Monday Market Report | May 22nd - 28th, 2023

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.

Happy Monday Hodlers: Last week in crypto:

• The global race for Bitcoin adoption heats up
• 3 Pro-Bitcoin US Presidential Candidates
• Bitcoin now counts more than 1M whole-coiners

Market Summary:

• The global cryptocurrency market has reached a total market capitalization of CAD $1.59 Trillion.  
• Bitcoin continues to lead the market with a dominance of 46.7%, followed by Ethereum at 19.7%.

Performance:

• Bitcoin is currently the top trading pair on Ndax, followed by Ethereum, XRP, Shiba Inu, Dogecoin, and Gala.
• Over the past 7 days, the value of Bitcoin (BTC) has increased by 6.19% and is currently being traded at $37,922. Ethereum (ETH) is up 6.83% during the same period and is now being traded at $2,575.

Market Trends:

As the global race towards Bitcoin adoption intensifies amidst economic uncertainty, Asia has continued to position itself to benefit. But 3 new American presidential hopefuls are vying for the US not to be left behind:

• Since American regulators’ crackdown on crypto intensified in the wake of FTX, Chinese state-owned banks in Hong Kong have been actively courting crypto businesses being pushed out of the US.
  Now, Hong Kong’s Securities and Futures Commission plans to allow retail trading of cryptocurrencies and has begun publishing rules to that effect.

Bitcoin 2023 in Miami also revealed a new contender in Southeast Asia throwing their hat in the proverbial ring, with a population almost as large as the US.

• Indonesia, with a population of roughly 274M, boasts one of the highest Bitcoin adoption rates in the world: Over 40% 😲
• Ridwan Kamil who governs a population of 50M people in the country’s most populous region of West Java, claimed at Bitcoin 2023 to have the “biggest reserve of renewable energy in the world” and like Bhutan, wants to use some of these goodies to mine clean BTC and create a haven for Bitcoiners.
• When one door closes, another one opens. Let’s go, Mr. Kamil!

Last but certainly not least, Bitcoin has become a pillar of 3 new US Presidential candidates’ political platforms:

• Democrat Robert F. Kennedy Jr., Republican Ron DeSantis, and entrepreneur Vivek Ramaswamy.
• BTC has officially entered the mainstream. Hyperbitcoinization when? 👀 .

As of 05/28/2023 at 12:00 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:

• 7 Banks, Including Fed, Pen Paper on Possible CBDC Implementation Blockworks
• U.S. Presidential Candidate Ramaswamy Takes Potshot at DeSantis Bitcoin Remarks Coindesk
• Hong Kong Securities Regulator to Accept License Applications for Crypto Exchanges Starting June 1 CoinDesk
• The Bitcoin Mining Debate Is Ignoring the People Most Affected CoinDesk
• Dogecoin Proves It’s a Serious Blockchain, Flips Ethereum Transaction Count Blockworks

For more new stories, visit our LinkedIn

Mark your calendars!

• June 2 – US Bureau of Labour Stats. Jobs Report
• June 13 - CPI Numbers
• June 14 – Next FOMC (Fed) Rate Decision

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

• For years there have been battles around mining, exemplified by the New York State Moratorium on new mining driven in large part by reports from the Greenidge plant in the Finger Lakes region. In a new piece of reporting from CoinDesk, however, it appears that many of the claims made about the plant and its impact were simply false. What's more, locals in the area have had their voices almost entirely ignored. – Bitcoin Builders w/ NLW: What Real People Think of Bitcoin Mining in Their Communities
• Preston interviews Bitcoin OG, Tuur Demeester, about how people need to be thinking about their position before the coming Bitcoin boom. – The Investors Podcast; Bitcoin Fundamentals w/ Preston Pysh – Positioning for the Bitcoin boom W/ TUUR DEMEESTER
• The Biggest Announcement Nobody Is Talking About (The 4th Largest Country Announced This In Miami) - The Most Import Century - Luke Mikic - Indonesia: The Global Bitcoin Race Is Heating Up!

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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.