Monday Market Report | November 13th to 19th

📢 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—Never a dull week in crypto: 

• New ETH ETF News from the SEC... 
• What do Canada’s Security Service concerns over AI-Generated Deepfakes have to do with Crypto? 
• Bitcoin doesn’t have spokes people like most of Web3 — why not let Michael Saylor shoot his shot... Read on for a laugh. 

While it may be easy for certain members of our industry to claim the SEC is shirking their responsibility to investors by postponing their decisions on various crypto exchange traded product (ETP/F) applications, Occam’s Razor dictates that we look at this as simply as possible: Why would the SEC create more work for themselves by delaying ETF applications if/when they are under no obligation to do so? The most logical answer is: They wouldn’t. Through our industry’s (necessary) tunnel vision, we often forget that the SEC isn’t just concerned with crypto, but also has a mandate to oversee and maintain orderly markets in traditional securities as well--I.e. stocks and other securities. The very fact that they’re delaying an ETF application instead of outright rejecting it, is, therefore, a good sign. (Dare we say a sign of... Progress?) The latest such product to be delayed was Grayscale’s Ether Futures ETF, filed in September. Decrypt 

The Canadian Security Intelligence Service (CSIS) expressed concern over the threat posed by AI-generated deepfakes and disinformation campaigns on the internet. Highlighting the growing realism of deepfakes and the challenge of detection, CSIS sees these as potential risks to Canadians and democracy. The report cites instances of deepfakes harming individuals and warns that the inability to prove the authenticity of official content may exacerbate the threat. Referring to incidents targeting crypto investors (including Elon Musk deepfakes), the agency emphasized the need for collaborative efforts among governments, allies, and industry experts. The Canadian government’s views are aligned with recent G7 agreements on an AI code of conduct to ensure ‘safe and trustworthy’ AI development. Cointelegraph  

In a hilarious article titled “Let Saylor Cook”, a little fun is (deservedly) poked at one of our favourite evangelist’s roles of late—one of Bitcoin’s great spokespeople. He starts off: “Crush carbon under a (…) million pounds of Earth, heat it up to 2,000 degrees, and you make diamonds. Subject a man to two decades of Wall Street shenanigans—from before the dot-com boom until now—and you get Michael Saylor. The (…) relentless Bitcoin bull is back in our feeds. In a recent podcast, Saylor huffed at the notion that buying almost $5 billion worth of bitcoin took “conviction.” Saylor says: “How many chairs are you sitting on right now? Are you all-in on the chair? The point is you put on one pair of glasses, one pair of AirPods. You look at me through one screen, you’re using one microphone. That’s one microphone—you trust it? Is that conviction? That seems kind of scary, why don’t you diversify? Why don’t you use 10 microphones?” For the whole (highly entertaining) piece: Blockworks 

📰 Other 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

• Tether plans major expansion into BTC mining with $500M investment: Report Cointelegraph 
• Aave Companies is rebranding to Avara Blockworks  
• Minting of Ordinals-like tokens causes big surge in Polygon transaction fees The Block 
• Navigating the Next Wave of Crypto Institutionalization: A Due Diligence Primer Coindesk Opinion 
• Singapore Central Bank to Start 'Live' Wholesale CBDC Trials Coindesk 
• BTC and ETH fall close to 5%, leaving analysts scratching their heads Blockworks 
• The Bull Case for Crypto in 3 Charts Coindesk  

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $1.94 Trillion.  
• Bitcoin continues to lead the market with a dominance of 51.4%, followed by Ethereum at 17.0%. 

 Performance

• Bitcoin is currently the top trading pair on NDAX, followed by Solana, Ethereum, XRP, Chainlink, Gala, Dogecoin, Avalanche, Shiba Inu and Cardano. 
• Week over week, the value of Bitcoin (BTC) is up 0.01% and currently trading at $50,893, while Ethereum (ETH) is down 2.40%, now trading around $2,746. 

 Top Weekly Movers @ NDAX 

• The Avalanche layer one protocol’s token AVAX is up... over 62% this week. (We were actually just about to call to see if they were OK but they just... Showed up. With a six pack.) Sup! AVAX is trading just under CA$30.  
• Near Protocol (dubbed the ‘green layer 1’) is also up by almost 30% w/w. The token has been doing well of late but is only up around 2% year/year. NEAR is trading over CA$2.7 
• DeFi focused layer 1 protocol FANTOM had a great week—making up for lost time?—with a price increase well over 20%. Fantom has a market cap of just under $1B US and is up 95% over the last month. FTM is currently trading just under CA$0.45. 

As of 11/20/2023 1:00:00 AM EST, values in CAD. 

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

• Jan 10 - Final ARK 21Shares (the first bitcoin ETF) decision deadline for SEC  

📖 Educational Resources

For those of you looking to learn more about bitcoin and crypto markets this week:

• Joana Cotar wants to initiate a “preliminary examination” for legal framework to officially recognize Bitcoin as legal tender in the country. – Bitcoin Magazine - GERMAN PARLIAMENT MEMBER WANTS TO MAKE BITCOIN LEGAL TENDER  
• Even before the formal approval of a Bitcoin spot ETF, Bitcoin funds have seen weeks and weeks of continuous inflows, reaching a new all-time high for BTC held in institutional funds. – The Breakdown w/ NLW – BTC Held By Institutional Products Hits ATH  
• Preston talks with Bitcoin builder and educator, Parker Lewis, about why Bitcoin is NOT a hedge. - Bitcoin Fundamentals - Bitcoin is Not a Hedge w/ Parker Lewis 
• Robert Breedlove is a philosopher and podcaster. In this interview, we discuss the role of politics in societal change, the influence of taxation and inflation on the economy, and the potential of Bitcoin as a solution to many of these issues. - What Bitcoin Did - Life Liberty & the Pursuit of Bitcoin with Robert Breedlove 

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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.