Monday Market Report | February 26th - March 3rd

Mar 04, 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.

Dear prescient crypto investors, you may have heard through the grapevine that Bitcoin reached an all-time high in Canadian dollars of $86,600...

What’s so special about BTC achieving a new CAD ATH, this time?
Meanwhile... What’s up with Ether staking and exchange reserves? And—
‘New’ emails from pre-disappearance Satoshi Nakamoto? 👀

It's not that Bitcoin has just reached a CAD lifetime high of $86,500 that’s particularly exciting—after all, the CAD has notoriously lost a tremendous amount of its purchasing over the last few years—but rather, that this milestone marks the first time that Bitcoin has ever hit a new all-time high pre-halving. Historically in bitcoin’s 4-year cycles, this happens months after the ‘halvening’, but ostensibly due to new Bitcoin Spot ETF demand, in 2024, it happened months prior. Bitcoin's price surged over 20% to reach $64,000 (CA$86.6K), marking a new high for 2024. The 50% price increase this month is largely attributed to anticipation surrounding the upcoming supply (block rewards subsidy) halving event (estimated to take place on April 20th). Cointelegraph (More articles on this below!)

Ethereum holders are increasingly staking their ETH as prices surge to almost two-year highs. ETH staked has hit a record high, while exchange balances are at their lowest in nearly six years. Over 31 million ETH, valued at $107 billion, are staked in consensus, marking a 7% monthly increase. (This amounts to over a quarter of the circulating supply, more than twice the amount held on crypto exchanges.) Blockworks

New emails between Bitcoin creator Satoshi Nakamoto and early protocol contributors sparked controversy after their introduction as evidence in the lawsuit against Craig Wright. In the Crypto Open Patent Alliance (COPA) v. Craig Wright trial, Day 15 in the UK High Court of Justice saw the emergence of new evidence stealing the spotlight. Craig Wright, the self-proclaimed Bitcoin creator, returned to testify while attention shifted to never-before-seen emails between Satoshi and early Bitcoin developers Martti Malmi and Adam Back. COPA seeks to restrain Wright from claiming authorship of Bitcoin's whitepaper, aiming to halt his legal actions against Bitcoin educators and Core developers. Martti Malmi, the first Bitcoin.org administrator after Satoshi, released his emails with Satoshi on GitHub, prompted by Wright's use of their correspondence as evidence. Malmi deemed the publication safe due to outdated information. Pete Rizzo

📰 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:

COPA v. Craig Wright trial analyzes newly published Satoshi emails Protos
Spot Bitcoin ETFs record new ATH of $680M as BTC bull run gathers pace Cointelegraph
Bitcoin Suddenly Plummets 7% After Hitting $64K, Triggering Over $700M Crypto Liquidations Coindesk
Bitcoin Is 12% Below Its USD All-Time High 52 Days From Halving Decrypt
Bitcoin ETF inflows hit new peak Wednesday amid BTC price climb Blockworks
US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000 Cointelegraph

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2.39 Trillion.
Bitcoin continues to lead the market with a dominance of 52.4%, followed by Ethereum at 17.5%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Shiba Inu, Ethereum, Dogecoin, Fantom, Solana and XRP.
Week over week, the value of Bitcoin (BTC) is up 23.47% and currently trading at $85,893, while Ethereum (ETH) is up 12.18%, now trading around $4,700.

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week?

Gala Games’ token GALA (in spot #73 with a market cap of $1.3B) was up over 35% on the week and is currently trading shy of 4¢. GALA is still down 4% y/y.
Week over week, DEX protocol Uniswap’s token gained healthily: UNI was up over 47%, trading just under $11 with a market cap over $8B US, ranked #19. UNI is up 70% y/y.
But the top performer(s) of the week were everyone’s favourite small canine inspired meme coins were up by about half—give or take—this week. DOGE up over 50%, with a market cap now over $18B (#10) is now trading back above 13¢ US, while SHIB (up almost 50%), with a market cap of $8.4B (#18) is trading 0.00143¢.

As of 03/04/2024 1:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Mar 12 - February CPI #s
Mar 20 - FOMC Rate decision
Mid-April- At block height 840,000; The Bitcoin Halving
May – SEC Decision on BlackRock's Ether Spot ETF Decision

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.