Monday Market Report | March 6th - 12th, 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.
Last week was undoubtedly a tumultuous one in markets and across the board. As you may have heard, a couple of banks instrumental to the crypto industry folded up shop. This and the appointed Chairmen of the Federal Reserve and the Securities Exchange Commission fared no better:
- Jerome Powell was grilled by politicians on both sides of the aisle in Congress.
- While Gary Gensler’s SEC lawyers were challenged in court, where Judges sided with opposing counsel in not one, but two separate judicial proceedings (DCG/Grayscale and Binance/Voyager).
📈 Weekly Moves
- The global cryptocurrency market has a total market capitalization of $1.41 trillion.
- Bitcoin continues to lead the market with a dominance of 42.3%, with Ethereum behind at 19.1%.
- Bitcoin is currently the top trading pair on NDAX, followed by Ether, XRP, Fantom, Terra Classic and Shiba Inu.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 1.43% and is currently being traded at $30,860. Ethereum (ETH) is up 3.79% during the same period and is now being traded at $2,180.
- Other notable coin(s) include:
- Cardano (ADA) with an increase of 3.35% in the past week.
- Polygon (MATIC) with an increase of 2.53% in the past week.
- XRP (XRP) with an increase of 2.50% in the past week.
- Stellar (XLM) with an increase of 2.29% in the past week.
- Avalanche (AVAX) with an increase of 1.84% in the past week.
- Two banks failed last week, ostensibly victims of poor (risk) management, compounded by bank runs and, of course, politics, short sellers, and undeniable economic and market pressures:
- Silvergate Capital (one of the earliest banks to service Bitcoin companies and the nascent crypto industry at large), followed on Friday by–
- Silicon Valley Bank, the 16th largest in the US and the 2nd largest failure of its kind in the country’s history. (See News items below)
- NFTs continue to make headlines:
- Yuga Labs’ Bitcoin Ordinals collection sells out grossing the organization about $16.5M US
- NFTs in the Louvre. (So if the French believe it, surely NFT’s are art then, right?)
As of 03/13/2023 2:00 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:
- Silvergate, Grayscale and USDC depeg: Three big stories this past week The Block
- Grayscale Win Over SEC Might Not Change Much, Industry Watchers Say Blockworks
- U.S. Lawmakers Met With Fed, FDIC to Discuss Collapse of Silicon Valley Bank: Source Coindesk
- USDC Stablecoin Depegs, Crypto Market Goes Haywire After Silicon Valley Bank Collapses Coindesk
- Failed tech bank SVB held over $5B for prominent crypto VCs: Report Cointelegraph
📅 Upcoming Events
Mark your calendars!
- Mar 14 - February CPI Numbers
- Mar 22 - FOMC Rate Decision
- Mar 31 - CME Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
- California regulators shut down the bank Friday after reportedly failing to find a buyer. – Coindesk’s The Breakdown w/ NLW: The 2nd Biggest Bank Failure In American History: Silicon Valley Bank Is No More
- Preston Pysh has picked his top 5 favourite 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
- Investment strategist Lyn Alden discusses her own Bitcoin journey, encountering skeptics and the industry’s male skew. – Bitcoin Magazine: LYN ALDEN ON FINDING BITCOIN, SKEPTICISM AND INCLUSION: ‘MONEY IS FOR EVERYONE’
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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.