NDAX | Monday Market Report - September 25th to October 1st
📢 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.
Dear NDAXers—In honour of Ethereum’s 1-year anniversary since their successful merge to proof of stake, October is Staking month at NDAX! So expect a whole bunch of staking-related content and education. But to get things rolling:
- The Eurasian country of Georgia prepares for a CBDC pilot...
- Generating competitive rewards in a risk-off market, and--
- The US' top securities cop moves to delay spot bitcoin ETFs decisions.
The National Bank of Georgia (NBG) has disclosed plans to advance its research on a digital version of the lari, the central bank's digital currency (CBDC), through a restricted live pilot program. Nine companies, including Ripple Labs, will participate in this project, and one of them will be chosen for the next phase of testing. The NBG has previously outlined a two-tier design for its CBDC in a February paper, where third-party wallets would be provided. This CBDC would be programmable and capable of supporting asset tokenization. The head of fintech at NBG mentioned potential applications for the digital lari could include offering agricultural insurance and automating real estate transactions. He also expressed a desire for interoperability with the digital euro while maintaining monetary independence. The NBG had initially announced its consideration of a CBDC in May 2021, though it hadn't provided a specific timeline. They put out an RFP for the limited live pilot in January. CoinTelegraph
To quote CoinDesk’s recent opinion piece Ethereum Staking Surges to 7.4M ETH and Counting: “The primary appeal of staking, in addition to helping to secure and further participate in the network, is that it creates the ability for participants to earn rewards on their holdings. Last year’s bear market or "crypto winter" was a painful downdraft for many crypto investors, as rising interest rates and the implosion of FTX caused broad losses across the market. But just as equity market investors turn to more defensive stocks with higher dividend yields like utilities and consumer staples during times of turmoil, staking is an appealing strategy for Ethereum and proof-of-stake token holders during a risk-off market environment. Staking allows these holders to generate a return while retaining their assets. With staking, holders no longer need to sell in order to generate a return. Staking can thus help to soften the blow of a bear market, allowing holders to weather the storm until asset prices return to more attractive levels.” Take a read, this one’s a banger: 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:
- Three Arrows Capital Co-Founder Su Zhu apprehended in Singapore: Bloomberg The Block
- Europe’s Crypto Industry Wants Staking Clarity as Regulations Loom CoinDesk
- Ripple Cancels Plan to Buy Fortress Trust CoinDesk
- Banking Giants Abuzz About Tokenization of Real-World Assets as DeFi Craves Collateral Coindesk
- Protocol Village: Google Cloud to Serve as Validator for Polygon PoS Network CoinDesk
- 2024: The Cosmos year of rollup integration and modularity Blockworks
For more new stories, visit our LinkedIn
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.51 Trillion.
- Bitcoin continues to lead the market with a dominance of 49.2%, followed by Ethereum at 18.7%.
Performance:
Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, XRP, Solana, Dogecoin & Cardano.
- Week over week, the value of Bitcoin (BTC) is up 8.45% and currently trading at 37,969 while Ethereum (ETH) is up 10.45%, now trading around $2,333.
As of 10/02/2023 1:00:00 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Oct 3 – Valkyrie Bitcoin and Ether Strategy ETF Effective Date
- 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:
Preston talks with Dr. Peter St. Onge about current macro dynamics and compares and contrasts this to the events experienced by the Roman Empire. - Bitcoin Fundamentals w/ Preston Pysh - PARALLELS TO THE ROMAN EMPIRE W/ DR. PETER ST. ONGE
There were some fireworks at the recent House Financial Services Committee oversight hearing. It's clear that Congressional Republicans have run out of patience for SEC Chair Gary Gensler and could begin using subpoena to compel more answers. – The Breakdown w/ NLW – Congressional Republicans Lash Out At Gensler
Prince Philip sits down to discuss his vision for nation state Bitcoin adoption, and the role he has been playing in bringing that to fruition. – Bitcoin Magazine - PRINCE PHILIP OF SERBIA LEADS THE WAY FOR BITCOIN NATION STATE ADOPTION
- Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute. In this interview, we discuss the burden of excessive government control, corruption & the erosion of trust in institutions, the influence of activists on government decisions, & reducing the size of government. Using examples from Argentina & Lebanon, we talk about the resilience of normal people in the face of a collapsing state, & the challenges of scaling anarchic systems. - What Bitcoin Did - A Free Market For Money with Peter St-Onge
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