
Monday Market Report | August 7th - 14th, 2023
đ˘ 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, before we see you at Futurist Toronto tomorrow and WednesdayâCanada's largest Blockchain conference where our very own COO Tanim Rasul will once again take the center stageâa few relatively significant updates from Paypal, the Federal Reserve and the SEC. Itâs been one of those âregulatory weeksâ.
- According to research by Swiss-based crypto investment adviser 21e6 Capital, during the first half of 2023, buying and holding bitcoin (BTC) would have served investors better than investing in crypto hedge funds. The long and short of it is that hedge funds went into the year with larger cash positions to help mitigate risks following last year's events, making them slower to react to a bullish start to the year. The underperformance of altcoins relative to Bitcoin also took its toll. CoinDesk
- Defining how it plans to oversee banks that are engaging with firms involved with crypto asset and blockchain-related activities, the U.S. Federal Reserve this week announced a program to oversee banksâ crypto related activities. Depending on the extent of their engagement with these crypto firms, the degree of scrutiny will be determined ad hoc by the Fed, who will notify certain banks of routine monitoring, according to their exposure to the space... Unchained
- PayPal has steadfast been wading deeper into the crypto waters for the last several years, offering Bitcoin and subsequently opening up transfers to external, non-custodial wallets in June 2022. This week, they announced the launch of their new (Paxos Trust Company) stable value crypto asset (âstablecoinâ) called PYUSD. The product is â100% backed by US dollar deposits, short-term US Treasurys and similar cash equivalent,â said PayPal. For the time being, the discussion around PYUSD seems to be focused on regulatory issues (there is a âstablecoin billâ making its way into the Senate), as well as PayPalâs strategy for growing product usage and adoption: One thing is for sure: A user base of 435M active accounts is a great place to start. Blockworks
đ° 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:
- SEC punts on ARK 21Shares spot Bitcoin ETF, opens proposal to comments Cointelegraph
- Payments Giant PayPal to Launch Dollar-Pegged Stablecoin on Ethereum Decrypt
- SEC to Appeal Ruling on XRP in Ripple Case Unchained
- Congresswoman Maxine Waters Says Sheâs âDeeply Concernedâ About PayPalâs New Stablecoin CoinDesk
- Long-Term Bitcoin Holder Metric Hits New All-Time High Decrypt
- Cathie Wood expects another delay for ARK's proposed bitcoin ETF The Block
For more new stories, visit our LinkedIn
đ Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.58 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.7%, followed by Ethereum at 18.9%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ether, Alien Worlds, Shiba Inu, XRP and Dogecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 1.63% and is currently being traded at $39,491. Ethereum (ETH) is up 1.14% during the same period and is now being traded at $2,479.
Altcoin Spotlight:
- Hedera is up 15.54%*
- Shiba Inu is up 11.09%*
* over the past 7 days
As of 08/14/2023 2:00 AM EST, values in CAD.
Keep an eye on the market here đ Cryptocurrency Prices
đ Upcoming Events
Mark your calendars!
- Aug 25 â CME expiry
- Sept 1 â 1st SEC Deadline for BlackRock iShares ETF
- TBD â SEC Eth Futures Deadlines
đ Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Michael Saylor is an American entrepreneur, executive, inventor, author, and philanthropist. He is co-founder and Executive Chairman of MicroStrategy (MSTR), a publicly traded business intelligence firm founded in 1989. Michael is an advocate for the Bitcoin Standard www.hope.com and is the first CEO of a publicly listed company to make a long-term investment in Bitcoin. He founded and serves as the trustee for the Saylor Academy www.saylor.org a non-profit providing free education around the world. - Coin Stories w/ Natalie Brunell - Michael Saylor: Spot Bitcoin ETFs, The Halving, Bitcoin's Next Bull Run and Building Wealth
On the same day that bitcoin surged more than 3%, the Federal Reserve released some new guidance for banks it regulates around interacting with crypto and stablecoins. Does this clear a path for more active engagement or is it just codifying Operation Choke Point 2.0's pressure on banks to stay away from the sector. â The Breakdown w/ NLW â Did the Fed Just Institutionalize Operation Choke Point 2.0?
An environmentalist and climate tech investor recounts his personal discovery that Bitcoin is our most powerful tool to save the planet. - Bitcoin Magazine Opinion - COULD BITCOIN BE OUR BEST CHANCE TO MITIGATE RUNAWAY METHANE EMISSIONS?
- Preston interviews Bitcoin lobbyist Perianne Boring about the current activities happening in Washington DC around Bitcoin legislation. - Bitcoin Fundamentals w/ Preston Pysh - BTC142: BITCOIN POLICY UPDATE Q3 2023 W/ PERIANNE BORING
đ¸ Share your NDAX Affiliate link!
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.