Monday Market Report | June 19th - 25th, 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!
Let us not bury the lead here, shall we, dear prescient crypto asset investors?
- Following BlackRock’s foray into the Bitcoin ETF scrum, several other very large institutions followed suit.
- Consequently, w/ a price amplitude of 19%, Bitcoin closes the week up 14% week over week, leaving every American stock index (again, firmly) in the dust.
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.54 Trillion.
- Bitcoin continues to lead the market with a dominance of 49.9%, followed by Ethereum at 19.2%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, XRP, Litecoin, Cardano, Compound and Polygon.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 14.04% and is currently being traded at $39,360. Ethereum (ETH) is up 8.53% during the same period and is now being traded at $2,444.
Market Trends:
- According to a new study by leading on-chain analyst Glassnode, long-term Hodlers (bitcoin addresses with a history of not selling), are adding about +42K BTC to their stacks every month.
As of 06/26/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📰 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:
BTC Price Action
- Bitcoin Hits One-Year High, Soars Past $31.3K CoinDesk
- Bitcoin Breaks $30K Amid TradFi Push Into Crypto CoinDesk
- The Week On-Chain (Bitcoin On-Chain Analytics) Glassnode Insights
Other News
- Circle was SVB’s biggest client: report Blockworks
- Jack Dorsey-backed Lightning Dev Kit releases simpler kit for running node The Block
- First leveraged bitcoin futures ETF will launch Tuesday, Volatility Shares says The Block
- Twitter hacker behind infamous 2020 breach sentenced to 5 years in prison Mashable
- Google launches ‘Anti Money Laundering AI’ after successful HSBC trial - Cointelegraph
- UK government moves forward on financial markets bill for potential regulation of crypto - Cointelegraph
For more new stories, visit our LinkedIn
📅 Upcoming Events
Mark your calendars!
- June 30 – CME (Chicago Mercantile Exchange) Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Preston interviews Joe Carlasare and American Hodl chat about the Binance & Coinbase battle against the SEC. - The Investors Podcast Network - Bitcoin Fundamentals w/ Preston Pysh - The SEC vs. Binance and Coinbase - Joe Carlasare & Hodl
The theme of the last few weeks has been the institutional return to crypto. NLW fills in the gaps and puts the move in context. – The Breakdown w/ NLW – The Institutions Come Roaring Back to Crypto
- Trusts, ETFs, and Trojan Horses (A breakdown of BlackRock’s recent Bitcoin Trust Application) - Allan Farrington on Medium - Trust me, bro
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