Monday Market Report | June 5th - 11th, 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!
In case your favorite media source has failed to make it eminently clear to you this week:
- Canada lost 17K jobs in May,
- In defiance of established sovereign lending incumbents (IMF & World Bank), El Salvador moved forward to secure $1B in commitments for a 241-megawatt volcano energy-powered Bitcoin mining operation. And—
- Despite regulatory crackdowns, BTC and ETH futures funding rates remain bullish.
📈 Weekly Moves
- The global cryptocurrency market has reached a total market capitalization of CAD $1.4 Trillion.
- Bitcoin continues to lead the market with a dominance of 47.8%, followed by Ethereum at 19.9%.
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, XRP, Cardano, Litecoin and Shiba Inu.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 4.50% and is currently being traded at $34,414. Ethereum (ETH) is down 7.68% during the same period and is now being traded at $2,320.
For those of you who’ve perhaps been too scared to check the price of bitcoin (in light of this week's regulatory swagger), allow us to put your anxiety to rest:
- BTC closed the week down 5%, even as BTC and ETH futures funding rates remain exceedingly positive.
Case in point, Bitcoin dominance (a percentage of bitcoin’s value relative to the total crypto asset market cap) broke out of its 2-year range over the weekend to retest the neat, round 50%-of-market-share range. (Article below)
Back in April the CBC reported that:
- Bank failures haven't happened often in Canada. The Canada Deposit Insurance Corporation (CDIC), which insures deposits in Canadian banks, last handled one in the mid-1990s, and the Crown corporation has dealt with only 43 such incidents since it was established in 1967.
- “Only” 43.
- So since 97.7% of those “incidents” occurred between the CDIC’s 'incorporation’ in ‘67 and... 30 years ago.
- And given the continued stress in the banking sector—specifically this week, in another deemed ‘Globally Systemically Important Banks’ (GSIBs) by the FSB (Financial Stability Board), ironically headquartered in the same country whose Central Bank just made $10B of public funds available to UBS (the posterchild GSIB...
- That the Canadian economy lost 17K jobs in May, and—
- That Canada now looms tall as the nation with the highest rate of consumer debt to GDP of the G8.
Yours in the hodl.
As of 06/04/2023 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:
- Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market Coindesk
- Funding Rates for Bitcoin, Ether Remain Positive, Indicating Bullish Sentiment CoinDesk
- El Salvador's Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine Coindesk
- UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover CNBC
- US court rejects Fed’s motion to dismiss Custodia Bank case CoinTelegraph
- Digital Asset Trust Firm Bitgo Sets Sights on Prime Trust Acquisition Blockworks
- Circle’s public listing plans undeterred by latest SEC actions Blockworks
For more new stories, visit our LinkedIn
📅 Upcoming Events
Mark your calendars!
- June 13 – CPI Numbers
- June 14 – Next FOMC (Fed) Rate Decision
- 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:
Operation Chokepoint 2.0 hasn't stopped savvy tradfi investors from smelling an opportunity. This week, revealing and emblematic comments from the leader of Soros' funds show how tradifitional financiers are seeing opportunity in the carnage. – The Breakdown w/ NLW – TradFi Wants to Run Crypto
- A refreshingly Canadian take on the ongoing banking crisis by Canadian entrepreneur and bitcoin mainstay Brad Mills: Big banks are failing and economic regulators are running out of options. How can you protect your wealth? - Bitcoin Magazine - IS YOUR MONEY SAFE DURING THE BANKING CRISIS?
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