Monday Market Report | Oct 10 - 16, 2022
📢 Weekly TL;DR
➡️ US CPI grew 0.4% m/m–double analyst expectations–to all but guarantee a 75bps Federal Funds Rate hike at the next FOMC in November
➡️ Bitcoin Total Hash Rate hit a new ATH of 262M TH/s, up 9% w/w, 50% y/y
➡️ Bitcoin Network Difficulty (a measure of how difficult it is to mine a new block) grew by 13.5% this week; its biggest upward adjustment since Elon’s Candle (May 2021)
➡️ Bitcoin LTH (long-term hodlers) accumulated ₿500k (2.4% of supply) in Q3 ’22
📻 Crypto News
➡️ Uniswap Labs Valued at $1.6B After $165M Funding Round– Blockworks
➡️ MetaStreet Secures $10M for NFT Loans in the Metaverse - Blockworks
➡️ Google taps Coinbase to bring crypto payments to cloud services – CoinTelegraph
➡️ Bitcoin Hash Difficulty Rate to Increase Next Week – The Block
➡️ Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings - Bloomberg
➡️ Grayscale-SEC Lawsuit Moves Forward as GBTC Discount Widens – Blockworks
➡️ Coin Center Sues Over Treasury’s Tornado Cash Sanctions - Blockworks
Bitcoin (BTC) 0.32%
Ethereum (ETH) 1.1%
🔼 TOP GAINERS in the last 24 Hours*
Aave (AAVE) +3.22%
ThorChain (RUNE) +1.54%
Avalanche (AVAX) +1.38%
🔽 TOP LOSERS in the last 24 Hours*
XRP (XRP) -3.8%
Terra Classic (LUNC) -1.8%
EOS (EOS) -1.6%
*As of 10/17/2022 12:00 AM EST
📊 Cryptocurrency Market Overview
What’s been wonderful to note amidst the economic and geo-political turmoil that’s marked the last few years, is just how resilient the bitcoin network continues to be… Sure, its price may be susceptible to the whims and vagaries of market participants, but the network just keeps on chuggin’ along. (Firing on all cylinders–a more apt analogy?)
Renewed reasons for Central Bankers to remain hawkish this week–in the guise of double the expected CPI numbers–have all but cemented their path forward: A heavy foot firmly planted on the brake pedal.
Hash rate is at all-time highs–up 9% w/w, 50% y/y. Available supply is at 4-year lows. This week, network difficulty adjusted up by +13.5%. LTH not only haven’t moved their coins—they’ve added half a million bitcoins to their wallets over the last quarter alone. And despite a brutal crypto winter (admittedly–the industry is barely a teenager) and a less than favourable economic backdrop, bitcoin infrastructure funding and web3 development have not abated. Not even for a second. Ticktock, next block.
📈 Bitcoin Technical Analysis
➡️ After a brief flash crash following Thursday’s CPI Data, Bitcoin dramatically reversed course (in step with traditional markets) to end the week down 1.2%.
➡️ But despite another tumultuous week in markets, Bitcoin managed to continue its consolidation within the tight trading range it eeked out over the summer.
🔎 NDAX Feature
Did you know you could set your Dollar Cost Averaging on Autopilot with the NDAX Recurring Purchase feature?
It’s true! You can. This means you can step-up your DCA game with minimal effort. And setting up recurring purchases with NDAX is about to get even simpler, as we’ll soon be releasing this as a new easy in-app feature as well.
Upon login, Recurring Purchases are 6th from the top of the main left-hand menu/navigation bar.
📰 What We’re Reading
➡️ Bitcoin Mining Is Cool Again; We Can Thank Africa, Prudence and Growing Hashrate for That - CoinDesk
➡️ The Network State, A new book by Balaji Srinivasan - TheNetworkState.com
🎙️ What We’re Streaming
➡️ Post-Narrative Institutionalization vs. Regulatory Enforcement: BNY Mellon approved for crypto custody while SEC examines Yuga Labs - CoinDesk - The Breakdown w/ NLW
➡️ Michael Saylor’s Deep Dive on Bitcoin Energy Misconceptions - The Investors Podcast - Bitcoin Fundamentals w/ Preston Pysh
🛡️ Cybersecurity Month
Spearphishing, social engineering, malware–oh my! Are you aware of which common phishing red flags to look out for?
Here is a resources on how to stay vigilant of phishing attempts:
Are you in Calgary this weekend? We’re a title sponsor at the Canadian Blockchain Consortium. Swing by and say hi!
- October 14-18 Canadian Blockchain Consortium
- October 14th – Atlanta Bitcoin Conf. 2022
- Nov 2nd – Next FOMC
- November 4th – US Non-Farm Payrolls
- November 10th – Consumer Price Index
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.