Ndax Weekly TL;DR October 21st

• Craig Wright Criticizes Michael Saylor's Bitcoin Strategy
• Survey Shows 26 Million US Voters Prioritize Crypto Policies in 2024 Election
• Tesla Transfers Entire $765M Bitcoin Holdings to Unidentified Wallets
• Ripple Asserts XRP's Non-Security Status Remains Unchallenged Amid SEC Appeal

Craig Wright criticized Michael Saylor’s approach to Bitcoin, calling it a distortion of the cryptocurrency's original purpose. Wright, who claims to be Bitcoin's creator, accused Saylor of centralizing Bitcoin through his strategy to turn MicroStrategy into a Bitcoin-focused merchant bank. Saylor has positioned MicroStrategy as a major Bitcoin holder, promoting it as “digital gold” and aiming to acquire $150 billion in Bitcoin. Wright argued that Saylor's vision contradicts Bitcoin’s original intent of avoiding intermediaries and decentralization. This dispute highlights ongoing divisions within the cryptocurrency community regarding Bitcoin’s role and principles. crypto.news

A Digital Chamber survey reveals that one in seven US voters, or an estimated 26 million people, consider a candidate’s stance on cryptocurrency crucial in the 2024 presidential election. Among the 1,004 respondents, 16% identified as part of the "Crypto Voting Bloc," expressing a preference for pro-crypto candidates. The findings show that 25% of Democrats and 21% of Republicans are more likely to support candidates favorable to digital assets. crypto.news

Tesla has transferred its entire Bitcoin holdings, valued at approximately $765 million, to a series of unidentified wallets, according to data from Arkham Intelligence. The transfer involved 11,500 BTC moved through 26 transactions, and no links to crypto exchanges have been detected, suggesting that the company may not be selling its Bitcoin assets at this time. This marks the first activity from Tesla’s Bitcoin wallet since June 2022, prompting speculation about the company’s intentions. Tesla initially bought $1.5 billion in Bitcoin in early 2021 and has since sold portions of its holdings, with CEO Elon Musk having reversed and later reconsidered accepting Bitcoin as payment due to environmental concerns. CryptoSlate

The SEC's recent appeal against Ripple does not contest the court's ruling that XRP is not classified as a security. Filed on October 16, the SEC's Form C specifically addresses aspects of the summary judgment related to Ripple's sales on exchanges and personal sales by CEO Brad Garlinghouse and co-founder Chris Larsen. Ripple’s chief legal officer, Stuart Alderoty, emphasized that the decision affirming XRP’s status remains intact and is now established law. As the legal process unfolds, Ripple plans to submit its own Form C, with expectations that the appeal timeline could extend through July 2025, following the initial filing and briefing schedule. Cointelegraph

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News Nuggets

• Bank of Canada Poised for Historic 50 Basis Point Rate Cut Amid Economic Slowdown Yahoo Finance
• Phaidon to Release Comprehensive Book on CryptoPunks NFT Collection crypto.news 
• Two Builders Dominate Ethereum Block Production, Sparking Centralization Debate Cointelegraph 
• Montenegro to Decide on Do Kwon's Extradition Destination Amidst Legal Controversy CryptoSlate 
• Vitalik Buterin Proposes Upgrades for Faster Transactions on Ethereum CryptoSlate 
• Kamala Harris Announces Crypto Regulation Plan Focused on Economic Inclusion Ahead of Election CryptoSlate 
• Sui Blockchain Powers Mysten Labs' Walrus Protocol Public Testnet for Decentralized Storage crypto.news
• Hong Kong Police Uncover $46M Crypto Scam Involving Deepfakes and Organized Crime Network CoinDesk

As of 10-21-2024 at 8:45 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has increased to approximately CA$3.26 trillion from CA$3.1 trillion.
  Bitcoin's market dominance stands at 57.2%, while Ethereum's share is 13.8%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$94K and CA$95K, registering a 5.5% change over the past week and a market cap of CA$1.9 trillion. At Ndax, the weekly movers are DOGE, which saw a 26% increase in the last seven days, reaching a market cap of CA$29 billion, and LTC, which experienced a 10% rise with a market cap of CA$7.5 billion (at the time of writing).

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Mark your calendars!

• Oct 23 – Canada Interest Rate Announcement
• Oct 24 – US Jobless Claim Announcement

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