ndax logo

Monday Market Report | July 31st - August 6th, 2023

Aug 07, 2023
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.

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%.


  • 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

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.