Monday Market Report | May 8th - 14th, 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.
Happy Monday, NDAXers— The number of the week, you ask?
- 40%: The new percentage of Bitcoin miner revenue associated with the processing of Bitcoin Ordinal and BRC-20 token transactions.
- Why does this matter? Until a few weeks ago that percentage was 2-3%. 😱
Plus, Bitcoin goes full DeFi as BRC-20 tokens launch on Uni—more below.
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.54 Trillion.
- Bitcoin continues to lead the market with a dominance of 46.4%, followed by Ethereum at 19.7%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Litecoin, Cardano, Ethereum, XRP, Dogecoin and Hedera.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 2.03% and is currently being traded at $36,790. Ethereum (ETH) is down 0.48% during the same period and is now being traded at $2,469.
Market Trends:
In addition to the Bitcoin infrastructure shakeup described above, there is progress on the regulatory front.
Texas has voted to add Crypto to its State Bill of Rights, while Florida moved decisively against a potential US CBDC. The new law bans the use of a federal CBDC “as money within Florida’s Uniform Commercial Code (UCC)”, as well as the use of CBDCs issued by foreign governments, and calls on other states to institute similar prohibitions.
Over a year after Biden signed his Executive Order on “Ensuring Responsible Development of Digital Assets” last March, the Dems do a full 180:
- Members of the House Financial Services Committee in charge of ‘brokering’ this new law seem blocked... While—
- Committee Chair Patrick McHenry sees the need to regulate the space. (Articles below.)
As of 05/15/2023 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:
- Florida governor signs CBDC bill into law, restricting some uses of US and foreign CBDCs CoinTelegraph
- Texas votes to add crypto to state’s Bill of Rights CoinTelegraph
- Joint U.S. House Hearing on Crypto’s Future Opens with Discord CoinDesk
- Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity CoinDesk
- Rewriting Crypto (an update from Washington DC) Politico
- Ethereum's beacon chain suffers another finality issue The Block'
📅 Upcoming Events
Mark your calendars!
- May 17 - Bitcoin Builders Conference Miami
- May 18 - Bitcoin 2023 Conference Miami
- May 26 – CME Futures Expiry
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
Another week, another crypto hearing, and this time the Democrats handed out talking points. NLW discusses how partisan the discourse around crypto and Bitcoin are becoming and assesses whether it is likely to be a winning political strategy. – The Breakdown w/ NLW: Congressional Gaslighting: For Crypto, the Partisan Ship Has Sailed
Preston interviews humanitarian, Alex Gladstein, about his new book, Hidden Repression: How the IMF and World Bank Sell Exploitation as Development. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – HOW THE IMF AND WORLD BANK SELL EXPLOITATION AS DEVELOPMENT W/ ALEX GLADSTEIN
- A court filing by the Chamber of Commerce found that the SEC’s slow and unclear regulatory actions have hampered innovation. Bitcoin Magazine - SEC SLAMMED BY U.S. CHAMBER OF COMMERCE FOR REGULATORY APPROACH TO CRYPTO
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