Monday Market Report | March 27th - April 2nd, 2023

📢 Weekly TL;DR

Every Monday morning, 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.

📈 Weekly Moves

Market Summary:

• The global cryptocurrency market has reached a total market capitalization of CAD $1.57 trillion.
• DeFi TVL (Total Value Locked) is at $68.99B, down 9.25% in the last 24 hours. And the stablecoin market cap fell slightly by 0.09% to reach $179.27B.
• Bitcoin continues to lead the market with a dominance of 46.3%, with Ethereum behind at 18.5%.

Performance:

• Ethereum is currently the top trading pair on NDAX, followed by Bitcoin, XRP, Dogecoin, Cardano, Gala.
• Over the past 7 days, the value of Bitcoin (BTC) has decreased by 2.12% and is currently being traded at $37,398. Ethereum (ETH) is down 0.91% during the same period and is now being traded at $2,398.
  
  
• Other notable coin(s) include:
• Stellar (XLM) with an increase of 15.41% in the past week.
• Hedera (HBAR) with an increase of 13.78% in the past week.
• XRP (XRP) with an increase of 10.53% in the past week.
• EOS (EOS) with an increase of 5.41% in the past week.
• Cardano (ADA) with an increase of 5.31% in the past week.

Market Trends:

• On Friday, PCE (Consumer Price Expenditure) showed continued (if milder than expected) inflation.
• The US Bureau of Economic Activity published its February numbers: Inflation grew 4.6% YoY, 0.3% MoM (vs. expectations of 5.3% YoY, 0.4% MoM).
• Since 2000, the Fed has opted to track economic health using Core PCE as it is ostensibly less volatile than CPI. (“Core” excludes Food and Energy...)
• Whereas CPI measures changes in market prices for various goods, PCE tracks prices paid by consumers for those goods, and includes expenditures by rural customers, as well as 3rd party purchases on someone else’s behalf.
  
  
• A popular on-chain indicator for Bitcoin called Coin Days Destroyed reveals that despite rising prices, Bitcoin holders are doggedly refusing to part ways with any of their coins.

As of 04/03/2023 12:00 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:

• Chinese Banks Court (Newly Unbanked) American Crypto Firms in Hong Kong After Mainland Ban Bloomberg
• DC Law Firm’s White Paper Points to US Regulators Waging War Against Crypto Unchained
• Top U.S. Treasury Official: Crypto Had No ‘Direct Role’ In Bank Failures Coindesk
• El Salvador removes all taxes related to tech innovation for economic growth Cointelegraph
• Polygon zkEVM Mainnet Beta Goes Live; Ethereum’s Buterin Sends First Transaction Coindesk
• What the Ethereum Shanghai Upgrade Means for You, ETH, and the SEC Decrypt

📅 Upcoming Events

Mark your calendars!

• April 12 - Ethereum’s Shanghai Upgrade

📖 Educational Resources

Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:

• Chinese banks have been courting crypto startups in Hong Kong. – Coindesk’s The Breakdown w/ NLW: The USA’s Crypto Loss is Hong Kong and China’s Crypto Gain
  
  
• Preston Pysh has picked his top 5 favorite moments since being the host of the Bitcoin Fundamentals Podcast. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: PRESTON’S TOP 5 BITCOIN FUNDAMENTAL MOMENTS W/ MICHAEL SAYLOR, JEFF BOOTH, GIGI, ALEX GLADSTEIN, CORY KLIPPSTEN, & PABLO FERNANDEZ
  
  
• Uncle Sam made off with more than $215 million this month as it began to liquidate portions of seized bitcoin. – Bitcoin Magazine: THE US GOVERNMENT SOLD NEARLY 10,000 SILK ROAD BITCOIN

💫 Feature of the Month

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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.