Monday Market Report | May 15th - 21st, 2023
📢 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.
Happy Monday, NDAXers!
Here’s to the long weekend; we hope you’re touching grass, sand, or lake water.
- USD Stablecoins are ditching the currency to which they are ostensibly pegging their value.
- Crypto cold storage mainstay Ledger faces massive user backlash, and--
- The US Government is one of the largest BTC Whales in the world.
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.51 Trillion.
- Bitcoin continues to lead the market with a dominance of 46.4%, followed by Ethereum at 19.4%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, XRP, Shiba Inu, Dogecoin and Gala.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 2.38% and is currently being traded at $35,997. Ethereum (ETH) is down 1.44% during the same period and is now being traded at $2,431.
Market Trends:
- USDC has decided to limit further systemic tail risks by cutting all of their exposure to US Treasuries.
- The US Government is now one of the largest hodlers in the world... (But not in the way we’re all hoping for):
- The U.S. Gov holds billions in seized BTC from criminal investigations. But—
- US Senator Cynthia Lummis and the Secret Service, among others, agree that Bitcoin is a godsend for Law Enforcement due to its open and public nature.
- Ledger launched a new Crypto Key Recovery product to much consternation.
- Whether or not there are indeed ‘backdoor’ risks inherent to new Ledger firmware code.
As of 05/22/2023 12:30 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:
- Is Ledger’s New Bitcoin Key Recovery Feature Safe? Coindesk
- Bitcoin cleans up the environment and helps catch criminals: US Senator Cynthia Lummis CoinTelegraph
- Bitcoin Hovers Below $27K as Fed Chair Powell Makes Modestly Dovish Comments CoinDesk
- Decreased Bitcoin Activity and Liquidity Point to Imminent Volatility Spike Blockworks
- The US government is one of the largest Bitcoin whales. What does that mean for the crypto market? The Block
For more new stories, visit our LinkedIn
📅 Upcoming Events
Mark your calendars!
- May 26 – CME Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
For most of the last few years, the US political establishment has been concerned about the risk that stablecoins might have for the mainstream financial system. This year, however, it's been the mainstream financial system wreaking havoc on stablecoins. NLW discusses Circle's move from longer-dated Treasuries to repo agreements, as well as Tether's new Bitcoin purchase plan. – The Breakdown w/ NLW: Will the US Default on Its Debt? Circle Ditches Treasuries and Tether Buys BTC
Preston interviews Bitcoin OG, Tuur Demeester, about inscriptions and what it means for L1 and L2 Bitcoin moving forward. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – INSCRIPTIONS & HIGH FEES ON BITCOIN L1 W/ TUUR DEMEESTER
- Making his first public appearance as a presidential candidate, Robert F. Kennedy Jr. outlined his vision for supporting Bitcoin and freedom in the U.S. Bitcoin Magazine - ROBERT KENNEDY JR. MAKES CAMPAIGN DEBUT AT BITCOIN 2023: ‘FREE MONEY IS AS IMPORTANT AS FREE EXPRESSION’
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