traders looking to invest at an average price over a longer timeframe.
📈 Forget complex price movements
As more institutional and retail investors enter the crypto markets, prices of cryptocurrencies are gaining stability. However, you may still not want to take any significant risks with your money by trying to time the market.
💰 No need for a large sum of money
Investing a considerable amount at once is not possible for everyone. The dollar-cost average approach can be a good choice for investors looking to slowly enter the cryptocurrency market.
Upon login, Recurring Purchases are 6th from the top of the main left-hand menu/navigation bar.
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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.