Monday Market Report | March 25th - April 1st

Apr 01, 2024

byNDAX Labs

📢 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.

Dear NDAXers—you will find no April fools jokes in this week’s market recap.

“So... Is this early-Bitcoin bull market correction over? Ooorr...”

Degens betting on convict-SBF’s prison sentence? A thin spread indeed...
Ethereum Dencun: “Here’s some Blobs”. The Internet: “Blobscriptions”. And--
How much tokenized US treasuries are now on public blockchains? 🤔

...The cryptoverse: “We’re so back.”

Convicted criminal (founder of FTX) Sam Bankman-Fried finally faced a sentencing hearing following his recent guilty verdicts on seven counts of fraud, money laundering, and conspiracy for misusing over $8 billion in customer funds. The sentencing decision awaited by Bankman-Fried and his family was also of interest to numerous gamblers who bet on the length of his prison term. His previous lawyers proposed a reduced sentence of 5 to 7 years, arguing against a "grotesque" century-long term, while the government urged for 40 to 50 years to reflect the severity of his actions and deter others from financial misconduct. Decrypt

Ethereum's new "blob" data storage system faced its first major test when a project called Ethscriptions introduced "blobscriptions”—a way to inscribe data onto blobs (à la Bitcoin’s so-called Ordinals Inscriptions). This sent blob fees soaring. (Blobs, recently activated as part of Ethereum’s just-passed Dencun upgrade, were in fact introduced to reduce fees on Ethereum Layer-2 scaling solutions/protocols). With their base fee hitting a whopping 582 gwei ($266) on March 27th, an abrupt end to the "blobs are free" party was provided in timely fashion. As one observer wryly noted, March 27th will be remembered as the day the EIP-4844 blob discount closed, courtesy of Blobscriptions. Though Vitalik Buterin acknowledged blobs are not truly free, he maintained they remain much cheaper than the old calldata system. The scaling work continues, with blobs having passed their first chaotic crypto-initiation. Coindesk

The tokenization of boring old U.S. Treasuries on public blockchains like Ethereum and Polygon has surpasssed the $1 billion mark. Franklin Templeton's BENJI token reigns supreme for now with over $360 million locked (having gotten in on the action early in 2021), but the real headliner is BlackRock crashing the party with its BUIDL fund growing an eye-popping 400% in just a week to $245 million. Watchdogs say this "brings legitimacy" to public chains over those clunky private (permissioned) ones like JPM’s Onyx. A medley of other players like Ondo Finance are along for the ride, with Ondo now the largest BUIDL holder backing its own fund. The Block

📰 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:

Blob base fee surges, Ethereum misses slots as ‘BlobScriptions’ go viral Blockworks
Not just the halving: Why analysts are bullish on Bitcoin in 2024 Cointelegraph
Bitcoin price falters as macroeconomic and regulatory headwinds mount Cointelegraph
'Not nearly long enough': World reacts to SBF's 25-year prison sentence The Block
Bitcoin, Ether Could Witness Upside Volatility as $15B Options Expiry Looms Coindesk
Dogecoin Bets Jump to $2B as Price Reaches Highest Level Since 2021 Coindesk

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2.64 Trillion.
Bitcoin continues to lead the market with a dominance of 52%, followed by Ethereum at 16.2%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Ether, Dogecoin, Solana, Shiba Inu and XRP.
After slowly regaining lost ground over the past few weeks, Bitcoin continued its slow comeback to end the month. BTC ended the week up around 5% (with a weekly amplitude—volatility—of 8%) and is now trading somewhere between the CA$95K and $97K levels. (At time of writing. Have you installed NDAX’s new price widget on your phone yet?)

As of 04/01/2024 10:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Mid-April- At block height 840,000; The Bitcoin Halving
May – SEC Decision on BlackRock's Ether Spot ETF Decision

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.

Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.