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 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
Performance
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:
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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.