ndax logo

Monday Market Report | Oct 2 - 10, 2022

Oct 10, 2022
byNDAX Labs

🦃 Happy Thanksgiving!

On this Thanksgiving, we want to share our genuine appreciation for our clients and our community, without whom none of this would have been possible. Wishing you all a happy and healthy Thanksgiving.

📢 Market Updates

➡️ Welcome to Uptober–Historically One of Bitcoin’s Best Months

➡️ Strong Jobs Data Will Test FED… And BTC Bulls’ Resolve

➡️ The European Union Agrees on Wording for Crypto Legislation MiCA

➡️ The SEC Settles with Kim Kardashian for EthereumMax Promotion

📻 Crypto News


➡️ Bitcoin Miner Argo Blockchain Raises $27M to Ease Liquidity Pressures - CoinDesk

➡️ Restaurant Industry Veteran Ben Leventhal Raises $11M for Web3 Startup - CoinDesk


➡️ Over 12,000 Brazil companies declare crypto holdings in record high - Cointelegraph

➡️ Bitcoin Hash Difficulty Rate to Increase Next Week – The Block

➡️ Mastercard launches new crypto fraud protection tool - Cointelegraph

➡️ California Moves Forward to Allow Vital Records to be Issued on Blockchain - Coindesk

➡️ SWIFT Partners With Crypto Data Provider Chainlink on Cross-Chain Protocol in TradFi Play - Coindesk


➡️ Financial Services Oversight Council (FSOC) Calls on Congress to Designate a Spot Crypto Regulator - CoinDesk

➡️ EU Council Approves MiCA text, Moves to Parliament for Vote– CoinTelegraph

➡️ CFTC’s Regulation by Enforcement Needs to Change, Commissioner Says - CoinDesk

📝 Moves

➡️ What’s up? Polygon (MATIC)--10.6% w/w.

➡️ BTC: A new local (3-week) high to kick off the month, up 2.7% w/w.

➡️ ETH eeks out a modest 1.4% w/w gains. (We’ll take it, ty.)

➡️ XRP ends the week up 6.5%.

📊 Cryptocurrency Market Overview

Despite a very challenging 3rd quarter for most asset classes, Bitcoin eeked out 3.1% return. And while we wouldn’t go so far as to say that Bitcoin is at long last living up to its oft-touted inflation-hedge or store of value narrative–Yet!–it’s certainly moving in the right direction.

📈 Bitcoin Technical Analysis

➡️ Bitcoin continued its stair-stepping back up to $27,000 CAD levels–printing a new 3-week high on Oct 5th.

➡️ BTC’s most recent swing low on Sept 21st was $24,500. There is strong support at this level.

➡️ Over the last 17 days, higher highs and higher lows have emerged as a new range forming in a tight channel between immediate support at $26,000 and resistance at $29,500.

🔎 NDAX Feature

The more your stake, the more you make. By staking your crypto assets, you generate a reward for allowing the blockchain network to use the right in your staked assets to maintain the blockchain and validate new transactions. You do not have to transfer your crypto assets from your NDAX account, and your crypto always remains in your control, but by staking, you are entitled to a portion of the network transaction fees.

✨ Easy set-up and tracking

Set up your staking plan in seconds, and track your rewards in our intuitive dashboard. With NDAX, there are flexible plans, and you can exit from your staking positions anytime.

💰 Earn passive income

Collect free crypto in your sleep by earning a competitive reward rate from your assets, with daily or weekly payouts. The more you stake, the more you’ll make!

🔐 Highest security

The crypto you stake never leaves our cold wallets, so you can rest assured that your staked assets are stored securely with the highest standards among the Canadian fintech industry.

📰 What We’re Reading

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

➡️ 3Q22 Review and Look Ahead - NYDIG

🎙️ What We’re Streaming

➡️ What OPEC+ Oil Cuts Mean for the Global Economy and Geopolitics - CoinDesk
The Breakdown w/ NLW

➡️ The Debt Spiral Defined w/ James Lavish - The Investors Podcast
Bitcoin Fundamentals w/ Preston Pysh

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.