Monday Market Report | July 3rd - 9th, 2023
đ˘ 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!
For the weekâs top headlines, please consult the Community News section below because this week, dear NDAXer, our focus in on one man, and one man only: The Founder, Chairman and CEO of BlackRock (the worldâs largest asset manager), Larry Fink.
(Oh and by the way, care to guess which 2 crypto assets you can now stake on NDAX? Log in after this newsletter to find out, and see how to start earning crypto passively in just a couple easy clicks...)
đ Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.55 Trillion.
- Bitcoin continues to lead the market with a dominance of 50%, followed by Ethereum at 19.1%.
Performance:
- Bitcoin is currently the top trading pair on NDAX, followed Ethereum, Litecoin, XRP, Compound, Polygon and Solana.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 1.52% and is currently being traded at $39,953. Ethereum (ETH) is down 4.47% during the same period and is now being traded at $2,465.
Market Trends:
Dear crypto asset investor, a few choice words from Larry Fink on Bitcoin:
âThe technology is fantastic.â
âThe role of cryptoâit is digitizing gold, in many ways. Instead of investing in gold as a hedge against inflation (âŚ) or the devaluation of your currencyâwhatever country youâre in. Letâs be clear, bitcoin is an international asset. Itâs not based on any one currency and so it can represent an asset that people can play as an alternative. I would call that the foundation of Blackrock is about: Hope. You invest for retirement because you believe tomorrow is better than today.â
"Weâre a believer in digitization of products. You know, ETFs was a big revolution for the mutual fund industry (and it's really taking over the mutual fund industry) and we do believe that if we can create more tokenization of assets and securities--and that's what Bitcoin is--it could revolutionize finance." The Chairman continued:
âWhat we're trying to do with crypto is make it more democratized (âŚ) and making it much cheaper for investorsâ He said. âWe hope that our regulators look at these filings as a way to democratize crypto and we'll see in the future how that plays out".
âWe work really closely with our regulators, and we want to hear from them what are their issues and how can we fix those issuesâ.
Larry also touched on ESG, the economy and the banking crisis, adding that he foresaw another four 25bps interest rate hikes, totaling 1%.
Finally, when asked what he thought âthe most important thing this country needs right nowâ Mr. Fink brought it back to what heâd earlier positioned as his firmâand Bitcoinâsâcore value proposition, answering âWe need to bring back hope.â
Well, sir, we could not agree with you more.
As of 07/10/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here đ Cryptocurrency Prices
đ° 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:
- BlackRock CEO Says Bitcoin Could âRevolutionize Financeâ CoinDesk
- JPMorgan Isnât So Sure: SEC Approval of Spot Bitcoin ETF Unlikely to Be a Game Changer for Crypto Markets CoinDesk
- Google Cloud furthers Bitcoin Lightning ambitions with Voltage partnership CoinTelegraph
- Polygon Labs names new CEO after Foundation previously ditched that role The Block
- Former SEC, CFTC chairs push back on SECâs crypto lawsuits Blockworks
For more new stories, visit our LinkedIn
đ Upcoming Events
Mark your calendars!
- Jul 12 â CPI June Report
- Jul 26 â FOMC/ Fed Interest Rate Decision
- Aug 13 â Deadline for SEC Response to Ark 21Shares ETF
đ Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
In 2018, Ammous authored The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling book on bitcoin. In 2021, he published The Fiat Standard: The Debt Slavery Alternative to Human Civilization. His latest book is Principles of Economics, a comprehensive textbook in economics in the Austrian school tradition. - Coin Stories w/ Natalie Brunell - Why Capitalism is Good & We Don't Need Inflationary Money. Principles of Economics with Saifedean Ammous
On Wednesday, July 5th, BlackRock CEO Larry Fink gave an interview on Fox that made clear that the Bitcoin ETF initiative was coming all the way from the top. NLW analyses the community reaction and argues that it's even more significant than the hype suggests. â The Breakdown w/ NLW â BlackRock's Larry Fink Gives a Laser-Eyed Bitcoin Interview
- Industry titans, investors and innovators come together in an expanded program to fuel Bitcoin innovation and collaboration. - Bitcoin Magazine - BITCOIN STARTUP LAB'S SUMMER 2023 COHORT GEARS UP TO PROPEL GROWTH IN THE BITCOIN ECOSYSTEM
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