Monday Market Report | February 19th - 25th

Feb 26, 2024

byNDAX Labs

📢 Weekly TL;DR

Every Monday, 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.

NDAXers—while the Bitcoin and Crypto markets consolidate, let us explore what else is going on in the weird and wonderful world of ‘web3’.

Is the European Central Bank’s Bitcoin FUD responsible for its 200% rally?
Pro-Crypto forces challenge SEC’s Gensler and Warren’s “Anti-crypto army”—and
After Twitter and NOSTR... Jack Dorsey’s backing a third social network?

European Central Bank officials Ulrich Bindseil and Jürgen Schaaf have dismissed the significance of U.S. approval of Bitcoin ETFs, reiterating their stance that Bitcoin's fair value is zero (due to concerns about slow transactions, high costs, environmental impact, and susceptibility to manipulation). They believe BTC's market capitalization is equal only to its potential for social damage upon collapse. This criticism isn't new; they previously declared Bitcoin on the "road to irrelevance" during the crypto winter’s peak-o bottom, a bottom from which bitcoin has gained around 200%. But despite said gains, they maintain skepticism toward Bitcoin's value. Check out the Twitter replies right here: Decrypt

Never content to sit on their thumbs and do nothing in the face of injustice, the crypto community has taken it upon themselves to challenge our opponents judicially, and politically. Pro-crypto lawyer John Deaton has launched a Senate bid challenging Elizabeth Warren. Despite his past involvement, Deaton isn’t running solely on crypto policy. Meanwhile, a group of crypto interests is taking the fight to the SEC... In Texas—whom we’re told one doesn’t mess with—challenging its authority over digital assets. They are alleging SEC overreach and lack of regulatory clarity, and to this end, invoking the much-vaunted Major Questions Doctrine. ‘Major questions’ is a principle of statutory interpretation applied in US administrative law cases which states that courts will presume that Congress does not delegate to executive agencies issues of major political or economic significance. Deaton Warren Blockworks Crypto SEC Blockworks

Bluesky is a new decentralized Twitter alternative by mega-bitcoin bull Jack Dorsey, which has been gaining traction amid X’s troubles under Musk. It boasts 3M users and offers autonomy, transparent development, and account portability. Sign-up involves creating a profile, customizing feeds, and posting within 300 characters. Unique Bluesky features include customizable feeds, Authentic Transfer (AT) Protocol support for public conversations (where users are identified by domain names) and seamless account migration across social networks. Its goal is to establish a decentralized standard for social media, empowering users. Though its decentralization ensures user data ownership and server-based content moderation, Bluesky's success hinges on attracting users disillusioned with centralized platforms... Which anyone familiar with NOSTR (or regular old “network effects” knows, is no easy feat. For a more indepth guide, visit: Unchained Crypto

📰 Other 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:

Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up Coindesk
Would Sam Altman's $7 trillion ask really secure our future? Cointelegraph
Beyond $69K: What’s the Real Price Bitcoin Has to Reach to Beat Its All-Time High? Decrypt
Spot ether ETFs could increase Ethereum's concentration risk, says Standard & Poor Global The Block
What the Bitcoin Halving and Bitcoin ETFs Mean for Supply and Demand Decrypt

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2 Trillion.
Bitcoin continues to lead the market with a dominance of 50.6%, followed by Ethereum at 18.7%.

Performance

Ethereum is currently the top trading pair on NDAX, followed by Bitcoin, XRP, Cardano, Solana, Algorand, and Arbitrum.
Week over week, the value of Bitcoin (BTC) is down 1.31% and currently trading at $69,341, while Ethereum (ETH) is up 6.54%, now trading around $4,175.

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week?

Week over week, Hedera Hashgraph token HBAR gained healthily: HBAR was up over 33% reclaiming a Top 30 spot. HBAR is trading around CA$0.14 with a market cap of $3.7B US. HBAR is up 40% year/year.
The top performer of the week is The Graph’s token GRT. The crypto (in spot #43 with a market cap of $2.78B) was up over 60% on the week and is currently trading shy of CA$0.32.

As of 02/26/2024 1:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Mid April - Bitcoin block reward halving
May – SEC decision on BlackRock's Ether Spot ETF

Join NDAX's tiered Affiliate Program and start earning passive income today! With a highly competitive commission structure, affiliates can earn up to 10% of the trading fees generated by their referred users. That means you have the potential to earn income simply by referring new users to NDAX's platform.
But that's not all! For every new user you refer, you'll automatically earn $10-$25 CAD. And with a 10% commission on every trade made by your referrals, your earnings can really add up.

Find out more and start referring people today!

Thanks for reading our latest newsletter. Don't forget to follow us on social media for more updates and join the conversation on our forums.

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.