Which (formerly anti-crypto) country just implemented a blockchain settlement solution for their largest Stock Exchange? Monday Market Report | October 2nd to 8th

Oct 09, 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.

Dear NDAXers, there are so many things to be thankful for; we hope your ongoing long weekend is one of them. Last week:

Kevin McCarthy OUT—which next (pro-crypto) Speaker of the House is up to bat?
Early-adopter state launches a geothermal bitcoin mining pool... And—
This formerly anti-crypto country launched a blockchain based settlement solution for one of the world’s largest stock exchanges... Read on!

Kevin McCarthy became the first ever Speaker by the House of Representatives to be ousted on Tuesday. Rep. Matt Gaetz initiated the motion to remove McCarthy from the post. Kevin McCarthy is known for his support of cryptocurrencies and blockchain technology, recognizing the potential of decentralization and blockchain's ability to enhance financial security. In his place, Rep. Patrick McHenry will assume the role of speaker pro tempore. McHenry has also shown support for the crypto industry and chaired committees overseeing digital asset legislation. McHenry previously mentioned the importance of digital asset legislation for American innovation and consumer protection. He has voiced support for the Grayscale ruling and questioned the timing of Prometheum's special purpose broker-dealer approval. The House is yet to elect a new speaker officially, and Rep. Matt Gaetz has publicly endorsed House Majority Whip Tom Emmer—another very-pro-crypto rep, as a potential replacement for McCarthy. Blockworks

Salvadoran firm Volcano Energy and Luxor Technology have launched "Lava Pool," El Salvador's first crypto mining pool, utilizing geothermal energy for Bitcoin mining. They will contribute 23% of their profits to the government. This initiative aligns with El Salvador's goal of integrating Bitcoin into its energy infrastructure, generating revenue for new energy projects while managing peak demand. The government plans to reinvest mining profits into the energy sector to boost economic growth. Volcano Energy secured $1 billion in investments, primarily from Tether Energy, to strengthen renewable energy and Bitcoin mining operations, positioning itself as a key player in the crypto-energy landscape. TheBlock

The Hong Kong Stock Exchange (HKEX) introduced an upgraded settlement platform called Synapse for its Stock Connect, connecting Shanghai and Hong Kong exchanges. Synapse utilizes smart contracts with DAML (Digital Asset Modelling Language) to standardize and streamline post-trade procedures, improving efficiency, transparency, and risk reduction. The platform aims to enhance post-trade processes, supporting market and investor growth strategies. In H1 2023, the Northbound Stock Connect witnessed a 5% increase in daily trading volume compared to the previous year, reaching RMB 109.3 billion ($15.1 billion). Synapse is designed to facilitate institutional investors participating in Northbound Stock Connect, streamlining post-trade operations across time zones. While HKEX didn't detail the blockchain usage, similar efforts have employed permissioned ledgers based on proof-of-authority consensus. Other exchanges are also exploring blockchain for efficiency improvements, while the London Stock Exchange Group is advancing in embracing blockchain for trading traditional financial assets. Blockworks

📰 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 still beating US dollar versus ‘eggflation’ — Fed data CoinTelegraph
SEC likely to approve all spot bitcoin ETFs at once, says former BlackRock executive TheBlock
Firms launch El Salvador’s first Bitcoin mining pool tapping geothermal energy TheBlock
Ripple vs. SEC Judge Denies SEC’s Interlocutory Appeal CoinTelegraph
Ripple Cancels Plan to Buy Fortress Trust CoinDesk

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary:

The global cryptocurrency market has reached a total market capitalization of CAD $1.49 Trillion.
Bitcoin continues to lead the market with a dominance of 50%, followed by Ethereum at 18%.

Performance:

Bitcoin is currently the top trading pair on NDAX, followed by Ethereum, XRP, Litecoin, Dogecoin, Solana, Stellar & Cardano.

Week over week, the value of Bitcoin (BTC) is down 0.10% and currently trading at 38,132 while Ethereum (ETH) is down 4.98%, now trading around $2,228.

As of 10/09/2023 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

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:

After the ouster of Kevin McCarthy, speaker pro tempore is crypto ally Patrick McHenry, and one of the consensus leaders to replace McCarthy permanently is current House whip and frequent crypto bill backer Tom Emmer. NLW also explains the latest "L" handed to the SEC around its Ripple case. – The Breakdown w/ NLW – A Leading Candidate for Next Speaker of the House is One of Crypto's Biggest Allies in D.C.

From “The Broke Issue”, how stablecoins and the unstable con, Sam Bankman-Fried, built a corrupt castle of sand and how it all washed out. – Bitcoin Magazine - Going For Broke: The Rise and Fall of Sam Bankman-Fried

Preston Pysh talks with Daniel Hinton & Steve Jeffress about potentially solving the Bitcoin Oracle Problem with the US Dollar. New research and already released code is able to mark the price of Bitcoin to within global USD value for any given day in the past three to four years. This discovery potentially has exciting implications. - Bitcoin Fundamentals w/ Preston Pysh - SOLVING THE ORACLE PROBLEM W/ DANIEL HINTON & STEVE JEFFRESS

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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.