Monday Market Report | Jan 30th-Feb 5th, 2023
📢 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 central bank guidance, what markets are telling us and continued regulation by enforcement from the SEC and CFTC.
- Last week the BoC hinted at what might come from the Fed this week–and the hint was a dead giveaway: Their benchmark lending rate will also rise .25%.
- The US economy accelerated last month, adding 517k new jobs.
- Bitcoin may be the best-performing asset of 2023, but the NASDAQ is having its best start to the year since 1975.
📈 Weekly Moves
The global cryptocurrency market has a total market capitalization of $1.43 trillion.
- The DeFi market cap is at $69.19B, up 30% in the last 24 hours. Stablecoin's market cap saw a slight decrease of 0.04% to reach $185.59B.
Bitcoin continues to lead the market with a dominance of 41.5%, with Ethereum closely behind at 18.7%.
- Bitcoin is currently the top trading pair on NDAX, followed by Tether, Terra Classic, Ether, XRP and Shiba Inu.
- Bitcoin (BTC) has seen a loss of 2.95% in the past 7 days, currently trading at $30,657.
- Ethereum (ETH) has seen a gain of 0.12% in the past 7 days, currently trading at $2,178.
Other notable coins include:
- The Graph (GRT) with an increase of 37.95% in the past week.
- Shiba Inu (SHIB) with an increase of 20.36% in the past week.
- Fantom (FTM) with an increase of 18.32% in the past week.
- Polygon (MATIC) with an increase of 4.23% in the past week.
- There is a debate raging in the Bitcoin community over some JPEGs affixed to recent bitcoin transactions… Are these ‘legitimate’ uses of BTC–or grounds for censure?
- Markets may be up across the board, but the crypto industry dogfights rage on:
- SBF accused of misusing Robin Hood shares
- Alameda is suing Voyager for $450M
- Courts grant BlockFi permission to sell mining assets
- The SEC is now looking into GBTC advertising–in addition to ongoing litigation.
As of 02/06/2023 12:00 AM EST
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:
- Ripple Bought $8.4B XRP Since SEC Lawsuit ‘To Support Healthy Markets’ Blockworks
- US CFTC Chief Promises More ‘Precedent Setting’ Crypto Enforcement Cases CoinDesk
- Australia introduces classification for crypto assets CoinTelegraph
- Fed announces smallest interest hike in a year as inflation ‘eases somewhat’ The Guardian
- Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy Decrypt
📅 Upcoming Events
Mark your calendars!
- Feb 14 - CPI
- Feb 24 - CME Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
- Are on-chain Bitcoin NFTs an interesting innovation or a censorable misallocation of resources? – Coindesk’s The Breakdown w/ NLW: A Primer on the Debate Around Ordinal Inscriptions, aka Bitcoin NFTs
- Digital gold mining companies suffered harsher drawdowns than their legacy counterparts in 2022. – Bitcoin Mag, Zack Voell: Bear Market Setbacks Have Left BTC Miners Behind Their Gold Counterparts
- The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: Bitcoin and the Creator Economy w/ Justin Rezvani
💡 Weekly Coin Profile
This week, we're taking a closer look at The Graph (GRT).
GRT is a cutting-edge DeFi token that is dedicated to improving the experience of using decentralized finance products. The token operates on a highly advanced blockchain platform, providing users with fast, secure and scalable transactions. With its focus on reducing transaction costs and increasing scalability, GRT is setting the standard for DeFi tokens.
With a market cap of CA $1.5B, GRT has seen significant growth in recent times, with a 38% increase in value over the past 7 days. The token has a circulating supply of 8.8B GRT.
GRT is not just a token for trading, it also plays an important role in the governance and functioning of the GRT network. GRT token holders can participate in staking, voting, and other key decision-making processes.
💫 Feature of the Month - Valentine's Day Gift Feature
Valentine's Day is coming up and it's time to get creative with gifts. Instead of the usual chocolates, flowers, or dinner dates, try giving cryptocurrency 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.
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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.