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Monday Market Report | February 5th - 11th

Feb 12, 2024
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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—with Bitcoin and Ether back above key support levels of 60K and 3.25K, what else do we need to be paying attention to? 

  • Will the real Satoshi please stand up! The trial of Craig “Fake-toshi” Wright. 
  • Which top 10 crypto executive was hacked for over 9 figures? And— 
  • In light of all the new Bitcoin ETFs—which famous bitcoin bull (whose stock formerly traded as a Bitcoin ETF proxy) is now positioning his software co as a “bitcoin development company”?  

Craig Wright is an Australian computer scientist who’s long claimed—to much media and Bitcoin community ridicule—that he is the pseudonymous creator of Bitcoin, Satoshi Nakamoto... (Hence the nickname “Fake-toshi”). Having recently lost a lawsuit in the UK for defamation to this effect against popular bitcoin podcaster Peter McCormack (What Bitcoin Did), now he must prove to the UK’s High Court in a suit brought on by COPA (Crypto Open Patent Alliance) that he is in fact who he claims to be. You will no doubt ask yourself, “Well, sir, if Craig Wright is who he claims to be, wouldn’t proving it be as simple as moving a few of Satoshi’s bitcoins on chain to show he controls the private keys?” Not so simple! Get into it here Forbes or the Coindesk article below. 

Blockchain security researchers at Hacken are investigating the $112 million hack on Ripple chairman Chris Larsen's personal accounts. They discovered that two wallets linked to the XRP authorized wallet played a crucial role. The hacker stole 213 million XRP tokens from Larsen's wallet, transferring them to various trading platforms. Funds were routed through eight different wallets, with some going through intermediaries before reaching exchanges. Notably, one wallet, "rU1bPM4," had previous interactions with Larsen's wallet and sent funds to both intermediaries. Hacken's investigation suggests a complex network of transactions, hinting at possible insider involvement, but they stress it's too early for definitive conclusions. Unchained 

MicroStrategy (MSTR) reported below-expectation earnings, with its focus mainly on bitcoin during its conference call. Despite stock decline post-bitcoin ETF launches, MSTR argues active control over capital and innovation sets it apart from ETFs, maintaining its appeal to bitcoin investors. The company identifies as “the world’s first bitcoin development company,” emphasizing its commitment to bitcoin network development. MicroStrategy is a software consulting firm, but has shifted heavily to bitcoin since Mid-2020. Case in point, they just announced purchasing another 850 BTC for $37.5 million in January, adding to its substantial holdings. With 190,000 BTC valued at $8.2 billion, MSTR continues its Bitcoin investment strategy. This move follows a previous purchase of 14,620 BTC for $616 million in December 2023. MicroStrategy's founder, longtime (former CEO) and Chairman Michael Saylor, views BTC as a long-term, safe investment and inflation hedge. The company's stock has surged 240% since it began acquiring Bitcoin, positioning MicroStrategy as the largest public holder of BTC by far. Coindesk Decrypt 

📰 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:

  • Craig Wright Denies Forging Evidence He’s Satoshi on Day 2 of COPA Trial Coindesk
  • Farcaster is marrying social media and Web3 to onboard the masses Blockworks 
  • Genesis Seeks Approval to Sell Nearly $1.4 Billion GBTC Shares Unchained 
  • $120 million in XRP was stolen from Ripple Labs Executive Chairman Chris Larsen: $4.2M in Tokens Frozen on Exchange Coindesk 
  • Bitcoin price rises above $45,000 as miner selling pressure eases off: CryptoQuant The Block 
  • Dencun upgrade expected on March 13 to bring 'blobs' to Ethereum mainnet  The Block 
  • Bitcoin 'Power Law' Predicts $1 Million BTC Price by 2033—Here's How It Works Decrypt 

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

  • The global cryptocurrency market has reached a total market capitalization of CAD $2.42 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 52.5%, followed by Ethereum at 16.7%. 

Performance

  • Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, Solana, Avalanche, Cardano, XRP and Chainlink. 
  • Week over week, the value of Bitcoin (BTC) is up 12.73% and currently trading at $64,543, while Ethereum (ETH) is up 8.98%, now trading around $3,354. 

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week? 

  • Blockchain oracle pioneer Chainlink was up another 8% last week. LINK is now trading above $24 CAD, is is holding on to its #12 by market cap ($11B US) rank and is down around 60% from its ATH.  
  • One of NDAX’s 4 newest token listings, Optimism (OP; What is Optimism) finished the week on a high note as well: OP was up around 13%, is ranked #28 by market cap ($3.2B US) and is currently trading around CA $4.45.  
  • But the top performer of the week is another one of NDAX’s 4 newest token listings, Celestia (TIA: What is Celestia TIA?). TIA’s up 20% w/w (35% over the last 14 days), is ranked #27 by market cap ($2.3B US) and is currently trading around CA$27. 

As of 02/12/2024 12:00 AM EST, values in CAD. 

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

  • Feb 13 - January CPI
  • Mid April - Bitcoin block reward halving
  • May – SEC decision on BlackRock's Ether Spot ETF 

📖 Educational Resources


For those of you looking to learn more about bitcoin and crypto markets this week:

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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.

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