Monday Market Report | Oct 17 - 23, 2022
š¢ Weekly TL;DR
- Whatās happening On-Chain?
- Bitcoin is below its 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 hasnāt moved in over a year ascends to new ATHs
š» Crypto News
FUNDING:
- Celestia Raises $55 Million for New Modular Blockchainā Blockworks
- Stealthy Crypto Hedge Fund Edge Capital Raises $66.8M for DeFi Bets - CoinDesk
INDUSTRY:
- Mastercard to bring crypto trading capabilities to banks ā Businesswire
- Craig Wright Not Defamed by Being Called āa Fraud,ā Judge Rules ā Blockworks
LEGISLATIVE ENGAGEMENT:
- IRS Expands Key US Tax Language to Include NFTs - Coindesk
- US Chamber of Commerce Rips SEC for Denying Proposed Grayscale Bitcoin ETF ā Blockworks
- SEC Hands Over Key Documents in Case Against Ripple - Blockworks
š Moves
BTC CA 26,474.20 +0.09%
ETH CA $1,842.67 +3.11%
š¼ TOP GAINERS this week
- AAVE CA $120.22 +16.38%
- MATIC CA $1.22 +11.01%
- LTC CA 72.97 +3.84%
š½ 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
š Cryptocurrency Market Overview
For this observer, the most encouraging trend in Bitcoin (andāyesāā cryptoā) over the last year of ever-declining prices, has been the inversely concurrent (steadfast and relentless) Ā engagement on the part of governments, institutions, and infrastructure providers (whether social media companies, banks or VC. And just to be clearāthis is not a euphemism for negative regulation here, but quite the oppositeāquiet 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 āpriceā a much less painful pill to swallow, if thereās a single other indicator that professes us āin the right placeāāwe havenāt found it.
Yours in Bitcoin, #Grateful for dollar cost averaging
š Bitcoin Technical Analysis
- BTC spent another week hanginā with its close friend CAD $26K
- Despite another tumultuous week in traditional equity andāespeciallyābond markets, Bitcoin continues its consolidation within the tight trading range carved out since this summerās 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 āoff the marketā), there is increasingly less liquid bitcoin available to ācapitulateā.
š 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.
š Invest consistently
Recurring purchases are an effective solution for traders looking to invest at an average price over a longer timeframe.
š 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.
š° 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.
š° What Weāre 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
šļø What Weāre Streaming
- The Institutions Arenāt Just Sticking With Crypto, Theyāre Expanding Their Offerings - CoinDesk - The Breakdown w/ NLW
- Finding Bitcoinās Signal in a Noisy World w/ Jeff Booth - The Investors Podcast - Bitcoin Fundamentals w/ Preston Pysh
š”ļø Cybersecurity Month
Spearphishing, social engineering, malwareāoh my! Are you aware of which common phishing red flags to look out for?
Here is a resource on how to stay vigilant of phishing attempts:
š Events
- Nov 2nd ā Next FOMC
- November 4th ā US Non-Farm Payrolls
- November 10th ā 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.