Monday Market Report | October 30th to November 5th

Nov 06, 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.

Happy Monday indeed NDAXers—our much-loved industry got a little bit of closure last week.

The Jury did not take very long to come up with SBF’s verdict...
More of the same from the Fed’s FOMC rate decision, and—
MicroStrategy co-founder Michael Saylor’s thoughts on Bitcoin’s prospects, as shared on CNBC.

Aligning with market expectations, The Federal Reserve’s FOMC maintained its benchmark interest rate at 5.25%-5.50%. The focus was on Chair Jerome Powell's statements and the Fed's belief in a strong Q3 economy, while recognizing tighter financial conditions due to spiking Treasury Bond yields. Powell emphasized a balanced approach to inflation, suggesting greater attention to economic conditions and a need to assess the impact of tighter monetary policy. While the Fed left room for more hikes if inflation continues, they emphasized data-dependency, hinting that they might be at the end of this rate-hiking cycle... While maintaining a stance for a prolonged pause with reluctance for rate cuts, which markets have grown accustomed to due to rising Treasury yields since August.

Sam Bankman-Fried's verdict: Guilty as charged. Bankman-Fried had pleaded not guilty to all charges, and during his trial, took the stand to maintain his innocence and boil down FTX’s November 2022 collapse to “a number of big mistakes.” Bankman-Fried was found guilty of all seven charges by a jury in his New York criminal trial after a week of excruciatingly testimony. And only 4 hours of jury deliberations; welcome closure to a very painful period for the industry. Coindesk

MicroStrategy co-founder Michael Saylor doubled down on his enthusiasm for Bitcoin on Thursday, telling CNBC “You’re going to see $12 billion of natural selling per year converted into $6 billion of natural selling a year—at the same time as things like spot Bitcoin ETFs increase the demand for Bitcoin. So that’s why all of us are fairly bullish over the next 12 months: demand’s going to increase, supply’s going to contract, and this is fairly unprecedented in the history of Wall Street.” Later, he added: “When banks on Wall Street and responsible custodians are managing Bitcoin (…) I think the industry moves to the next level and we 10x from here.” Decrypt

📰 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:

SEC failed to follow the Congressional Review Act, may have broken the law Blockworks
SBF is guilty on all counts as jury rules he defrauded investors The Block
Sam Bankman-Fried on Verge of Tears as His Lawyer Concludes Defense Coindesk
Coin Center loses Tornado Cash lawsuit, intends to appeal Protos
Not Just Solana: Gaming Tokens Are Booming as Decentraland's MANA Pumps Decrypt
Argentina Presidential Hopeful Wants to Mine Bitcoin From 'Dead Cow' Decrypt

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $1.79 Trillion.
Bitcoin continues to lead the market with a dominance of 51.8%, followed by Ethereum at 17.2%.

Performance

XRP is currently the top trading pair on NDAX, followed by Bitcoin, Ethereum, Solana, Cardano, Dogecoin and Polygon.
Week over week, the value of Bitcoin (BTC) is down 0.01% and currently trading at $47,621, while Ethereum (ETH) is up 3.47%, now trading around $2,565.

Top Weekly Movers @ NDAX

Having reached an 18-month high over last week, Bitcoin continued its ascent to retest higher levels still over the week—US$36K, CA$50K—but having been rejected, retraced slightly to (ostensibly) gains strength for another retest. The Relative Strength Index is showing slight weakness (as compared to the last few weeks). Bitcoin is slowly recuperating from the rejection, currently trading under CA$48K.
Solana (SOL) is up another 23% on the week, capping a 3-week streak of impressive double-digit gains. While the asset is still down 85% from its pre-FTX collapse all-time highs, it was apparently due for a reversion to the mean and has been steadily gaining lost ground, ostensibly due to high-profile partnerships and a robust developer community. SOL briefly pierced its 99 day moving average but could not sustain and retraced significantly. SOL is currently trading around CA$54.
NEAR Protocol’s NEAR token is another protocol whose asset has seen significant price appreciation over the last several weeks, and it is up another 20% w/w. Though NEAR got clobbered during the bear (it is still down roughly 92.9% from its all-time 2021 highs), it has shown an appetite for reaccumulation. NEAR is trading comfortably above its 25-day MA but well below its 99-day MA, just above CA $2.

As of 11/05/2023 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Nov 1 - FOMC interest rate decision (Rate kept unchanged)
Nov 8 - ETF applications’ Rebuttal Period Ends
Nov 14 - October CPI
Nov 17 – Next US federal budget showdown
Jan 10 - Final ARK 21Shares (the first bitcoin ETF) decision deadline for SEC

📖 Educational Resources

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

Today on The Breakdown, NLW discusses the end of SBF's testimony, some ETF updates, and the SEC being called out by the GAO. – The Breakdown w/ NLW – SEC Is Reprimanded by Government Accountability Office (And It Could Lead to Lawsuits)
Erik Cason is a cypherpunk and author of Cryptosovereignty: The Encrypted Political Philosophy of Bitcoin. In this interview, we discuss his book, philosophy, censorship in academia, and Erik's personal journey from socialism to anarchism. We also talk about technology’s use for state control and violence, the potential of Bitcoin to decentralize power, the philosophical implications of Bitcoin, the potential of living in a virtual world and the nature of consciousness. - What Bitcoin Did - How Bitcoin Fights Tyranny with Erik Cason
Preston talks with members of the Bitcoin mastermind group about all the events happening in the space during the 4Q 2023. - Bitcoin Fundamentals w/ Preston Pysh - BITCOIN AND MACRO MASTERMIND Q4 2023 W/ JOE CARLASARE, JEFF ROSS, AND STEVEN MCCLURG

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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.