Monday Market Report | October 9th to 15th

Oct 16, 2023

byNDAX Labs

📢 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.

While the headlines for the last few have been largely dominated by the SBF fraud trial, a few more interesting stories have managed to sneak under the wire...

September CPI Data has come in slightly higher than expected.
Which regulatory-friendly “stablecoin” issuer just filed an Amicus Brief in defense of Binance against the SEC? And—
How much BTC does Glassnode estimate is taken off the market each month by long term hodlers?

The price of BTC stabilized after reaching two-week lows following the release of U.S. macroeconomic data showing persistent inflation... On October 12, September CPI showed a year-on-year increase of 3.7%, surpassing the expected 3.6% (excluding food and energy prices, matching expectations at 4.1%--data was confirmed by the U.S. Bureau of Labor Statistics). Continued rising inflation renewed concerns about the Federal Reserve's monetary policy; the possibility of interest rate cuts in the near future now seems unlikely. This "higher for longer" interest rate scenario is putting pressure on risk assets, including cryptocurrencies, which is why Bitcoin’s ‘Inflation Hedge’ narrative takes a back seat to persistent inflation data. However, following the CPI release, the probability of the Federal Reserve raising rates further at the next FOMC meeting on November 1 remains low, at just 7.4% (according to CME Group's FedWatch Tool). CoinTelegraph

US DC Judge Amy Berman Jackson has signed multiple orders to address pending motions in the ongoing lawsuit between the SEC and Binance. Notably, she accepted an amicus brief from Circle, the issuer of USDC stablecoin, which argued that stablecoins like USDC should not be considered securities because buyers don't expect profit from them, ahead of a significant hearing on October 12. The SEC has charged Binance with various violations, including unregistered securities sales of BNB and BUSD tokens, as well as operating illegally in the United States. Binance has sought to have the lawsuit dismissed, claiming that the SEC overstepped its authority. CoinTelegraph

HODLers put away Bitcoin worth about $1.35B each month, Onchain data shows. Are we “Hodling” or is Hoarding a better descriptor? “The continued accumulation shows tightening supply and a widespread reluctance to transact, according to Glassnode.” The on-chain analytics metric called “HODLer net position change” which controls for long-term investors (LTHs) (or wallets with a history of holding coins for at least 155 days) have been taking 50,000 BTC ($1.35 billion) off the market every month. This total number of coins held by LTHs has reached a new all-time high of over 14.859 million BTC, amounting to 76% of the cryptocurrency's minted supply, or just under 71% of bitcoin’s max 21M supply. Coindesk

📰 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:

Canada relaxes strict stablecoin rules, introduces conditions Blockworks
Paul Tudor Jones doubles down on BTC as recession looms Blockworks
Lightning Network Growth Is a ‘Shock‘, Says Bitcoin Analyst Decrypt
Ripple vs. SEC Judge Denies SEC’s Interlocutory Appeal CoinTelegraph
JPMorgan Debuts Tokenized BlackRock Shares as Collateral with Barclays CoinDesk

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary:

The global cryptocurrency market has reached a total market capitalization of CAD $1.45 Trillion.
Bitcoin continues to lead the market with a dominance of 50%, followed by Ethereum at 17.7%.

Performance:

Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, XRP, Cardano, Shiba Inu, Dogecoin, Litecoin and Solana.
Week over week, the value of Bitcoin (BTC) is down 2.62% and currently trading at $37,250, while Ethereum (ETH) is down 4.54%, now trading around $2,133.

As of 10/16/2023 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Oct 31 – Mt Gox claims payment date
Fall 2023 - US Court of Appeals for the DC Circuit decision in Grayscale Case

📖 Educational Resources

For those of you looking to learn more about bitcoin and crypto markets this week:

Turns out the grift was there from the beginning. Former FTX cofounder and CTO Gary Wang testified last week and earlier today about the way in which Alameda was privileged and how early the lies began. – The Breakdown w/ NLW – Gary Wang and the Alameda Grift History
In a fireside chat with Prince Filip of Serbia, the President of Madeira made a big announcement at Bitcoin Amsterdam. – Bitcoin Magazine - MADEIRAN PRESIDENT ANNOUNCES LAUNCH OF BITCOIN BUSINESS HUB TO FOSTER INNOVATION
Preston Pysh is a co-founder of The Investor Podcast Network and James Lavish is a macro analyst. In this interview, we discuss the US’s increasing debt and its impact on the economy, as well as the cycle of debt and inflation that many people find themselves trapped in. We also talk about the challenges of promoting Bitcoin adoption in economically unstable countries and the need for stable currencies in those countries. - What Bitcoin Did - The Debt Spiral with Preston Pysh & James Lavish

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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.