Monday Market Report | Feb 27th - March 5th, 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.
Here are the top stories of the week:
- Reuters reported Visa and Master Card were “slamming the breaks” on their crypto projects… Visa and Master Card vehemently deny it.
- Yuga Labs (of Bored Ape Yacht Club repute) has launched a new NFT collection on… Bitcoin. (BAYCtcoin, anyone?)
- The G20 announced plans to cooperate on a set of crypto guidelines.
📈 Weekly Moves
- The global cryptocurrency market has a total market capitalization of $1.39 trillion.
- Bitcoin continues to lead the market with a dominance of 42.3%, with Ethereum behind at 18.7%.
- Bitcoin is currently the top trading pair on NDAX, followed by Ether, XRP, Shiba Inu, Dogecoin and Hedera.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 4.54% and is currently being traded at $30,647. Ethereum (ETH) is down 4.76% during the same period and is now being traded at $2,135.
- Other notable coin(s) include:
- EOS (EOS) with an increase of 7.80% in the past week.
- Following last week’s positive on-chain insights, here are a few more:
- Two-Thirds of the BTC supply has not moved in over a year; this represents a new record.
- There are now more Bitcoin which have not moved in over 10 years than liquid supply.
- Following Bitcoin’s price correction this week, short-term holders’ realized price surpassed realized price: Historically, this has acted as a strong end-of-bear-market indicator.
As of 03/06/2023 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:
- Ethereum Developers Push Back Shanghai Upgrade to Early April Blockworks
- Gillibrand, Lummis Plan Revamped Crypto Bill for April Blockworks
- U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody Coindesk
- Bitcoin, Ether Drop Over 5% in Massive Sell-Off as Market Continues to Digest Silvergate 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:
- Yuga Labs announced TwelveFold, a generative art collection inscribed to Bitcoin – Coindesk’s The Breakdown w/ NLW: NFT’s Biggest Company Is Coming to Bitcoin Ordinals
- Current events and progress in the energy and mining sector.– The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: MERGING THE ENERGY SECTOR WITH BITCOIN MINING W/ HARRY SUDOCK
- The Treasury’s statements explore the potential forms and implementations of an American CBDC. – Bitcoin Magazine: U.S. TREASURY INTRODUCES CBDC WORKING GROUP, DISCUSSES POTENTIAL ROUTES FOR DIGITAL DOLLAR
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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.