Monday Market Report | 28 Nov - 4 Dec, 2022
📢 Weekly TL;DR
• Total Crypto Market Cap Reclaimed CAD $27B
• US Economy Adds 263K Jobs in Nov: Fed Hints at 50bps Rate Hike In Dec
• NDAX Chief Compliance Officer Julia Baranovskaya featured in CoinTelegraph Article on the State of Canadian Crypto Regulation. Read here.
• NDAX has been named one of the top 100 Canadian Web3 companies by Incubella Technologies
• NDAX is excited to partner with Ledger Enterprise to raise the bar for consumer protection in this industry, both here in Canada and around the globe. Read report here.
📻 Crypto News
FUNDING:
• Animoca Brands Plans a $2B Metaverse Fund – TheBlock
• Polychain Capital leads web3 developer platform Fleek’s $25 million raise – TheBlock
INDUSTRY:
• OpenSea sees Art Basel bright spots in gaming, storytelling – TheBlock
• Bitcoin, QQQ Correlation Dips to Lowest Level in More Than 3 Years – Blockworks
LEGISLATIVE ENGAGEMENT:
• Canada Crypto Regulation: Bitcoin ETFs, licensing and a digital dollar -- CoinTelegraph
• Policymakers crank the heat on new EU crypto laws in FTX hearing -- TheBlock
📝 Moves
• Bitcoin (BTC) CA$23,144 +6.53%
• Ethereum (ETH) CA$1,733 +10.57%
TOP GAINERS
• Uniswap (UNI) CA$8.53 +20.43%
• Litecoin (LTC) CA$111.49 +16.73%
• Avalanche (AVAX) CA$19.08 +16.62%
Visit our Prices Page for more
*As of 12/05/2022 1:50 AM EST
📊 Cryptocurrency Market Overview
Regulatory scrutiny has been the theme of the week–in Europe, Washington, and Brazil, where the new administration is implementing new guidelines. Incentivized by recent events, consumer protection is the name of the game.
Here at home, our own CCO Julia Baranovskaya provided an excellent breakdown for a recent CoinTelegraph piece breaking down this process and the current climate in Ottawa (See article here).
As far as markets are concerned, the second week of gains has done little to alleviate frustration in crypto markets… But at least Bitcoin's correlation to traditional equity markets is at a 3-year low (Silver linings, folks!). Could these be the seeds of the Decoupling?
Time will tell. In the meantime, we'll keep a close eye on Bitcoin miners, economic indicators, and regulatory developments.
- Yours in the #Hodl
📈 Bitcoin Technical Analysis
• Bitcoin CAD $22K support held for another week
• After a brief mid-week dip below CAD 21.7K, BTC rallied and has been holding steady close to $23K
• Current resistance levels: $24,500 - $26,000
• Current support levels: $22,000 - $21,000
📰 What We’re Reading
• How The IMF & World Bank Repress Poor Countries And Funnel Their Resources to Rich Ones – Bitcoin Magazine
• CBDC Will Give Private Players Unfair Advantage, US Reps Warn - Blockworks
🎙️ What We’re Streaming
• Macro, Bitcoin and the Big Picture Power Shifts Remaking our World - CoinDesk
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
📅 Events
• Dec 13th - November CPI release
• Dec 14th - FOMC rate decision
• Dec 30th - CME futures expiry
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.