Monday Market Report | November 6th to 12th
📢 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.
It's Monday NDAXers!
- Blackrock files another Crypto ETF application.
- Which country hosts the first ever Institute for Blockchain and Crypto Research?
- How the Tortoise outperformed the Hare (stacking sats).
Nasdaq filed a 19b-4 form with the Securities Exchange Commission on Thursday November 9th on behalf of a certain $9-trillion asset management firm for a proposed Ether Spot ETF called the “iShares Ethereum Trust.” Care to guess who it's for? That’s right: Blackrock is at it again, confirming its intent to move beyond Bitcoin with its ETF aspirations. The price of Ether was up 8.9% on the news and continues to rise. (Ether closed its weekly candle up 9.9% according to CoinGecko, a price surge that has helped ETH regain some of its lost market share ground to BTC, which has significantly outperformed it in recent months.) ETH’s market share is now back at 17%, up 1.3% prior to the announcement. The Block
As part of the inaugural opening of a new Institute for Blockchain and Crypto Research—the first of its kind in the world, recently opened in Paris, France—two lectures were delivered (no wine?): Historian Jacques Favier spoke about the history of currencies up to Bitcoin, and cryptographer David Pointcheval waxed poetic on zero-knowledge proofs and anonymity. The institute will be holding regular public events, and according to its director Cyril Grunspan; their work will focus primarily on educational goals: “...not to lobby but to create a forum for discussion on crypto assets.” It has a board of 11 experts from major French educational institutions and a committee of six practitioners, including Ledger co-founder Nicolas Bacca and the founder of Paymium, Pierre Noizat, to supervise its work. Amid the market turmoil of H1 2023, the French crypto industry secured 27% of all new investment deals struck in the fintech sector. Decrypt
OK—so what do the Tortoise and the Hare have to do with Bitcoin? Everything and nothing (but if you’ve ever heard the aphorism “It’s not timing the market but time in the market” then perhaps you’ve got a clue). The media loved to dunk on MicroStrategy for their big bold bitcoin bet when BTC was trading sub-20K-per-coin, but Michael Saylor stuck to his guns and continued buying regularly, undeterred by market fluctuations; now his ‘ridiculous’ bet is up $1B (unrealized—which is just as well since they're not selling). This week, industry podcaster Scott Melker tweeted: “If you started dollar cost averaging into #Bitcoin at the dead top of the last cycle, buying $100 a week, then you have spent $10,000 and your position is worth $13,431.32. You’re up 34.31%. If you started at the DEAD TOP.” See the moral of the fable now? If you take consistent steps like the Tortoise, you win the race. CoinDesk Twitter
📰 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:
- Congress Moves to Clip the SEC's Wings as Gensler Signals Openness to a Revived FTX Decrypt
- Celsius Network payment plan approved by New York judge, now it’s up to the SEC Blockworks
- Iris Energy is betting on greening the grid with Bitcoin mining The Block
- Coin Center loses Tornado Cash lawsuit, intends to appeal Protos
- Assassin's Creed Maker Ubisoft Is Building a Crypto 'Gaming Experience' With Immutable Decrypt
- Bitcoin may be riding the ETF wave, but altcoins are where the rally really is Blockworks
For more new stories, visit our LinkedIn
📈 Weekly Moves
- The global cryptocurrency market has reached a total market capitalization of CAD $1.95 Trillion.
- Bitcoin continues to lead the market with a dominance of 51.2%, followed by Ethereum at 17.4%.
- Bitcoin is currently the top trading pair on NDAX, followed by Solana, Ethereum, Avalanche, XRP, Polygon, Shiba Inu and Algorand.
- Week over week, the value of Bitcoin (BTC) is up 7.51% and currently trading at $51,031, while Ethereum (ETH) is up 9.89%, now trading around $2,815.
Top Weekly Movers @ NDAX
- Play2Earn token GALA was up by almost a third last week, and is now trading over CA$0.03
- Solana (SOL)—up another 47.46% on the week—caps a month-long streak of weekly, well-into-the-double-digit gains. The layer-1 smart contract token has more than doubled over the past month, and is currently trading above CA$80.60.
- Polygon—the Ethereum scaling and interoperability protocol—’s MATIC token is up by a quarter as well, now trading above CA$1.22.
As of 11/13/2023 1:00:00 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Nov 14 - October CPI
- Nov 17 – Next US federal budget showdown
- 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:
- Crypto twitter and fintwit favorite Alex Krüger joins to discuss the macro picture, the newly anointed bull market and why you may not get the dip you are waiting for. - The Wolf of All Streets w/ Scott Melker - Waiting To Buy The Bitcoin Dip? Good Luck! l Alex Krüger
- Bitcoin spot ETF enthusiasm is pushing its price higher, with the cryptocurrency setting an 18-month high on Thursday. – Bitcoin Magazine - BITCOIN PRICE SURGES TO 18-MONTH HIGH ABOVE $37,000 ON ETF ENTHUSIASM
- NLW looks at a number of stories that suggest the crypto industry is finally facing forward and looking to the future, almost exactly a year after FTX collapsed. – The Breakdown w/ NLW – Is Circle Preparing for an IPO?
- Alex Thorn is the Head of Firmwide Research at Galaxy. In this interview, we discuss a range of topics including Galaxy’s sponsorship of Real Bedford FC, the growing trend of Bitcoin sponsorship in sports and the current state of the hip-hop music industry. We also talk about Bitcoin, including factors influencing its price, the potential approval of a Bitcoin spot price ETF(s), the importance of Bitcoin ownership and its role as a medium of exchange. - What Bitcoin Did - Is the Bull Market Back? With Alex Thorn
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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.