Monday Market Report | July 24th - 30th, 2023
📢 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!
Another week in crypto—another few giant steps forward for mankind.
- Not one but two regulatory bills on digital assets have made it through the US House Financial Services Committee, meaning the US may be well on their way toward regulatory clarity. The first (the one we covered which was introduced just last week) named The Financial Innovation and Technology for the 21st Century Act, as well as the Blockchain Regulatory Certainty Act were both passed on July 26 with a majority of lawmakers voting in favor. Cointelegraph
- Remember El Salvador’s Bitcoin Bonds experiment? They’re looking pretty rosy right now vs. traditional investments like US Treasury Bonds. Indeed, while the 10 and 30-year US Treasury yields have largely been in free fall since the 80s, the value of El Salvador’s Bitcoin Bonds are up roughly 62% year to date, closely tracking the rise of their underlying asset: Bitcoin. The IMF, notably, had seriously discouraged El-Salvador from going the sovereign debt path alone... And while it may be a touch early to count their chickens, it looks like their Bitcoin Bond investors must be pretty happy they’re not sitting on US Treasury bonds right now! (Given the ferocity with which the Fed has been raising rates—they hiked another 25 bps just this week—the market value of US Treasuries has been taking a bath: If you’ll recall, this is precisely what caused the collapse of several very large banks earlier in the year.) Coindesk
- According to leading bitcoin on-chain analysts Glassnode, the percentage of available bitcoin being held by long term hodlers has reached 3 quarters of supply... Considering this cohort has a very hard time separating themselves from their coins—at any price—this could bode well for hodlers if demand for the oldest and largest crypto asset by market cap increases even a little bit as we approach the next halving in 2024! 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:
- U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House. CoinDesk
- Worldcoin Being Probed by French Privacy Regulator for ‘Questionable’ Practices. CoinDesk
- UK financial watchdog FCA announces launch of permanent Digital Sandbox in August CoinTelegraph
- Senate passes national defense bill with crypto amendment. Blockworks
- Heated 7-hour markup ends in bipartisan support for stablecoin bill. Blockworks
- 20 BTC bounty from Human Rights Foundation up for grabs to improve Bitcoin network. Blockworks
For more new stories, visit our LinkedIn
📈 Weekly Moves
Market Summary:
- The global cryptocurrency market has reached a total market capitalization of CAD $1.57 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.3%, followed by Ethereum at 19.0%.
Performance:
- XRP is currently the top trading pair on NDAX, followed Bitcoin, Ethereum, Dogecoin, Solana, Stellar and Litecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 1.11% and is currently being traded at $38,916. Ethereum (ETH) is down 0.08% during the same period and is now being traded at $2,468.
Altcoin Spotlight:
- Compound is up 13.09%*
- Dogecoin is up 10.42%*
- Shiba Inu is up 6.68%*
* over the past 7 days
As of 07/31/2023 12:30 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Aug 13 – Deadline for SEC Response to Ark 21Shares ETF
- Sept 1 – 1st SEC Deadline for BlackRock iShares ETF
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
It was the first time that standalone Crypto legislation has made it out of the committee process. NLW covers the House Financial Services Committee markdown for the crypto market structure bill, including some tense moments and the defection of 6 (young) Democrats to vote to advance the legislation. – The Breakdown w/ NLW – A Historic Day for Crypto Policy
Fiat money is tender not backed by a tangible asset or commodity like gold. It’s usually mandated by governments & leads to corrosive effects on society. - Bitcoin Magazine - WHAT IS FIAT MONEY?
Preston Pysh interviews game theory expert, Scott Lindberg, about Bitcoin and its robust incentives that keep everything mutually beneficial for all participants. - Bitcoin Fundamentals w/ Preston Pysh - BTC140: GAME THEORY AND BITCOIN W/ SCOTT LINDBERG
- A Bitcoin, Gold and Macro Update: Investment Manager and Bitcoin Advocate Larry Lepard joins Coin Stories to discuss: - Fed policy mistakes and inflation data - The 'Everything Bubble' - Equities, Gold and Bitcoin performance - The things money can’t buy - Will ‘they’ come after Bitcoiners? - Coin Stories w/ Natalie Brunell - Larry Lepard: The Next Wave Down Will Be Brutal
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