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Monday Market Report | Oct 17 - 23, 2022

Oct 24, 2022
byNDAX Labs

📢 Weekly TL;DR

➡️ What’s happening On-Chain?

➡️ Bitcoin is below it’s 4-Year moving average as well as the Long Term Holder Realized price

➡️ Historically, a great entry point/time for dollar-cost averaging

➡️ Bitcoin Hash-rate still on the rise despite a morose landscape for miners

➡️ Supply of Bitcoin that hasn’t moved in over a year ascends to new ATHs

📻 Crypto News


➡️ Celestia Raises $55 Million for New Modular Blockchain– Blockworks

➡️ Stealthy Crypto Hedge Fund Edge Capital Raises $66.8M for DeFi Bets - CoinDesk


➡️ Mastercard to bring crypto trading capabilities to banks – Businesswire

➡️ Craig Wright Not Defamed by Being Called ‘a Fraud,’ Judge Rules – Blockworks


➡️ IRS Expands Key US Tax Language to Include NFTs - Coindesk

➡️ US Chamber of Commerce Rips SEC for Denying Proposed Grayscale Bitcoin ETF – Blockworks

➡️ SEC Hands Over Key Documents in Case Against Ripple - Blockworks

📝 Moves

BTC CA 26,474.20 +0.09%

ETH CA $1,842.67 +3.11%

🔼 TOP GAINERS this week*

  • AAVE CA $120.22 +16.38%
  • MATIC CA $1.22 +11.01%
  • LTC CA 72.97 +3.84%

🔽 TOP LOSERS this week*

  • AXS CA $11.82 -20.94%
  • COMP CA $68.98 -9.18%
  • GRT CA 0.11 -7.44%

*As of 10/23/2022 12:00 AM EST

📊 Cryptocurrency Market Overview

For this observer, the most encouraging trend in Bitcoin (and–yes–’crypto’) over the last year of ever-declining prices, has been the inversely-concurrent (steadfast and relentless)  engagement on the part of governments, institutions and infrastructure providers (whether social media companies, banks or VC. And just to be clear–this is not a euphemism for negative regulation here, but quite the opposite–quiet institutional adoption and laying down of framework for a crypto-friendly future.

Indeed, as surely as crypto projects have been shedding market cap, many of the largest and most respected institutions in the world have been getting active in the space, wrapping their minds (and futures) around this concept of digital asset ownership and its implications.

Has this been happening in a good-time environment of peace and prosperity, in a world economy flush with easy money and liquidity vs. crippling debt? It has not. And while this has undoubtedly made ‘price’ a much less painful pill to swallow, if there’s a single other indicator that professes us “in the right place”–we haven’t found it.

Yours in Bitcoin, #Grateful for dollar cost averaging

📈 Bitcoin Technical Analysis

➡️ BTC spent another week hangin’ with its close friend CAD $26K

➡️ Despite another tumultuous week in traditional equity and–especially–bond markets, Bitcoin continues its consolidation within the tight trading range carved out since this summer’s Terra unwind and its fallout.

➡️ But as large amounts of bitcoin continue moving from exchanges (where they are bought and sold) to cold storage (where they are held long term and ostensibly ‘off the market’), there is increasingly less liquid bitcoin available to ‘capitulate’.

🔎 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

➡️ What is the Lightning Network - Bitcoin Magazine

➡️ The Price of Tomorrow - Why deflation is the key to an abundant future - Jeff Booth

➡️ The Network State, A new book by Balaji Srinivasan - TheNetworkState.com

🎙️ What We’re Streaming

➡️ The Institutions Aren’t Just Sticking With Crypto, They’re Expanding Their Offerings - CoinDesk - The Breakdown w/ NLW

➡️ Finding Bitcoin’s Signal in a Noisy world w/ Jeff Booth - 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:

Save your funds by avoiding these creative scams

📅 Events

➡️ 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.