Monday Market Report | July 17th - 23rd, 2023
📢 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.
We are thrilled to introduce a slightly different format for your weekly recap. In this new approach, we'll kick things off with the most impactful headlines that caught our attention.
We value your feedback, and we encourage you to share your thoughts on these updates by emailing [email protected]. Your input is vital in making sure we deliver content that truly resonates with you! Thank you for being a part of our vibrant community!
Let's dive into the latest updates!
- According to Canadian Police, large crypto holders are being robbed in their own homes. Several instances have been reported and are being investigated by the RCMP in and around Delta-Richmond, BC. Stay safe, and don’t open up to anyone posing as a delivery or person of authority! - The Block
- U.S. House Republicans introduced a new digital assets oversight bill on Thursday that aims to establish a regulatory framework to protect investors in the crypto sector. “Today's introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” said Chairman of the House Committee on Agriculture Rep. Glenn “GT” Thompson (R-Pa.) in a statement. - CoinDesk
- A little out of left field—but an interesting story on crypto adoption in our G8 neighbors across the pond: After the passage of MiCA which has seen crypto companies move into France, 40% of French Gen Z crypto investors report entering space in last six months. Similar numbers are being surveyed in Germany, as well. - Blockworks
📰 Other Community News
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might also be interested in:
Federal Reserve’s ‘FedNow’ launch triggers Fresh speculation over digital dollar. - CoinDesk
Societe Generale's (GLE) cryptocurrency division, SG Forge, has become the first company to receive a license to offer crypto services in France from the country's financial regulator. - CoinDesk
UK financial watchdog FCA announces launch of permanent Digital Sandbox in August. - CoinTelegraph
A Republican-led effort to create new rules for crypto markets in the U.S, which has gathered momentum for months, could be headed for a Securities and Exchange Commission-sized speed bump. - The Block
Two new crypto bills debuted in the US House of Representatives and Senate this week. Now, the industry is weighing the potential impact while lobbyists speculate over whether the proposed laws will make it out of committee. - Blockworks
- U.S. Democratic presidential candidate Robert F. Kennedy Jr. unveiled a plan to exempt bitcoin (BTC) from capital gains tax when it is converted into U.S. dollars. -CoinDesk
For more new stories, visit our LinkedIn
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.57 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.6%, followed by Ethereum at 18.9%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed XRP, Ethereum, Stellar, Litecoin, Cardano, Dogecoin and Solana
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 1.97% and is currently being traded at $39,245. Ethereum (ETH) is down 3.32% during the same period and is now being traded at $2,461.
Altcoin Spotlight:
- Stellar is up 15.62%*
- Chainlink is up 14.41%*
- Hedera is up 1.01%*
* over the past 7 days
As of 07/23/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Jul 26 – FOMC/ Fed Interest Rate Decision
- Aug 13 – Deadline for SEC Response to Ark 21Shares ETF
- Sept 1 – 1st SEC Deadline for BlackRock iShares ETF
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
- The 16th-century genius didn’t just recognize that the earth revolves around the sun. He also saw that debased fiat currency couldn’t last. - Bitcoin Magazine - COPERNICUS’ LOST SECRET: THE QUANTITY THEORY OF MONEY
- Preston Pysh interviews John Dennehy about the non-profit Bitcoin educational program that gets over 5,000 in-person students per month. They talk about the curriculum and power of educating the world on Bitcoin. - The Investors Podcast Network - Bitcoin Fundamentals w/ Preston Pysh - EDUCATING THE WORLD ON BITCOIN W/ JOHN DENNEHY
- This week saw a number of crypto-related legislation introduced in Congress -- sometimes as amendments to other important bills. NLW breaks down why some think at least one of them amounts to a soft DeFi ban in the US. – The Breakdown w/ NLW – A Soft DeFi Ban in the USA?
- In 2018, Ammous authored The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling book on bitcoin. In 2021, he published The Fiat Standard: The Debt Slavery Alternative to Human Civilization. His latest book is Principles of Economics, a comprehensive textbook in economics in the Austrian school tradition. - Coin Stories w/ Natalie Brunell - Why Capitalism is Good & We Don't Need Inflationary Money. Principles of Economics with Saifedean Ammous
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