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Monday Market Report | Nov 14 - 20, 2022

Nov 21, 2022
byNDAX Labs

📢 Weekly TL;DR

• BTC price stayed relatively stable amidst the uncertainty, ETH less so

• The GOP took control of the House, increasing the likelihood of swift crypto regulation and clarity for the industry

📻 Crypto News


• Startup Arkon Energy Raises $28M to Further Expand Into Green Mining – CoinDesk

• Matter Labs Raises $200M to Scale Ethereum With zkSync Solution – Decrypt

• $138B investment manager Man Group to launch crypto hedge fund – CoinTelegraph


• Dollar Cost Averaging Would Have Saved El Salvador $18M – Blockworks

• Bitcoin Holds Steady Over $16K Amid Widening FTX Fallout – CoinDesk


• Grayscale Hoping for SEC Win, Others Say GBTC Needs To Act Faster - Blockworks

• Republicans win control of House of Representatives: Crypto Regulation - The Block

📝 Moves

BTC  CA $21,734 +2.84%

ETH  CA $1,512  -3.06%

LTC  CA $81.78 +13.01%

XRP  CA $0.48  +11.10%

HBAR  CA $0.06 +7.80%

Visit our Prices Page for more

*As of 11/21/2022 1:00 AM EST

📊 Cryptocurrency Market Overview

Following another week of fear and uncertainty in crypto markets, bitcoin continued trading sideways–and even eked out a new price range between CAD$21.5K and CAD$23K.

But recent events have battered the industry, inflicting damage that only time and a slow, gradual rebuilding of trust can begin to heal. But heal it will.

So, what are the silver linings here?

  • Regulatory clarity is sure to come sooner than later.
  • Market participants have witnessed firsthand the risks inherent to crypto lending platforms and entrusting one’s keys to the wrong custodian.
  • The industry will demand higher standards of its participants, as well as safeguards to ensure them.

Again, we are reminded why bitcoin was invented in the first place.

- Yours in the #Hodl

📈 Bitcoin Technical Analysis

• In the wake of FTX induced panic and contagion, Bitcoin held its own.

• Current resistance levels: $24,500 - $26,000

• Current support levels: $22,000 - $21,000

📰 What We’re Reading

• The Challenges of Bitcoin Adoption Aren’t Stopping Salvadorans – Bitcoin Magazine

• 'Hyperbitcoinization' Coming to an Emerging Market Near You, Ray Youssef - CoinDesk

🎙️ What We’re Streaming

• Michael Saylor on #Bitcoin and #Crypto in the wake of #FTX Collapse – Coin Stories w/ Natalie Brunell

• THE US FED & TREASURY NEED BITCOIN W/ LUKE MIKIC - The Investors Podcast – Bitcoin Fundamentals w/ Preston Pysh

• The Week On-chain: FTX Fallout and the Rise of Self-Custody - Glassnode – Onchain Analysis

📅 Events

• Dec 14th – FOMC Interest Rate Decision

🔎 NDAX Feature

Did you know you could set your Dollar Cost Averaging on Autopilot with the NDAX Recurring Purchase feature?

Dollar-cost averaging allows you to buy smaller amounts of an asset over a long period of time at different prices. As the cost of assets moves in a zigzag manner, investing at regular intervals allows you to buy an asset at an average price versus buying a huge chunk at one price point.

🕑 Invest consistently

Recurring purchases are an effective solution for traders looking to invest at an average price over a longer timeframe.

📈 Forget complex price movements

As more institutional and retail investors enter the crypto markets, prices of cryptocurrencies are gaining stability. However, you may still not want to take any significant risks with your money by trying to time the market.

💰 No need for a large sum of money

Investing a considerable amount at once is not possible for everyone. The dollar-cost average approach can be a good choice for investors looking to slowly enter the cryptocurrency market.

Upon login, Recurring Purchases are 6th from the top of the main left-hand menu/navigation bar.

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.