Monday Market Report | December 4th - 10th

📢 Weekly TL;DR

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

Happy Monday Ndaxers—Lots of news this week, so make sure to skim the extra news nuggets below the featured stories so you don’t miss out.

  • Wallstreet short sellers of crypto stocks are taking a BATH: Report! 
  • The two crypto bills making their way through the American legislature—and 
  • A Spot Bitcoin ETF application process update... from Reuters. OK!  

According to a new report by S3 Partners, a financial data firm, Bitcoin's recent rally has resulted in significant losses for crypto stock short sellers, totaling over $2.6 billion in less than three months. Since September, Bitcoin is up a whopping 75%, and as a result, Crypto stocks, including MicroStrategy, have followed suit, catching short sellers off guard. Microstrategy is up 82% since October. According to this report on Tuesday alone, setting the state for a potential short squeeze, these crypto stock short sellers lost $387M. Since January 2023? They’ve lost over $6B. Decrypt

Though many questions remain as to how useful crypto is for terror financing (figures show that crypto represents a very small fraction of funds used to launder/raise financing for terror, as compared to traditional methods), a newly introduced bill reads: "The Terrorist Financing Prevention Act of 2023, aims to prevent Foreign Terrorist Organizations and their financial enablers, including those using digital assets, from accessing U.S. financial institutions, imposing sanctions and strict regulations to counteract these activities". The bill was introduced by a bipartisan group of senators including Mitt Romney... Meanwhile, though its path to becoming ratified into law is uncertain, a pro-blockchain bill has cleared its first hurdle in the US House. The law would task the U.S. secretary of commerce to become the US official Open-For-Crypto-Business cheerleader (mascot?) and promote—hear us out here—blockchain tech in America! Coindesk

According to a new Reuters report, spot Bitcoin exchange-traded fund approvals may be on the horizon, as the SEC collaborates with asset managers to finalize crucial technical details. Among the 13 spot Bitcoin ETF applicants, 21Shares and Ark (with a proposal deadline of Jan. 10) have engaged with the SEC, prompting speculation of potential approvals... Bloomberg Intelligence analyst James Seyffart suggests that if the SEC plans to approve the applications, a series of acceptances could occur between January 8 and January 10. There is speculation that the SEC might greenlight multiple applications simultaneously, which another Bloomberg analyst Balchunas refers to as the "Bitcointucky Derby". Bloomberg analysts estimate a 90% likelihood of approval by January 10. CEO of Ark Invest Cathie Wood expressed optimism about Bitcoin ETFs, citing significant differences in the current—compared to previous—application rounds. Alongside Ark and 21Shares application, other notable applicants include BlackRock, Franklin Templeton, WisdomTree, VanEck, and most recently, Swiss-based asset manager Pando Asset, bringing the total to 13. Blockworks 

📈 Weekly Moves

Market Summary

  • The global cryptocurrency market has reached a total market capitalization of CAD $2.14 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 52.3%, followed by Ethereum at 17.1%. 


  • Bitcoin is currently the top trading pair on Ndax, followed by Ethereum, Avalanche, Cardano, Solana, XRP, Polkadot, Dogecoin, Shiba Inu and Chainlink. 
  • Week over week, the value of Bitcoin (BTC) is up 2.21% and currently trading at $57,444, while Ethereum (ETH) is up 0.17%, now trading around $3,058. 

Top Weekly Movers @ Ndax

  • Cardano was up almost 40% last week! Cardano is now trading over 3 quarters of a dollar. Its native token ADA is up 80% on the year and ranks #9 by market cap which sits just under $20B
  • The US. If you’re a holder of ADA, you could be staking it on Ndax for 3% APY. Visit to learn more.
  • Algorand’s native token ALGO is up 35% w/w, trading at 18 cents, but is still down 17% year over year. ALGO has a market cap of just under $1.5B US.  

As of 12/11/2023 at 1:00:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📰 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:

  • El Salvador Could Rake In $1B Bitcoin Investment per Year With New ‘Freedom VISA’ Coindesk  
  • Avalanche flips MATIC, TRX, and LINK to become a top-10 crypto Blockworks 
  • Spot bitcoin ETF market sees new applicant ahead of SEC ruling Blockworks  
  • Zhao can’t return to UAE before the sentencing report The Block 
  • What the Bitcoin Halving Means for Investors Decrypt 
  • Montenegro Set to Extradite Terra Co-Founder Do Kwon to US: Report Decrypt 
  • Jack Dorsey's Block Bitkey Bitcoin Wallet Comes to Market in More Than 95 Countries Coindesk 

For more news stories, visit our LinkedIn

📅 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:

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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.