Monday Market Report | January 8th - 14th

📢 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.

The moment we’ve all been waiting with breath bated—dear Ndaxers—has finally materialized:

  • 11 Spot Bitcoin ETFs were approved by the SEC, but... 
  • Not without a slight fumbling of the ball, and— 
  • Circle—the issuer of USDC—files for IPO. 

Well, friends, it will have taken 10 years since the Winklevoss twins first applied for a Bitcoin Spot ETF in 2013, but the industry has finally arrived. No less than 11 spot bitcoin exchange-traded vehicles were approved Wednesday night—albeit kicking and screaming—by the US’ top securities regulator Gary Gensler, 15 years to the day since legendary American computer scientist Hal Finney first started “running bitcoin”. In a vote of 3 to one, the SEC approved the applications of some “bitcoin native” companies, and some—notably Fidelity, Franklin Templeton, and BlackRock—of the world’s most revered and well-respected financial institutions. Here’s everything you need to know about how this all went down: Coindesk and Blockworks

A few months ago, there was fake news about the SEC’s approval of a slew of spot Bitcoin ETF applications. Then, on January 1st, there was FUD (Fear Uncertainty, and Doubt) about whether they would approve them at all... And then, on January 9th... There was the SEC omitting to use 2FA authentication to secure the world’s most powerful securities regulators' official Twitter/X account. The internet giggled, Elon remained as tactful as could be expected, and now, US Congressional politicians are piling on for good measure. When the SEC’s official X account announced Tuesday night that the ETFs had all been approved—only to reveal a few minutes later that their account had been compromised—it took Twitter security staff a few short hours to set the record straight: X/Twitter had not been hacked but in fact, the SEC’s account had been compromised internally. There was no shortage of face palms to go around. But approve them (the Bitcoin Spot ETF applications, that is) they did, officially this time, 24 hours later. Here’s what happened: Blockworks and Blockworks

Circle, the company behind the USDC stablecoin, has filed a draft registration statement for an initial public offering (IPO) in the US, according to a press release. The IPO is expected to proceed after the SEC completes its review, and, contingent on market conditions. The specific number of shares and price range are yet to be determined. Circle had previously considered going public via a SPAC (special purpose acquisitions company) but abandoned the plan after FTX's collapse in November 2022. CEO Jeremy Allaire expressed disappointment but emphasized the company's commitment to becoming public for enhanced trust and transparency. In August, Coinbase announced an investment in Circle, supporting the long-term success of USDC, the second largest ‘stablecoin’ after Tether. Blockworks

📈 Weekly Moves

Market Summary

  • The global cryptocurrency market has reached a total market capitalization of CAD $2.26 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 49.7%, followed by Ethereum at 18.1%. 


  • Bitcoin is currently the top trading pair on Ndax, followed by Solana, Ethereum, XRP, Cardano, Fantom, Arbitrum, and Chainlink.
  • Week over week, the value of Bitcoin (BTC) is down 5.56% and currently trading at $57,371, while Ethereum (ETH) is up 11.71%, now trading around $3,411. 

Top Weekly Movers @ Ndax

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

Arbitrum had another solid week, gaining an additional 5.5% week over week. Arbitrum is holding on to their rank at #37 by market cap ($2.7B US), and is now up 87% since December 2023.

Litecoin—the famous ‘light version’ clone of Bitcoin’s code—rallied almost 8% on the week. LTC ranks #22 by market cap ($5.2B US) and is down over 11% y/y.  

As of 01/15/2024 at 8:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📰 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:

  • Ether ETF Hopes Drive Smart Money Bets After Historic Bitcoin ETF Approval Coindesk 
  • Bitcoin traders weather US CPI miss as ETH price tags 20-month high Cointelegraph  
  • Bitcoin ETFs Secure Approval Exactly 15 Years After Hal Finney’s Iconic ‘Running Bitcoin’ Tweet Coindesk  
  • AI and Quantum Computing Flagged As New Global Risks: WEF Decrypt 
  • Twitter: SEC Account Didn't Have 2FA at Time of Fake Bitcoin ETF News Hack Decrypt 
  • Near Foundation to cut staff by 40%, says treasury 'remains strong' TheBlock 

For more news stories, visit our LinkedIn

📅 Upcoming Events

Mark your calendars!

  • April 22    - At block height 840,000; The Bitcoin Halving 

📖 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.