Monday Market Report | May 29th - June 4th, 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!
Last week in the Macr(ypt)o Economy:
- A Debt Ceiling Is Shattered (Until 2025)
- US Economy Adds 335K Jobs (vs. Expected 195K)
- US House Reps Seek to Muzzle SEC via New Crypto Bill Draft
📈 Weekly Moves
- The global cryptocurrency market has reached a total market capitalization of CAD $1.52 Trillion.
- Bitcoin continues to lead the market with a dominance of 45.9%, followed by Ethereum at 19.8%.
- XRP is currently the top trading pair on NDAX, followed Bitcoin, Litecoin, Ethereum, Solana, Cardano, Shiba Inu and Dogecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 5.30% and is currently being traded at $35,932. Ethereum (ETH) is down 2.93% during the same period and is now being traded at $2,499.
The question that’s been burning everyone’s digital asset investment strategy over the last several years: Which ones are Securities and which ones are Commodities?
- Determining a legal framework and methodology to determine this is what a new ‘comprehensive’ crypto bill seeks to define.
- The Draft was submitted Friday by the Congressional leaders of the House Financial Services Commission and Agriculture Committee but has yet to garner Democratic support.
- Why is the Agricultural Committee involved? Because they have historically legislated commodities like Corn, Cattle... and Bitcoin!
BTC—unlike for example, DeFi tokens this week—has been experiencing unusually low volatility (as compared to historical patterns or recently, to equities) and has begun to return to pre-pandemic level correlations (to equities--I.e., less—see articles below), and--
Though May added far more jobs than expected to the US economy (acting as a headwind to the Fed’s efforts to fight inflation), the Fed may be considering a rate-hike pause in June, giving the market some breathing room to see how their yearlong cycle of quantitative tightening is actually affecting the economy.
- It should be noted that after 14 months of QT and raising the benchmark lending rate at the highest pace on record, most of the progress was almost completely reversed in the last few months as a result of their dizzying effects on US Banks.
As of 06/04/2023 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:
- New US legislation could set out crypto pathway from security status to commodity The Block
- Bitcoin is now more stable than Amazon and Meta shares amid uncommonly low volatility The Block
- U.S. House Republicans Push for Crypto Oversight with Bill to Make SEC Play Ball Coindesk
- Market Focuses on Possible Hike ‘Skip’ in June After May Jobs Report Blockworks
- DeFi Tokens Rose in a Turbulent Week: CoinDesk Market Index CoinDesk
For more new stories, visit our LinkedIn
📅 Upcoming Events
Mark your calendars!
- June 13 – CPI Numbers
- June 14 – Next FOMC (Fed) Rate Decision
- June 30 – CME (Chicago Mercantile Exchange) Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Today on The Breakdown, NLW wraps up the macro story that has dominated discourse for the last month. – The Breakdown w/ NLW: Debt Ceiling Deal: Unlimited Debt Until 2025
Preston Pysh interviews Anil Patel about his new book about the mental models around Bitcoin called, The Bitcoin Handbook. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – MENTAL MODELS FOR UNDERSTANDING BITCOIN W/ ANIL PATEL
- Disenchanted with social media options like Twitter, the reclusive Bitcoin programmer tells Forbes how he designed his chat-and-payment service for people who dislike corporate control. - Forbes Digital Assets - Meet @Fiatjaf, The Mysterious Nostr Creator Who Has Lured 18 Million Users And $5 Million From Jack Dorsey
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