Monday Market Report | July 10th - 16th, 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 Monday, NDAXers!
Here are the latest updates from the cryptocurrency world:
- On July 13, a US judge partially ruled that Ripple did not sell unregistered securities. CoinDesk
- Russia’s State Duma – the lower chamber of the local parliament – passed the digital ruble bill. CryptoPotato
- Celsius Network's Alex Mashinsky has been arrested as the SEC, CFTC, and FTC sue bankrupt crypto lender. CoinDesk
- Silk Road-Linked Bitcoin worth $300M has been moved by the U.S. government, according to on-chain data. CoinDesk
- Europe's first spot Bitcoin ETF is eyeing a 2023 debut after a year-long delay. CoinTelegraph
- Polygon has proposed upgrading MATIC tokens to become POL. The Block
- Ethereum activity is on the rise as on-chain metrics print fresh highs. Blockworks
- The SEC has acknowledged ETF applications from Fidelity, VanEck, WisdomTree, and Invesco Spot. Cryptonews
- The Australian Securities Exchange has received its first spot Bitcoin ETF application. Blockworks
- Financial records reveal that presidential candidate Robert F. Kennedy Jr. owns up to $250,000 in Bitcoin. CoinTelegraph
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.61 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.5%, followed by Ethereum at 19.1%.
Performance:
- XRP is currently the top trading pair on NDAX, followed Bitcoin, Ethereum, Dogecoin, Compound, Stellar and Cardano.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 0.06% and is currently being traded at $39,968. Ethereum (ETH) is up 3.57% during the same period and is now being traded at $2,544.
Market Trends:
Last week, when a judge was rumored to have sided with Ripple (the company behind popular crypto asset XRP) in their suit against the SEC (the Securities Exchange Commission), XRP’s value increased so aggressively, the asset entered the coveted Top 5largest crypto assets by market cap.
Just when we thought the industry had turned a corner following BlackRock ‘s CEO Larry Fink’s bullish take on Bitcoin as a technology and its prospects for the future last week, it appears that we’re not quite done with bad actors in the space just yet. The U.S. Department of Justice has accused the former CEO of Celsius of orchestrating a "years-long scheme to mislead customers."
And hopefully, on a more positive note, Russia’s Duma (the lower house of the Federal Assembly of Russia) announced the passage of a law on a new CBDC and “the implementation of cashless payments using this form of national currency.
As of 07/17/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Jul 7 – US Jobs Cooled in June according to WSJ & NYT, Equities Rally
Five Takeaways From the June Jobs Report – The Hill
- Jul 12 – CPI June: “Inflation Cooled to 3%”
US Inflation Hits Two-Year Low, Giving Hope for End to Fed Hikes - Bloomberg
- Jul 26 – FOMC/ Fed Interest Rate Decision
- Aug 13 – Deadline for SEC Response to Ark 21Shares ETF
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
The latest and greatest LLM tools released by Lightning Labs make use of what’s known as L402 — but what is L402? - Bitcoin Magazine - WHAT IS THE LIGHTNING HTTP 402 PROTOCOL, AND WHY IS IT IMPORTANT?
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
NLW covers the latest in the Prometheum saga as Senator Tommy Tuberville and a handful of others have sent a letter to SEC Chair Gary Gensler and others asking for an investigation around Prometheum's recent Congressional testimony and their alleged ties to the Chinese Communist Party. – The Breakdown w/ NLW – Senators Question Prometheum's Ties to CCP
- Preston interviews author Jason Maier about the progressive's case for adopting Bitcoin. - The Investors Podcast Network - Bitcoin Fundamentals w/ Preston Pysh -BTC138: A PROGRESSIVE’S CASE FOR BITCOIN W/ JASON MAIER
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