Monday Market Report | Nov 7 - 13, 2022
📢 Weekly TL;DR
• US Midterm Elections: Largely–and bipartisanly–pro-digital assets
• Better than expected CPI #s; Tech Soared
➡️ NASDAQ saw huge gains
➡️ Crypto bounced as well
📻 Crypto News
• Compliance Firm TRM Labs Raises $70M as Crypto Crime Ticks Up – Decrypt
• European crypto VC LeadBlock Partners hits first close of $150 million fund - The Block
• FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns – CoinDesk
• Ontario Teachers Fund Sank $95M in Failed FTX Empire – Blockworks
• New Crypto-Friendly Politicians Headed to DC - Blockworks
• US senators commit to advancing crypto bill despite FTX collapse - CoinTelegraph
• BTC CA $20,980 -25.70%
• ETH CA $1561.99 -26.25%
• USDT CA $1.32 -1.98%
• XRP CA $0.43 -31.78%
• ADA CA $0.42 -24.40%
Visit our Prices Page for more
*As of 11/14/2022 1:00 AM EST
📊 Cryptocurrency Market Overview
Everything you need to know about what happened this week is listed in our News section above.
Though the Midterm Elections to our south failed to materialize this so-called Red Wave, Bipartisan support for bitcoin and digital assets–and clear guidance for their regulation–is better off by far today than it was a week ago.
As the industry reels from the collapse of one of its apparent stalwarts (delayed–apparently–as it was from Terra/3AC exposure), total crypto market cap took a 12-15% hit.
CPI Numbers surprised to the downside (so, to the upside in terms of desirability), sending risk assets mooning: Cold comfort for crypto holders whose favorite asset was down anywhere from 20-45%. (We will note however that Bitcoin was already being aggressively bought up before the CPI #s came out: More cold comfort as winter approaches, and yet, rages on.)
If you did not get the chance to read our statement this weekend, find it below.
- 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 - $25,000 - $26,000
• Current support levels: $22,500 - $21,500 - $21,000
🔎 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.
📰 What We’re Reading
• Honor Veterans By Adopting Bitcoin, Ending Forever War Funding - Bitcoin Magazine
• 'Hyperbitcoinization' Coming to an Emerging Market Near You, Ray Youssef - CoinDesk
🎙️ What We’re Streaming
• What US Midterms’ Lack of ‘Red Wave’ Means for Crypto - CoinDesk - The Breakdown w/ NLW
• Bitcoin Policy Update from Washington DC w/ Jason Brett - The Investors Podcast - Bitcoin Fundamentals w/ Preston Pysh
• Dec 14th – FOMC Interest Rate Decision
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.