Monday Market Report | July 31st - August 6th, 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.
Happy Holiday Monday, NDAXers. Over the past 7 days, more Bitcoin accepted for Presidential campaign donations, another illustrious firm gets behind Bitcoin’s pro-environmental reality, MicroStrategy DCA and lump sum sat stacking, and Ether ETFs applications inundate the SEC.
- Well, our favourite corporate hodlers are at it again, preparing to sell a whopping chunk of their stock to finance their next block of Bitcoin acquisitions. Vindicated—for now—by bitcoin price which has their famous reserve currency once again mostly in the black, MicroStrategy Chair Michael Saylor is apparently trying to raise three-quarters of a billion dollars to further pad their corporate treasuries with more of that digital gold. They currently hold about US$4.5B, and most notably recently continued their DCA strategy on June 28th by purchasing 12,333BTC at an average cost of US $29,668, totaling a quaint US$347,000,000. No biggie. CoinDesk
- A veritable tsunami of Ether Futures ETFs have washed ashore the SEC’s desk—the last week alone has seen no less than 11 Ether filings, all of which are for futures exchange traded products. Apparently ProShares alone has lodged four separate filings for Ether-based products over the last few days, including a dual BTC & ETH futures strategy ETF, a short Ether strategy ETF and an Ether strategy ETF. Make sure to consult our calendar section below to stay on top of expected SEC decision dates! Cointelegraph
- “Bitcoin is a Boon to ESG”. 😮💨 One month after the ESG tsar himself (BlackRock Chair Larry Fink) went on FoxBusiness to proselytize Bitcoin to the masses, this week, Top 4 Auditing firm KPMG released a research report exulting the potential green benefits of Bitcoin as an asset and payment network. They wrote “(Bitcoin) appears to provide a number of benefits across an ESG framework” through stabilizing energy grids, reducing greenhouse gas emissions and providing sustainable heat for commercial and residential properties. This is of course old news to bitcoin fans, but it’s always greatly validating to see other visionaries coming to the same conclusions. Blockworks
📰 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:
- Why is Bitcoin price stuck? CoinTelegraph
- Bitcoin's 'hard money' status reinforced by US credit rating downgrade The Block
- What is Metcalfe’s Law, and why does it matter? Cointelegraph
- Bitcoin ETF Approval Odds Just Got Better: Bloomberg Analysts CoinDesk
- Miami Mayor Francis Suarez to Accept Presidential Campaign Donations in Bitcoin Cointelegraph
- Worldcoin CEO defends token launch after criticism over unfair distribution The Block
For more new stories, visit our LinkedIn
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.55 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.7%, followed by Ethereum at 19.0%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Shiba Inu, Ether, XRP, Compound and Dogecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 0.12% and is currently being traded at $38,745. Ethereum (ETH) is down 0.94% during the same period and is now being traded at $2,450.
Altcoin Spotlight:
- Shiba Inu is up 11.74%*
- Hedera is up 4.30%*
* over the past 7 days
As of 08/07/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Aug 10 – July CPI reading
- Aug 11 – SEC response date for Ark 21Shares ETF
- Aug 25 – CME expiry
- Sept 1 – 1st SEC Deadline for BlackRock iShares ETF
- TBD – SEC Eth Futures Deadlines
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
NLW explores a range of reactions to Fitch's decision to downgrade US sovereign debt from AAA to AA+ from the political responses to the market response to the shoulder shrug of people who don't think it's really possible to compare the US to anyone else. – The Breakdown w/ NLW – Is the US Credit Rating Downgrade a Nothingburger?
Bitcoin Core's methodical development fuels the idea that “nothing is happening on Bitcoin,” but innovation is actually robust. - CoinDesk Opinion - Bitcoin Venture Capital Is Anything but Boring: Crypto Long & Short
Preston Pysh interviews Alex Leishman, the Founder of River Financial, about whether the lightning network can scale at a level that supports global finance. - Bitcoin Fundamentals w/ Preston Pysh - CAN BITCOIN LIGHTNING SCALE GLOBALLY W/ ALEXANDER LEISHMAN
- Brian De Mint is the Chief Marketing Officer for the Orange Pill App, building out the Bitcoin Social Layer and connecting Bitcoiners in real life. - Coin Stories w/ Natalie Brunell - Brian De Mint: The Orange Pill App, Bitcoin's Social Layer and Merchants, Altcoin Manipulation
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