Monday Market Report | June 26th - July 2nd, 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!
We hope you had a most glorious Canada Day celebration, with much room for fun times and reflection with loved ones.
- CoinDesk Released It’s Crypto Hubs 2023. Is Canada included? (Find out below.)
- According to WSJ, the SEC finds BlackRock and Fidelity’s recent Bitcoin Spot ETF Applications... inadequate.
- Bitcoin’s Largest Layer 2 Scaling solution Lightning Hits 2 new ATHs
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.6 Trillion.
- Bitcoin continues to lead the market with a dominance of 49.9%, followed by Ethereum at 19.4%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, Polygon, Compound, XRP, Fantom and Litecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 2.30% and is currently being traded at $40,471. Ethereum (ETH) is up 4.48% during the same period and is now being traded at $2,569.
Market Trends:
As you’ve heard from us over the weekend dear faithful NDAXers, we are excited to be building this industry with you, here at home in Canada (while raising industry standards worldwide!) Here is the story you most need to hear this week:
- Crypto adoption is growing.
That’s it. That's the week in review.
We’ve seen it time and again—it never stopped. Even during the bear market. And now that the bear market is ostensibly over? (Knock on wood!) No exception:
- At MasterCard, where a new blockchain 'app store’ is launched in beta
- On Bitcoin’s epic and thunderingly fast scaling and payments solution; Lightning(which hit new ATHs in BTC and $ capacity)
- In UK Parliament, where a crypto bill is making its way through, and
- In--of all places--North Carolina’s Senate (we’ll take that too!) and...
- Instead of coming right out and rejecting large and well-respected institutions’ Bitcoin Spot ETF Applications, now, the SEC is leaking their preferences to the WSJ instead.
The reason no one is saying “the institutions are coming!!” anymore, friends, is because they’re already here.
As of 07/03/2023 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:
- How Many Bitcoins Are for Sale? Glassnode Insights
- Lightning Network hits all-time high in bitcoin and US Dollar capacity The Block
- Crypto Hubs 2023: Where to Live Freely and Work Smart CoinDesk
- Bitcoin Tumbles on Report of SEC Saying Spot ETF Filings Inadequate CoinDesk
- Polygon proposes architecture for ‘Polygon 2.0,' including aggregator bridgeCoinTelegraph
- Franklin Templeton, BNY Mellon execs to co-chair CFTC digital asset panel The Block
- Mastercard to continue crypto foray with beta launch of ‘blockchain app store’Blockworks
For more new stories, visit our LinkedIn
📅 Upcoming Events
Mark your calendars!
- Jul 7 – US Jobs #s
- Jul 12 – CPI June Report
- 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:
Preston Pysh interviews Luke Gromen about all the macro current events happening in the 2Q of 2023. - The Investors Podcast Network - Bitcoin Fundamentals w/ Preston Pysh - THE FED PAUSE & Q2 CURRENT EVENTS W/ LUKE GROMEN
Today on Long Reads Sunday, NLW reads Noelle Acheson's "Why the Biggest Emerging Markets Are Turning to Crypto." – The Breakdown w/ NLW – BlackRock SchmackRock: For Emerging Markets, Bitcoin Means More than Gains
- A North Carolina House bill now going to the Senate would see the state treasury study virtual currency. - Bitcoin Magazine - NORTH CAROLINA HOUSE ADVANCES BILL TO STUDY VIRTUAL CURRENCY INCLUDING BITCOIN
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