Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Ndaxers—let us dispense of pleasantries—you no doubt have a pretty good idea of what we’re touching on this week... But first!
Pop quiz: I was up 1.3% on the day (at the time of writing), and around 17% on the week. Over the last 30 days, I’m up 23%. 80% over the last 6 months... 115% year over year. And over 5 years? 1,171%. Over the last decade, I’ve grown a staggering 15,880% (in USD terms... Without taking its depreciating purchasing power into consideration...!) I’m the best-performing asset of the decade. Who am I? If you guessed BTC you would be correct, and last week, I reclaimed the rarified air of the $1 T market cap club. In my 15-year life, I’ve spent only 140ish days above this price level (or 2.84% of my trading history). My trading volume has risen to $37b (US), and my derivative markets are nearing an all-time high open interest of $24b. Additionally, my ETFs are attracting significant inflows, with BlackRock's iShares Bitcoin Trust (IBIT) totaling $5b of me under management. Decrypt
If Bitcoin's price is still 32.7% from its dollar-denominated ATH (all-time-high), what does the fact that BTC just made a new ATH against this G8 currency say about the state of their economy? The developing world is no stranger to inflation (and we in the West have gotten a good solid taste of it over the last couple of years), but now this developed country’s stagnant economy is really putting its population through the ringer. Last week, Bitcoin made a new ATH against the yen, showcasing against a neutral, secular commodity, a very stark picture of the currency’s plummeting purchasing power over the last 30 months. Japan’s $9T+ public debt is over 260% of GDP, and 70% of it is held by their Central Bank (the rest, mostly by Japanese financial institutions and funds). Coindesk
Market Summary
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Top Weekly Movers @ Ndax
Who was the top-performing asset on Ndax last week?
As of 02/19/2024 at 1:00 AM EST, values in CAD.
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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.