Monday Market Report | May 1st - 7th, 2023

Every Monday morning, 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 Monday, Ndaxers—this week:

Due to a lesser-known BIP (Bitcoin Improvement Proposal), Bitcoin daily transactions keep making new ATHs.  

In the wake of mounting interest rates and yet another bank failure (the new 2nd largest such failure in US history), Bitcoin price, daily transactions, miner revenue, and percentage of supply being hodled long-term... Are all up.

Market Summary:

• The global cryptocurrency market has reached a total market capitalization of CAD $1.55 trillion.  
• Bitcoin continues to lead the market with a dominance of 47.1%, followed by Ethereum at 19.3%.

Performance:

• Bitcoin is currently the top trading pair on Ndax, followed by Ethereum, XRP, The Graph, Shiba Inu, and Cardano.
• Over the past 7 days, the value of Bitcoin (BTC) has decreased by 2.39% and is currently being traded at $37,644. Ethereum (ETH) is down 0.15% during the same period and is now being traded at $2,484.

Market Trends:

Remember Bitcoin Ordinals?

Well, now Bitcoin does Fungible tokens too, and “BRC-20"--the standard for issuing fungible assets on the Bitcoin blockchain—is on a tear.

• Bitcoin transactions are regularly hitting new record highs
• Fungible assets on Bitcoin reached a collective market cap of CA$167M
• And? Developers have been building and experimenting with innovative new projects on top of the Bitcoin protocol, and users are saying: “Yes.”

Meanwhile, the White House introduced a new budget proposal called DAME.

• The Digital Asset Mining Energy Excise tax: It’s exactly what it sounds like.
• If accepted, it would impose a 30% on Bitcoin miners over several years.

And finally, remember how we recently informed you that the Kingdom of Bhutan had been quietly investing in Digital Assets for years?

• They’ve been mining too. Bhutan really *gets it*.

As of 05/07/2023 12:30 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:

• Bitcoin Transactions Hit Record High as New Token Type Takes Off The Defiant
• The DAME Tax: “Making Cryptominers Pay for Costs They Impose on Others” The White House
• The Kingdom of Bhutan Has Been Quietly Mining Bitcoin for Years Forbes
• Analysts at odds over Fed, US debt ceiling impact on Bitcoin price CoinTelegraph

Mark your calendars!

• May 10 – CPI (April)
• May 17 - Bitcoin Builders Conference Miami
• May 18 - Bitcoin 2023 Conference Miami
• May 26 – CME Futures Expiry

Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:

• Biden's DAME Mining Tax is an Attack on Bitcoin – The Breakdown w/ NLW: The DAME Tax is an Attack on Bitcoin
• Preston Pysh interviews technology expert and Wired Founder, Kevin Kelly, about his new book, Excellent Advice for Living. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – Evolving with the Technium w/ Kevin Kelly
• Fedimint federations allow users to set up communities to custody Bitcoin and Lightning together. Decrypt -- Fedi Raises $17M in a Bid to 'Accelerate the Adoption of Bitcoin and Lightning'

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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.