Monday Market Report | Feb 6th-12th, 2023

Feb 13, 2023

byNDAX Labs

📢 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, we look closer at the state of 2023 markets versus Central Bank Guidance; here are the highlights:

The markets are giving investors mixed signals: While January saw a huge amount of layoffs announced, Tech stocks rallied.
And a week after raising rates by the lowest amount in a year, Jerome Powell took on a slightly more hawkish tone.
Dissent in the ranks at the SEC over Kraken settlement, as the Fed’s inflation fight pushes up the cost of U.S. debt.

📈 Weekly Moves

Market Summary:

The global cryptocurrency market has a total market capitalization of $1.36 trillion.
Bitcoin continues to lead the market with a dominance of 41.5%, with Ethereum behind at 18.33%.

Performance:

Tether is currently the top trading pair on NDAX, followed by Bitcoin, Ether, XRP and Hedera.
Over the past 7 days, the value of Bitcoin (BTC) has declined by 4.39% and is currently being traded at $29,121. Meanwhile, Ethereum (ETH) has experienced a drop of 6.88% during the same period and is now being traded at $2,023.
Other notable coins include:
Hedera (HBAR) with an increase of 21.21% ^{in the past week.}
The Graph (GRT) with an increase of 20.18% ^{in the past week.}
Polygon (MATIC) with an increase of 2.65% ^{in the past week.}

Market Trends:

Mixed signals in markets:

On Tuesday, Jerome Powell took on a slightly more hawkish tone, ostensibly admonishing market participants not to get too ahead of their skis.
On one hand, January saw the most layoffs announced in a single month going back 30+ years. But–
On the other hand, the NASDAQ is giving the Dow a run for its money due to the huge recent Tech rallies. (And according to Goldman Sachs, 2023 has seen the biggest global equity short squeeze in almost a decade.)

Bitcoin continued its correction down roughly 8% w/w, and:

New participants are increasingly entering the bitcoin market.
Price is roughly at a Long-Term Hodler cost-basis.
Open Interest in the Futures markets is growing.
Meanwhile, Bitcoin (Layer 2 protocol) ‘Lightning’ and ‘Taproot’ (the Bitcoin upgrade, which allows digital assets to be transferred over Bitcoin, such as NFTs, smart contracts, stablecoins, etc) are seeing considerable adoption and growth worldwide.

As of 02/13/2023 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:

Mississippi Legalizes Bitcoin Mining in Residential and Industrial Areas Blockworks
New Rihanna NFT Holders Share In Song Streams Royalties Blockworks
Crypto Punks in the Pompidou: Yuga Labs Donests Second NFT to Paris Museum in 3 Months The Block
SEC Chief Gensler Warns Crypto Firms to Comply With Rules After Kraken Shutters US Staking Program Coindesk
Fed’s Inflation Fight Pushes Up Cost of U.S. Debt The WSJ

📅 Upcoming Events

Mark your calendars!

Feb 14 - January CPI Numbers from the US Bureau of Labour Statistics
Feb 24 - CME Options/Futures Expiry

📖 Educational Resources

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

A coordinated campaign across US federal agencies to pressure banks into not serving crypto customers? – Coindesk’s The Breakdown w/ NLW: Python Politics Part 1: The US Government's Slow Squeeze on Crypto via the Banking System
The ruling is the latest in a string of court cases that have ended with a decision against Craig Wright. – Bitcoin Mag, BTCCasey: Court rules Craig Wright has no bitcoin copyright
Preston talks with Pierre Rochard about ordinals, how NFTs are now being written into the layer one Bitcoin blockchain, and whether or not it poses a potential attack vector to the protocol. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: BITCOIN ORDINALS AND NFTS ON LAYER 1 OF THE PROTOCOL W/ PIERRE ROCHARD

💡 Weekly Coin Profile

This week, we're taking a closer look at Hedera (HBAR).

HBAR, the native token of Hedera, was launched in September 2019. HBAR has a current market capitalization of CA $2.9B and a circulating supply of 26.1B HBAR. The token has increase in value by +21% over the past 7 days.

The Hedera network enables the transfer of value, the creation and deployment of smart contracts, and the storage of files. The Hedera network is based on the Hashgraph consensus algorithm, a distributed ledger technology that provides an alternative to traditional blockchain systems. Unlike blockchains, where transactions are verified one after the other in blocks, the Hashgraph algorithm allows transactions to be verified simultaneously.

To learn more visit: What is Hedera?

💫 Feature of the Month - Valentine's Day Gift Feature

As Valentine's Day draws near, it's time to surprise your loved one with a gift that's truly one-of-a-kind. Break away from the usual sweets, blooms, and dining experiences, and embrace the future of finance with a cryptocurrency gift through NDAX's Valentine's Gift Feature.

With NDAX, you can send cryptocurrency instantly and for free, personalize it with a special message, and choose from 3 templates and 30 different cryptocurrencies. Log in to your NDAX account, select the gift option, and make this Valentine's Day unforgettable. Learn more

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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.