Ndax Weekly TL;DR June 9

• Bitcoin Briefly Dips to $100K as Musk–Trump Fallout Triggers Market Turmoil
• Bank of Canada Holds Interest Rate at 2.75% Amid Trade Uncertainty and Mixed Economic Signals
• Senator Lummis Welcomes Bowman’s Fed Appointment as Positive Signal for Crypto Regulation
   

A public fallout between Elon Musk and President Donald Trump sparked volatility across financial markets, with Bitcoin briefly dipping to $100,000 and nearly $1 billion in crypto liquidations occurring amid the turmoil. The dispute, unfolding over social media, saw Trump threaten Musk’s federal contracts while Musk called for Trump’s impeachment and made unverified allegations. Tesla’s stock fell 14%, wiping out $150 billion in market value, while Bitcoin quickly rebounded to $103,000 as buyers stepped in at the psychological support level. CryptoSlate

The Bank of Canada has kept its key interest rate unchanged at 2.75%, citing ongoing uncertainty around U.S. trade policy and mixed domestic economic indicators. Governor Tiff Macklem emphasized that while the economy remains soft, it has not significantly weakened, and recent inflation data shows some persistence. The decision, widely expected by economists, drew mixed reactions: some warned it risks policy missteps in the face of rising unemployment and fragile consumer demand, while others saw signs of resilience that justify a cautious stance. Yahoo Finance

U.S. Senator Cynthia Lummis praised the Senate’s confirmation of Michelle Bowman as Vice Chair for Supervision at the Federal Reserve, calling it a pivotal moment for crypto policy. Confirmed in a narrow 48–46 vote, Bowman will oversee banking supervision and emerging technologies at the Fed. Known for advocating evidence-based regulation and openness to innovation, Bowman’s appointment has been well-received by crypto industry stakeholders seeking greater regulatory clarity. While the Fed does not directly regulate cryptocurrencies, Bowman’s new role could influence how U.S. banks interact with digital asset firms, stablecoins, and blockchain services, shaping the broader regulatory environment for crypto in the financial system. CryptoSlate

Ndax's news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• Canada’s Unemployment Rises to 7%, Highest Since 2016 Outside Pandemic Financial Post
• Brad Garlinghouse Refutes Reports of Ripple Bidding to Acquire Circle CryptoSlate
• California Assembly Passes Bill to Allow Crypto Payments for State Transactions Cointelegraph
• U.S. Markets Rebound on Strong Jobs Data as Tesla Recovers From Sell-Off crypto.news
• Yuga Labs Proposes Shutting Down ApeCoin DAO, Seeks to Transfer $168M to New Centralized Entity CryptoSlate
• Institutional Bitcoin ETF Holdings Dip as Corporations Embrace Direct BTC Reserves CryptoSlate
• Uber Explores Stablecoin Integration to Cut Cross-Border Payment Costs Cointelegraph
• Hackers Impersonate Security Firms to Steal Crypto and Frame Victims CryptoSlate

As of 06-09-2025 at 9:25 AM EDT

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$4.46 trillion to CA$4.58 trillion.
• Bitcoin's market dominance stands at 63.9%, while Ethereum's share is 9.2%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$144K and CA$147K registering a 3% change over the past week and a market cap of CA$2.9 trillion. At Ndax, the weekly movers are ICP, which saw a 21% increase in the last seven days reaching a market cap of CA$4.3 billion, and COMP, which experienced a 15% rise with a market cap of CA$574 million.  (At time of writing)

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
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Mark your calendars!

• June 11 – US Core CPI Announcement  
• June 11 – RENDER Token Unlock 
• June 12 – APT Token Unlock 
• June 15 – SEI Token Unlock 

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