Monday Market Report | November 27th to December 3rd

Dec 04, 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 NDAXers—exciting news form the Cosmos Ecosystem and... the results from the Bank of Canada’s research on Canadian’s openness to a Digital Dollar.

Which one of the assets listed on NDAX will undergo a... Hard Fork?
The Bank of Canada released the results of their research into a Digital Dollar... Here’s the gist of it—and
This publicly traded Canadian bitcoin miner is merging with a US counterpart.

Cosmos Founder Jae Kwon has left the building—but not to worry, there is a plan—Hard fork ahead!

Why the fork? One group wanted Cosmos to experiment with new features, while the other (Kwon’s more conservative camp, which vetoed the ATOM 2.0 proposal in 2022) worried that excessive innovation could compromise the Cosmos ecosystem’s security.
What will Cosmos look like? The fork will result in two chains: Cosmos for experimentation and AtomOne for security. AtomOne will introduce ATOM1 as its native token, influencing the original Cosmos chain through a bonding mechanism. (Users can bond old ATOM tokens to receive phATOM, delegated to AtomOne-aligned Cosmos validators. AtomOne features a liquid staking token, "phATOM1," serving as the primary fee token.)
The likely impact? Here are the need-to-knows so far: - An airdrop is expected, likely favoring $ATOM stakers aligned with AtomOne. - L1s in the Cosmos ecosystem can integrate with the new chain using IBC Protocol. - Assets on the Cosmos chain backed by off-chain assets must choose one of the chains. Cosmos Twitter NDAX offers the higheset APY in Canada (13%) for staking ATOM. **Stay tuned for more official announcements from NDAX to this effect coming shortly.**

“Bank of Canada publishes report on digital dollar consultations” With a respondent base comprising 28% High School/CEGEP, 17% trade/vocational training, 54% Bachelors degree or more, what are the results from their consultation with Canadians gauging interest in a digital CAD? “Yes we are aware of a digital dollar and, thank you, but no thank you.” In the words of the Central Bank’s own half-dozen (publicly funded) media and PR consultants: “Canadians place a high value on holding cash and want to maintain access to bank notes. Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right." What Canadians actually told the Bank, is slightly more telling: “When respondents considered whether they trust the Bank of Canada to issue a secure digital dollar resistant to cyberattacks, theft and fraud, 9 in 10 respondents lacked confidence in the Bank of Canada's ability to do so”. Out of a sample of 89,423 completed surveys, while 12% claimed they would “potentially use a Canadian Digitral Dollar”, 85% claimed “I would not”. Bank of Canada

They trade on the TSX under the ticker HUT. The Alberta-based Canadian Bitcoin miner Hut 8 Mining Corp. has completed a merger with US Bitcoin Corp, rebranding as Hut 8 Corp (New Hut), a U.S.-based entity. The new company, with 825 MW of energy across 11 sites, will trade on Nasdaq and TSX under "HUT" starting December 4. New Hut shares are issued on a 5 to 1 basis compared to Hut 8 shares. The merger—the industry's largest to date—aims for future growth with a focus on operational efficiency and strategic positioning for the upcoming BTC halving. The CEO, Jaime Leverton, sees opportunities for growth and integration to provide more value across their mining ops. Let them terahashes fly! CryptoSlate

📰 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:

Bitcoin Supply Inactive for a Year Hits Record High of 70% Coindesk
Bitcoin Halving Is 5 Months Away and Hash Rate Just Hit an All-Time High Blockworks
Do Kwon's extradition to South Korea and US approved by Montenegro court The Block
South Korea set to launch digital currency pilot with 100,000 citizens: report The Block
Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules Cointelegraph
Binance Settlements Could End Death-Spiral Fears – And Might Be Good News Coindesk
An overview of Real World Assets and Tokenization: Research Blockworks

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $1.94 Trillion.
Bitcoin continues to lead the market with a dominance of 51.4%, followed by Ethereum at 17.4%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, Avalanche, Solana, XRP, Alien Worlds, Cardano, Shiba Inu and Chainlink.
Week over week, the value of Bitcoin (BTC) is up 0.28% and currently trading at $50,915, while Ethereum (ETH) is up 2.00%, now trading around $2,792.

Top Weekly Movers @ NDAX

Decentralized Exchange Uniswap’s token UNI is up 26% w/w, now trading around CA$8.44. UNI has a market cap of $4.6B US and is up 13% y/y.
The Graph’s token GRT, up 17% w/w, is now trading just under CA$0.20. GRT has a market cap of $1.4B and is up 150% y/y.
Finally, the recently rebranded Avara (Aave) decentralized money market protocol’s native token AAVE was up over 9% last week, trading around CA$134. AAVE also has a market cap of $1.4B US and is up over 60% y/y.

As of 11/27/2023 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Dec 13 - Next FOMC Interest Rate decision
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:

Javier Milei has won the Argentine presidential election. What will it mean for the country's economy? Is he really as pro-Bitcoin as Twitter is making him out to be? NLW provides a primer. – The Breakdown w/ NLW – A Primer on Argentina's New Pro-BTC President Javier Milei
Stephan Livera is the host of the Stephan Livera Podcast, and head of education at Swan Bitcoin. In this interview, we discuss Argentina’s newly elected Libertarian President, Javier Milei. We talk about his policies, dollarisation. - What Bitcoin Did - Milei's Argentine Revolution? With Stephan Livera
Robert F. Kennedy, Jr. sits down with Bitcoin Magazine to discuss his candidacy, Bitcoin, CBDCs and the importance of personal freedom. From “The Primary Issue”. – Bitcoin Magazine - An Interview with Robert F. Kennedy Jr.
Jeff Booth and Preston talk about their recent experience of training their own AI agents and what it might mean for how AI is employed moving into the near future. The implications are far reaching and also intersect with how and why Bitcoin is so important. - Bitcoin Fundamentals - PERSONAL AI MODELS AND BITCOIN w/ Jeff Booth

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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.