ndax logo

Monday Market Report | March 6th - 12th, 2023

Mar 13, 2023
byNDAX Labs

📢 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

Market Summary:

  • 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.

Market Trends:

  • 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:

💫 Feature of the Month

Earn more from your coins while you HODL! Stake your digital assets easily and collect rewards through regular payouts.

✨ Easy set-up and tracking

Set up your staking plan in seconds, and track your rewards in our intuitive dashboard. With NDAX, there are flexible plans, and you can partially or fully exit from your staking positions anytime.

💰 Earn passive income

Collect free crypto in your sleep by earning a competitive reward rate from your assets, with daily or weekly payouts. The more you stake, the more you’ll make!

🔐 Highest security

The crypto you stake never leaves our cold wallets, so you can rest assured that your staked assets are stored securely with the highest standards among the Canadian fintech industry.

How does staking work?

💡 The more you stake, the more you make.

By staking your crypto assets, you generate a reward for allowing the blockchain network to use the right in your staked assets to maintain the blockchain and validate new transactions. You do not have to transfer your crypto assets from your NDAX account, and your crypto always remains in your control, but by staking, you are entitled to a portion of the network transaction fees.

Learn more!

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.