Monday Market Report | December 11th - 17th

📢 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 Holiday season, Ndaxers! Bitcoin takes a much-deserved breather—as if you’re reading this and you didn’t already know—while most markets rally on the Fed’s recent FOMC comments. Last week—

  • Be careful where you DeFi! Multiple dApps compromised in new hack. 
  • Stablecoin volume to flippen Visa online payments in 2024? 
  • Is a Balaji (of “$1M Bitcoin bet” fame) Network State actually in the works? 

New season, a new hack. Last week, hackers infiltrated Github's Connect Kit library for Ledger's widely-used blockchain software, stealing $484,000. Ledger's Connect Kit allows DeFi (decentralized finance) protocols to link with crypto hardware wallets. This breach affects major DeFi protocols like Sushi, Lido, Metamask, and Coinbase. Ledger confirmed a phishing attack on a former employee, leading to the publication of a malicious Connect Kit version. The compromised window for fund theft was less than two hours. Users are cautioned against interacting with any decentralized apps (dApps) until affected protocols are updated. Ledger has removed the malicious version and is addressing the incident. Coindesk

In a December 13 post, Bitwise researcher Ryan Rasmussen outlined 10 bullish predictions for the crypto industry, highlighting the anticipated growth of stablecoins. Bitwise forecasts that by 2024, stablecoins will surpass Visa's payment volume, positioning them as a dominant force in the industry. (By Q3 2023, Visa processed over $9 trillion in payments, while stablecoin trading volume exceeded $5 trillion, emphasizing the rise of stablecoins as a significant "killer app" within the crypto space.) Among their other exciting (and less hard to fathom) predictions, Rasmussen is calling for a new BTC ATH above $80K (US), buoyed by an ostensible ETF approval and of course, the Bitcoin halvening. Bitwise Cointelegraph

Before Balaji Srinivasan wrote The Network State, he was a general partner at fabled VC Andreessen Horowitz. His contention, largely, is that the world is moving from physical borders where nation-states operate, to digital states, governed by networks... But until recently, this was all just theory. His new Silicon Valley-backed investment fund, the Balaji Fund, launched with the aim of creating libertarian societies termed "Network States". Although Srinivasan isn’t a billionaire, the fund is backed by tech titan such as Naval Ravikant, venture capitalist Fred Wilson, and Brian Armstrong. Srinivasan plans to seed invest in promising companies focusing on startup societies and network states. The concept involves establishing communities based on Bitcoin's principles, with an emphasis on "Internet values". Srinivasan envisions these evolving from online spaces to real-world communities and even new cities with experimental institutions run by private companies. The initiative aligns with tech figures exploring parallel societies with pro-tech/laissez-faire ideals... 👀 Vice 

📈 Weekly Moves

Market Summary

  • The global cryptocurrency market has reached a total market capitalization of CAD $2.08 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 51.7%, followed by Ethereum at 16.8%. 

Performance

  • Bitcoin is currently the top trading pair on Ndax, followed by Ethereum, Solana, Cardano, XRP, Polygon, Avalanche and Shina Inu. 
  • Week over week, the value of Bitcoin (BTC) is down 2.17% and currently trading at $54,833, while Ethereum (ETH) is down 3.48%, now trading around $2,899. 

Top Weekly Movers @ Ndax

  • AVAX was up by another 45% quarter last week, while the rest of the crypto markets took a well-deserved breather. AVAX is still flirting with a coveted top 10 spot, with a market cap of around $14.8B US, and is currently trading at CA$54. 
  • Cardano was up another 22% last week on bullish Cardano DeFi ecosystem TVL #s. Its native token ADA is up around 100% on the year, ranks #9 by market cap (which sits just under $20B US), and is now trading around 83 cents CAD. If you’re holding of ADA, you could be staking it on Ndax for 3% APY. Visit Ndax.io/Staking to learn more.  
  • Hedera Hashgraph’s native token HBAR popped up last week, by 20%, and is now trading at CA$0.11. HBAR is up 80% year over year and is ranked 29 by market cap, which is $2.8B US. 

As of 12/18/2023 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:

  • What We Know About the Massive Ledger Hack Coindesk  
  • The SEC continues meeting with bitcoin ETF hopefuls. Here’s what they’re discussing Blockworks 
  • Ethereum's Buterin Floats Prospect of Taking Some Layer-2 Functions Back on Main Chain Coindesk 
  • Ripple issues white paper on CBDCs, reiterates belief in their potential Cointelegraph  
  • Solana phone sells out in the US as traders spot arbitrage with Bonk's skyrocketing price The Block 
  • 'Bitcoin NFT' Hysteria Comes to Sotheby's as Super-Mario-Style Mushroom Character Tops $200K Coindesk 
  • Financial Regulators Reiterate Call for Legislation to Address Crypto Risks Coindesk 

For more news stories, visit our LinkedIn

📅 Upcoming Events

Mark your calendars!

  • 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:

  • Everything from the FOMC and why the market reaction is jubilant. – The Breakdown w/ NLW – The Fed Has Officially Pivoted 
  • Gensler's statements may have signaled a potential shift in regulatory stance towards spot Bitcoin ETFs. – Bitcoin Magazine - SEC CHAIR GARY GENSLER TELLS CNBC THE COMMISSION IS TAKING A "NEW LOOK" AT SPOT BITCOIN ETFS 
  • Femi Longe is the program director for Btrust Builders, which educates developers in Africa about Bitcoin. In this interview: Societal issues faced by people in different parts of the world, the economic imperialism hampering emerging economies, and the challenges Africans face in accessing the global financial system + Bitcoin’s potential to change the global financial conversation. - What Bitcoin Did - Bitcoin in Africa with Femi Longe  
  • Seb Bunney discusses 'The Hidden Cost of Money,' exploring money's deep impact on society, politics, and mental health in a revealing interview. - Bitcoin Fundamentals w/ Preston Pysh - THE HIDDEN COST OF MONEY W/ SEB BUNNEY 

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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.