Monday Market Report | January 1st - 7th

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—just as Bitcoin was kicking off ’24 with a bang.

• Bitcoin started off 2024 with price levels unseen in almost 2 years... 
• While Bitcoin recovered, stocks struggled on US Jobs Data. 

Bitcoin faced an 8% decline on Wednesday amid concerns about the approval of a spot Bitcoin ETF, erasing the significant gains from January 1. This triggered the liquidation of $500 million in derivative positions.

While Bitcoin rebounded, recovering from its 8% dip earlier in the week, the Nasdaq Composite faced its fifth consecutive day of losses, down 2.3% for the year, and the S&P 500 traded sideways, losing 0.8%. Analysts attribute this to uncertainty about the Federal Reserve's optimism over the prospect of rate cuts in 2024, and Bitcoin’s concurrent resilience over-optimism regarding the approval timeline for a Bitcoin exchange-traded fund. The Dow Jones Industrial Average fared slightly better, gaining 0.3%. The hesitation from the Fed reflected in December's minutes, and concerns about job market dynamics have dampened market sentiment... Meanwhile, ETF speculation remains a significant factor (to say the least) in Bitcoin's movement. Blockworks 

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $2.17 Trillion.  
• Bitcoin continues to lead the market with a dominance of 52.8%, followed by Ethereum at 16.3%. 

Performance

• Bitcoin is currently the top trading pair on Ndax, followed by Solana, Ethereum, XRP, Cardano, Arbitrum, Shiba Inu, Polygon and Hedera.
• Week over week, the value of Bitcoin (BTC) is up 3.19% and currently trading at $58,937, while Ethereum (ETH) is down 3.43%, now trading around $2,966. 

Top Weekly Movers @ Ndax

Who was the top-performing asset on Ndax last week?

Except for Bitcoin, it was a rest week for most assets on Ndax. 

Bitcoin was up a few percentage points but the top performing asset on Ndax last week, was again Eth’s Layer 2 Scaling solution Arbitrum. The ARB Token was up by over a quarter. ARB is currently trading above CA$2.5 and is ranked #40 by market cap, which stands above $2.35B US.

As of 01/07/2024 at 1:00:00 AM EST, values in CAD.

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:

• Here's how to spot bitcoin ETF issuers are anticipating the coming days to play out TheBlock 
• Bitcoin ETF Looks Very Likely Given These Bureaucratic SEC Steps Coindesk  
• Goldman Sachs in talks to manage more bitcoin ETF shares: CoinDesk Blockworks  
• Crypto inflows tripled to $2.2B in 2023 Blockworks 
• Celsius to Unstake $466 Million Ethereum Holdings, 'Ensure Ample Liquidity' for Creditors Decrypt 
• March banking crisis rerun risks 40% Bitcoin price crash — Arthur Hayes Cointelegraph 
• Stay Vigilant! DeFi hackers ring in New Year with 3 attacks in 5 days Blockworks 

For more news stories, visit our LinkedIn

Mark your calendars!

• Jan 10 - Final ARK 21Shares (the first bitcoin ETF) decision deadline for SEC

For those of you looking to learn more about bitcoin and crypto markets this week:

• In this latest episode with independent investigative journalist Whitney Webb, we discuss: -The need to build and protect tools of financial freedom -Bitcoin and Wall Street/government adoption -Artificial Intelligence and open-source vs. closed-source technology -Cyber attacks and simulations -Her latest investigation into the crypto and CDBC world - Coin Stories w/ Natalie Brunell - NEW: Leave The World Behind and Build a New One with Whitney Webb  
• In the wake of the recent growth in the proliferation of BRC-20 tokens, Bitcoin Magazine is clarifying its editorial policy on Bitcoin native tokens. – Bitcoin Magazine - BITCOIN MAGAZINE EDITORIAL POLICY ON BITCOIN TOKENS  
• Heating your home, pool, or hot tub with Bitcoin miners..? Exploring Bitcoin mining's integration with home heating, this podcast delves into innovative energy solutions and the strategic impacts of the Red Sea conflict on global trade and the US dollar system. - Bitcoin Fundamentals w/ Preston Pysh - A BITCOIN HVAC & HOT WATER SYSTEM IN THE HOUSE W/ MICHAEL SCHMID 

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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.