Monday Market Report | Feb 20th-26th, 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.

Another busy week in Bitcoin, crypto and the economy at large:

• Core CPE rose 0.6% month over month in January; the highest single-month increase since the 80s, confirming once again that no one knows anything about inflation, least of all central bankers.
  
• Therefore the Fed’s February FOMC (say that five times fast!) confirmed recent hawkish hints: Interest rates will remain higher for longer.
  
• These were partly (mostly) to blame for this week’s crypto market cap (and equity index) price reversals flipping back to ‘risk-off’.
  
• Ethereum Shapella upgrade gets new date, making way for un-staking ETH.

📈 Weekly Moves

Market Summary:

• The global cryptocurrency market has a total market capitalization of $1.46 trillion.
• Bitcoin continues to lead the market with a dominance of 42.2%, with Ethereum behind at 18.7%.

Performance:

• Bitcoin is currently the top trading pair on NDAX, followed by Ether, XRP, Hedera and Polygon.
• Over the past 7 days, the value of Bitcoin (BTC) has decreased by 3.05% and is currently being traded at $31,809. Ethereum (ETH) is down by 2.03% during the same period and is now being traded at $2,223.
  

Market Trends:

This week we focus on some promising bitcoin On-Chain indicators:

Short-term bitcoin holder cost-basis has reached the level of long-term bitcoiners’ cost-basis: This is the Bitcoin protocol levelling the playing field for late entrants!

• Long-term hodlers’ accumulation + a growing number of new addresses on-chain = a potential supply squeeze signal.
• Were Bitcoin Ordinals (NFTs on-chain) just a fad? If average block size and taproot utilization/adoption are any indicators, possibly.
• Bitcoin Mining Difficulty is up 40% y/y

The number of Bitcoin addresses with a balance worth over $10 is near all-time highs.

1. Possible crypto-trading legalization out of Hong Kong are stoking rumours of a next bull run emerging from China. (Sorry Elon, better luck next halving cycle.) Stay tuned!

As of 02/27/2023 1:00 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:

• Hong Kong’s Crypto Hub Ambitions Win Quiet Backing From Beijing Bloomberg
  
  
• Banks Should Back Deposits From Crypto Customers With Cash: US Agencies Blockworks
  
  
• San Francisco federal bank eyes CBDC system development, reveals job posting CoinTelegraph
  
  
• Sam Bankman-Fried Hit With Additional Bank Fraud Charges in New Indictment Coindesk

📅 Upcoming Events

Mark your calendars!

• Mar 10 - US Bureau of Labour Stats Jobs Report for Feb.
• Mar 14 - February CPI Numbers
• Mar 22 - FOMC Rate Decision
• Mar 31 - CME Expiry

📖 Educational Resources

Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:

• A clarification of a previous statement comes the same day Custodia Bank’s application to join the Federal Reserve system is again denied.: Bank Regulators Say ‘No Operation Choke Point 2.0! Seriously! Believe Us!’
  
  
• Whether Bitcoiners like it or not, large-scale Bitcoin adoption is not coming this decade or next. It’s simply going to take a number of generations to filter into society. – Bitcoin Magazine: THE THREE GENERATIONS THEORY: HOW BITCOIN REACHES MASS ADOPTION IN 60 YEARS
  
  
• A conversation with Bitcoin Mag Editorial Director, Mark Goodwin, about the post analysis of SBF and FTX. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: DEEP DIVE AFTERMATH OF SBF AND THE FTX DISASTER

💡 Weekly Coin Profile

This week, we're taking a closer look at Cardano (ADA).

Cardano (ADA) is a next-generation blockchain platform that uses a proof-of-stake consensus protocol called Ouroboros to validate transactions without the high energy costs associated with traditional proof-of-work blockchains. Developed using the Haskell programming language, Cardano's design philosophy prioritizes evidence-based development for unparalleled security and stability.

The Cardano platform was founded in 2015 by IOHK, a blockchain research and development company led by Charles Hoskinson, one of the co-founders of Ethereum. Cardano's development team includes a group of leading academics and researchers in the field of cryptography and computer science.

The native cryptocurrency of the Cardano platform is ADA, named after the 19th century mathematician Ada Lovelace. ADA is used to pay for transaction fees, network services, and as a means of exchange between users. ADA holders can also stake their tokens to participate in network validation and earn rewards.

One of the key features of the Cardano platform is its focus on creating a scalable and interoperable blockchain ecosystem that can support a wide range of decentralized applications. To achieve this, Cardano is developed in distinct layers that separate the settlement layer (where transactions are processed and validated) from the computation layer (where smart contracts are executed).

Cardano has gained significant attention and adoption within the blockchain industry, with notable partnerships and collaborations with major players such as PwC and the Ethiopian government. The platform has also been used to power a variety of decentralized applications, including marketplaces, identity solutions, and finance applications.

As of February 2023, ADA has a market capitalization of around $17.2B CAD and a circulating supply of 34.7B ADA.

To learn more visit: What is Cardano?

💫 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.