Monday Market Report | October 23rd to 29th
📢 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.
Happy Monday fellow NDAXer—without ado—the week’s top stories:
- Bitcoin price rallied as high as CA $48K this week on renewed Spot Bitcoin ETF-fueled excitement, and what many are simply attributing to large inflows from retail and institutional investors seeking to front on what appears likely to be a Bitcoin Spot ETF approval. BlackRock receiving their iShares Bitcoin Spot Trust ticker symbol—IBTC—did little to dispel excitement this week as the digital asset continued its rally (which was prompted by the erroneous 'breaking' of a Spot ETF approval story last Monday. The asset topped the $35K mark midweek and cut through the $32K resistance level. More exciting still—though open interest on the Chicago Mercantile Exchange for the asset is at all-time high, most—if not all—of BTC's price increases over the last two weeks, as demonstrated by a significant uptick in platform volumes, comes from spot buying. It's up almost 25% in 2 weeks. Coindesk
- Sam Bankman-Fried took the stand to testify during his trial. However, sans jury, U.S. District Judge Lewis Kaplan sent them home early to assess topics for Bankman-Fried's testimony with lawyers. Bankman-Fried's counsel discussed meetings with regulators and advice from FTX. On cross-examination, the prosecutor questioned him, sometimes beyond the hearing's scope, and asked about "embezzling customer funds," to which Bankman-Fried replied in the negative... SBF faces seven fraud and conspiracy charges and a maximum sentence of 110 years. During testimony, he relegated his 'alleged' misuse of customer funds to a misunderstanding. The trial will continue with the jury present and is expected to conclude next week. Decrypt
- Elon Musk plans to turn X into a full-on finance platform within a year, saying that users won’t need a bank account anymore, according to a Verge report. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, “When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.” Watcher.Guru
📰 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:
- Solana Labs launches Web3 incubator offering dev and fundraising support Cointelegraph
- Ethereum Devs Not Ready to Fork Mainnet in 2023 Unchained
- Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey Cointelegraph
- UK Bill for Seizing Illicit Crypto Finally Becomes Law Coindesk
- ‘Buy Bitcoin’ search queries on Google surge 826% in the UK Cointelegraph
- Security/Phishing Alert: Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. Cointelegraph
For more new stories, visit our LinkedIn
📈 Weekly Moves
- The global cryptocurrency market has reached a total market capitalization of CAD $1.75 Trillion.
- Bitcoin continues to lead the market with a dominance of 53.0%, followed by Ethereum at 17.0%.
- Bitcoin is currently the top trading pair on NDAX, followed by XRP, Gala, Ethereum, Solana, Fantom, Cardano and Shiba Inu.
- Week over week, the value of Bitcoin (BTC) is up 12.90% and currently trading at $47,700, while Ethereum (ETH) is up 6.83%, now trading around $2,479.
As of 10/30/2023 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:
- Matthew Pines is the Director of Intelligence at Krebs Stamos Group and a Fellow at Bitcoin Policy Institute. Chester Ney is IT Director for environmental consulting firm ALL4. In this interview, we discuss the disruptive impact of AI technology on various industries, the potential risks it poses and the geopolitical implications of AI development. We also talk about the use of AI in cybersecurity and its potential use as a tool to communicate with non-human intelligence. - What Bitcoin Did - The Economic Impact of AI with Matthew Pines & Chester Ney
- The price of BTC continues to rise as hype builds for a spot Bitcoin ETF approval and the halving next year. – Bitcoin Magazine - BITCOIN NOW UP OVER 110% THIS YEAR IN ANTICIPATION OF SPOT ETF APPROVAL AND HALVING
- Preston Pysh talks with Jesse Myers about the FTX court findings, a few of Jesse’s recent articles on the debt spiral, the ability for institutions to perform multi-institutional Bitcoin custody, and much more. - Bitcoin Fundamentals w/ Preston Pysh - THE DEBT EVENT HORIZON & BITCOIN W/ JESSE MYERS
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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.