Monday Market Report | March 4th-10th

Mar 11, 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.

Another week, another new ATH—this time also in USD—1.5 months pre-halving. What’s next?

Should options trading be allowed for Bitcoin Spot ETFs? The SEC.
“No Bitcoin heroes”; but these two are back at it... Care to guess who? And—
A new ATH followed by a 14% price dump? Trad Fi; welcome to Bitcoin. 👀

The US Securities and Exchange Commission (SEC) has bunted their decision on whether or not to allow CBOE (Chicago Board Options Exchange) to list and trade options on Bitcoin exchange-traded funds (ETFs), originally applied for in January. The delay extends until late April. Options provide a means to hedge risk by buying or selling financial products at predetermined prices within specific timeframes. Cboe, NYSE, and Nasdaq are all seeking to offer options on various ETFs. Grayscale, with $26 billion in assets under management, supports NYSE's rule change proposal for options on its GBTC fund. They advocate for consistent approval processes for options products across all commodity ETFs. Blockworks

MicroStrategy—back at it again—has increased its convertible debt offering to $700 million from $600 million, aiming to 'ape into’ more Bitcoin. The notes, issued with an interest rate of 0.625% per annum, mature in March 2030, with potential redemption in March 2027. Initial purchasers have an option to buy an additional $100 million worth of notes. MicroStrategy expects proceeds of $684 million to $782 million, with plans to close the offering on March 8. The company's stock surged over 20% amid the announcement. (MSTR recent purchased 3000BTC and currently holds 193,000 BTC.) In related news, Arkham Intelligence revealed Bitcoin holdings for Elon Musk's companies Tesla and SpaceX—11,510 BTC ($780m) and 8,290 BTC ($560m), respectively—aligning with their financial reports. Tesla is the third-largest public BTC holder, with over 9,720 BTC. SpaceX's BTC holdings, not publicly disclosed, saw adjustments of $373 million from 2021 to 2022, including sales. Pfft. Paper hands! Blockworks and CryptoSlate

If “conservative” capital had been waiting on the sidelines for Bitcoin to prove itself before dipping their toes, last week’s new ATH may have provided that confirmation: As Bitcoin surpassed $69,000 before its—ahem—mild price correction, BlackRock's bitcoin ETF saw a new record ($788m) inflow amid the surge. Despite the subsequent 14% drop to around $60,000, analysts suggested there was no need for panic, citing normal volatility. Traditional finance—meet Bitcoin, Bitcoin—Trad Fi. The iShares Bitcoin ETF led trading volume at $3.7 billion, followed by Grayscale and Fidelity funds. Bitcoin (and stock markets also) rebounded after Tuesday's selloff, with S&P 500 and Nasdaq gaining 0.7% and 0.9% respectively. Decrypt

📰 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:

Crypto PAC-backed candidates sweep in US election primaries Blockworks
Ethereum’s Dencun Upgrade Could Mean Near-Zero Fees for Layer-2 Blockchains: Fidelity Digital Assets Coindesk
Bitcoin 'V-Shape' Recovery Opens Way for $76K Price Target: Swissblock Coindesk
State attorneys general argue SEC overstepped in lawsuit Cointelegraph
Wells Fargo, Merrill to offer bitcoin ETFs to wealth management clients: Bloomberg Blockworks
‘Only a few’ Ethereum L2s will survive the next 5 years: Manta co-founder Cointelegraph
Cheatsheet: Ethereum sees net validator outflow for first time in 6 weeks Blockworks

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2.6 Trillion.
Bitcoin continues to lead the market with a dominance of 51.9%, followed by Ethereum at 17.9%.

Performance

Gala is currently the top trading pair on NDAX, followed by Shiba Inu, Bitcoin, Ethereum, Solana, XRP and Algorand.
Week over week, the value of Bitcoin (BTC) is up 8.05% and currently trading at $92,240, while Ethereum (ETH) is up 11.17%, now trading around $5,194. Top Weekly Movers @ NDAX

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week?

Still down around 75% from its all-time high, Near Protocol’s token NEAR (in spot #23 with a market cap of $5.8B) was up over 42% on the week and is currently trading above CA$7.5
Week over week, DeFI layer one protocol Fantom’s token gained healthily—by about two thrids. FTM is still down by 3/4s from its ATH, but is back trading around CA 72¢, with a market cap over $2.2B US, ranked #54.
But the top performer of the week, again, was everyone’s favourite cute canine inspired meme coin SHIB (up an astounding 130%), with a market cap of $18.8B (#11) trading around 0.0032¢.

As of 03/10/2024 1:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Mar 12 - February CPI #s
Mar 13 – ETH Dencun Upgrade
Mar 20 - FOMC Rate decision
Mid-April- At block height 840,000; The Bitcoin Halving
May – SEC Decision on BlackRock's Ether Spot ETF Decision

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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.