Monday Market Report | November 20th to 26th

Nov 27, 2023

byNDAX Labs

📢 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:

Which South American nation just elected an (ostensibly pro-Bitcoin) libertarian presidential candidate?
A Canadian Big Four firm is teaming up with a crypto on-chain sleuth giant, and—
What would Shakespeare’s Richard III have said about Binance’s recent settlement?

After decades of political corruption and at least a dozen IMF/central bank interventions to fix the recurring, aggravated inflation problems which have devolved the country from one of the richest in the world to one of the most poorly managed, our distant neighbours to the south in Argentina, have decided to employ a different tack. In the most recent presidential election, they have—by the largest margin in decades—opted to elect the so called ‘madman’ candidate Javier Milei, who ran on a platform of abolishing the Central Bank of Argentina and dropping the Argentine Peso in favour of the USD. Most Argentines (if they are able to save any of their money at all—poverty having risen to over 40% this year alone) are using the Dollar anyway but are forced to acquire it either via black markets, or at prohibitive cost. Milei has praised Bitcoin as a private market answer to central bank overreach, among other more...colourful comments. Milei has an incredibly challenging job ahead of him, whatever path he choses. Cointelegraph

KPMG Canada has partnered with blockchain analytics firm Chainalysis to combat fraud and criminal activities in the digital assets sector. Through this collaboration, KPMG aims to offer advanced blockchain monitoring, support, governance, and risk management to help clients adhere to evolving crypto regulations and enhance anti-money laundering compliance programs. The move addresses the increasing sophistication of exploits and fraud in the digital asset sector, which saw a global cryptocurrency-based illicit transaction volume of $20.6 billion last year (roughly 1.33% of the total crypto market cap) as reported in the Chainalysis 2023 Crypto Crime Report. KPMG Canada is relatively engaged in the crypto industry already, and is seeking to bolster its expertise in forensic investigations, crypto assets, and blockchain technology through this strategic partnership. Coindesk

“Now is the (crypto) winter of our discontent... Made glorious summer by this sun of (Binance); And all the clouds that lour’d upon our (industry), In the deep bosom of the ocean buried. Now are our brows bound with victorious wreaths; Our bruised arms hung up for monuments; Our stern alarums changed to merry meetings, Our dreadful (lawsuits) to delightful measures. Grim-visaged (Operation Chokepoint 2.0) hath smooth’d his wrinkled front; And now, instead of mounting barded (DoJ) steeds, To fright the souls of fearful (Crypto-preneurs), He capers nimbly in (the marketplace), To the lascivious pleasing of (hopeful regulatory clarity)…" If you’ll pardon, dear reader, our nerdiness for one moment, you might agree that the one large remaining threat overhanging our industry, having been neutralized, settled, and ostensibly squared away, it appears to be clear blue skies ahead. We are thankful for this development, even as the SEC continues waging their own ongoing campaign against Binance, and even as they open up a new front against the house of Kraken. Blockworks and Coindesk

📰 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:

Bitcoin Supply Inactive for a Year Hits Record High of 70% Coindesk
Bitcoin Halving Is 5 Months Away and Hash Rate Just Hit an All-Time High Blockworks
Do Kwon's extradition to South Korea and US approved by Montenegro court The Block
South Korea set to launch digital currency pilot with 100,000 citizens: report The Block
Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules Cointelegraph
Binance Settlements Could End Death-Spiral Fears – And Might Be Good News Coindesk
An overview of Real World Assets and Tokenization: Research Blockworks

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 17.4%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, Avalanche, Solana, XRP, Alien Worlds, Cardano, Shiba Inu and Chainlink.
Week over week, the value of Bitcoin (BTC) is up 0.28% and currently trading at $50,915, while Ethereum (ETH) is up 2.00%, now trading around $2,792.

Top Weekly Movers @ NDAX

Decentralized Exchange Uniswap’s token UNI is up 26% w/w, now trading around CA$8.44. UNI has a market cap of $4.6B US and is up 13% y/y.
The Graph’s token GRT, up 17% w/w, is now trading just under CA$0.20. GRT has a market cap of $1.4B and is up 150% y/y.
Finally, the recently rebranded Avara (Aave) decentralized money market protocol’s native token AAVE was up over 9% last week, trading around CA$134. AAVE also has a market cap of $1.4B US and is up over 60% y/y.

As of 11/27/2023 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Dec 13 - Next FOMC Interest Rate decision
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:

Javier Milei has won the Argentine presidential election. What will it mean for the country's economy? Is he really as pro-Bitcoin as Twitter is making him out to be? NLW provides a primer. – The Breakdown w/ NLW – A Primer on Argentina's New Pro-BTC President Javier Milei
Stephan Livera is the host of the Stephan Livera Podcast, and head of education at Swan Bitcoin. In this interview, we discuss Argentina’s newly elected Libertarian President, Javier Milei. We talk about his policies, dollarisation. - What Bitcoin Did - Milei's Argentine Revolution? With Stephan Livera
Robert F. Kennedy, Jr. sits down with Bitcoin Magazine to discuss his candidacy, Bitcoin, CBDCs and the importance of personal freedom. From “The Primary Issue”. – Bitcoin Magazine - An Interview with Robert F. Kennedy Jr.
Jeff Booth and Preston talk about their recent experience of training their own AI agents and what it might mean for how AI is employed moving into the near future. The implications are far reaching and also intersect with how and why Bitcoin is so important. - Bitcoin Fundamentals - PERSONAL AI MODELS AND BITCOIN w/ Jeff Booth

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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.