Monday Market Report | May 7th - 13th

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—Spring has sprung!

Last week, Bitcoin achieved an impressive milestone: The world’s largest computer network has now processed over 1 billion transactions totaling over $1T.

• “The Institutions are coming!” Or... Are they already here?
• Has the US House overturned a controversial SEC crypto accounting bulletin?
• All BTC ETFs see the best day in over a month... Are the ETFs back?

Wells Fargo disclosed investments in multiple Bitcoin ETFs through an SEC filing on Friday, joining institutions embracing crypto-based vehicles. The filing shows the banking giant purchased shares of Grayscale's GBTC spot Bitcoin ETF, has exposure to Bitcoin ATM provider Bitcoin Depot Inc., and invested in ProShares' Bitcoin futures ETF BITO. However, the exposures are relatively small —$141,817 in GBTC, under $1,200 in BITO, and just $99 in Bitcoin Depot. Cointelegraph

In light of recent polling numbers showing politicians’ stance on crypto to be a significant determinant of future voting behavior, 21 ‘young’ democrats crossed the aisle to support a new measure that would roll back controversial crypto accounting decisions unilaterally taken by the SEC: The House voted 228-182 on Wednesday, to pass a measure overturning an SEC bulletin establishing accounting standards for crypto custodians.

The 2022 bulletin requires firms to record customer crypto holdings as liabilities, raising industry concerns about hindering banks from safeguarding digital assets.

While approved by the House, the measure faces headwinds. The White House stated President Biden would veto it, warning it could "introduce substantial financial instability and market uncertainty." House committee leaders debated imposing excessive requirements versus enabling transparency.

The next steps include potential Senate Banking Committee consideration and a full Senate vote. With a companion Senate bill, it would need only 51 votes to pass under the Congressional Review Act providing oversight of agency rulemaking. However, the veto threat casts doubt on its prospects of becoming law. The Block

After weeks of outflows, Bitcoin ETFs experienced a positive turnaround on Friday, April 3rd, with all funds seeing net inflows for the first time. Data from Farside Investors revealed this unanimous green day was driven by investors adding more cash to Grayscale's Bitcoin Trust (GBTC) than was withdrawn. GBTC had previously seen persistent outflows as investors redeemed shares for lower-fee funds.

GBTC grew by $63 million, contributing to a collective $378 million inflow into Bitcoin ETFs that day. This remarkable reversal comes after the investment vehicles had their worst day with over $500 million in outflows the prior week amid waning interest. The SEC approved 11 spot Bitcoin ETFs in January, fueling initial popularity that drove Bitcoin's price to new highs in March. However, the hype slowed in April amidst macro headwinds. Sustained outflows put downward pressure on Bitcoin's price, which now trades below its 2021 and 2023 records. Decrypt 

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $3.05 Trillion.  
• Bitcoin continues to lead the market with a dominance of 53.7%, followed by Ethereum at 15.5%. 

Performance

• Bitcoin continued its price consolidation trading in a wide, downward-sloping range. BTC ended the week down another 3.5% with a weekly price volatility of almost 10%. BTC is now trading somewhere between the CA$83K and $84K levels, 15% from its most recent ATH 2 months ago.

Top Weekly Movers at Ndax

Who were the top-performing assets on Ndax last week?

• Up by around 4%, The Graph’s GRT utility token (spot #46) is currently trading around CA$ 0.36, about 90% from its all-time high (ATH) set 3+ years ago.
• Up around 4.5%,  The Near Protocol token NEAR (spot #19) is currently trading around CA$ 9. NEAR is still trading over 64% away from its ATH set 2 years ago.

But week over week, the top performer at Ndax, in spot #27, up by over 30%, was the new Render protocol’s token RNDR. With a market cap of CA$5.8B, RNDR is currently trading around CA$ 14.55.

Prices as of 05/13/2024 2:00 AM EST

Keep an eye on the market here 👉 Cryptocurrency Prices

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

• Grayscale Withdraws Ethereum Futures ETF Application to SEC Decrypt 
• IBIT, FBTC ETFs hit $10B AUM in weeks, smashing the previous record of 3 years The Block  
• Bitcoin price flash crash raises chance of BTC dip to $54K Cointelegraph 
• Lightning Labs Is Bringing Stablecoins to the Bitcoin Blockchain: CEO Decrypt 
• Biden backs Gensler as House advances resolution to power-check SEC Blockworks  
• Bitcoin mining difficulty drops 6% in largest fall since bear market lows The Block  

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Mark your calendars!

• May 22nd – Bitcoin Pizza Day!
• May – SEC Decision on BlackRock's Ether Spot ETF Decision

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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.