Ndax Weekly TL;DR October 21st

• Michael Saylor Clarifies Self-Custody Stance After Criticism from Crypto Community
• Pennsylvania Advances Bitcoin Rights Bill to Enhance Crypto Payments and Self-Custody
• Microsoft Shareholders to Vote on Bitcoin Investment Proposal 
• Bank of Canada Cuts Interest Rate by 50 Basis Points 
   

Michael Saylor, founder of MicroStrategy, revised his stance on Bitcoin self-custody following backlash from the crypto community. In an interview earlier in the week, Saylor had advocated for trusting large banks with Bitcoin assets, drawing criticism from prominent figures like Ethereum co-founder Vitalik Buterin. Responding to the uproar, Saylor emphasized that he supports self-custody for those capable and the freedom for individuals and institutions to choose their custodial preferences. The debate highlighted differing views on self-custody, with some considering Saylor’s initial remarks as capitulation to centralized financial institutions. Cointelegraph

The Pennsylvania House of Representatives has passed House Bill 2481, known as the Bitcoin Rights Bill, with a bipartisan vote of 176 to 26. The bill aims to clarify the legal status of cryptocurrency ownership and use within the state, allowing residents to self-custody their digital assets and enabling Bitcoin transactions for payments. Introduced by the nonprofit Satoshi Action Fund, the legislation empowers individuals to directly hold and manage their cryptocurrencies without relying on third-party services like exchanges. If approved by the Senate, this bill could signify a broader acceptance of digital currencies in Pennsylvania, aligning with similar legislative efforts in states like Oklahoma and Louisiana, as the federal government continues to navigate the complexities of crypto regulation. crypto.news

At Microsoft's upcoming annual shareholder meeting, investors will vote on a proposal to evaluate Bitcoin as part of the company’s treasury holdings, though the board of directors recommends a “no” vote. The proposal, submitted by a shareholder advisory group, calls for Microsoft to consider Bitcoin’s potential value in corporate finance. The board, however, cites the cryptocurrency's volatility and stresses that its current asset evaluation practices already cover diverse investment options, including cryptocurrencies. CryptoSlate

The Bank of Canada lowered its benchmark interest rate by 50 basis points to 3.75%, marking the fourth rate cut since June, as inflation cooled to 1.6% in September. With inflation now near the target rate of 2%, Governor Tiff Macklem expressed optimism, noting that Canadians can "breathe a sigh of relief" as inflationary pressures ease. The central bank indicated potential for further rate cuts if economic conditions align with forecasts, but future decisions will depend on economic data. While another rate cut is expected in December, some economists predict the Bank will adopt a more cautious pace going forward, especially given stronger U.S. economic performance and Canada’s moderate growth outlook. Yahoo Finance

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News Nuggets

• Cardano Expands DeFi Access with $1.3 Trillion Bitcoin Liquidity via BitcoinOS Integration Cointelegraph  
• Vitalik Buterin Proposes “The Verge” Upgrade to Enable Ethereum Node Operation on Smartwatches CryptoSlate 
• Chainlink Integrates with Bitcoin’s Layer-2, Expanding Cross-Chain Capabilities CoinDesk
• Ethereum ICO Participant Cashes Out 3,000 ETH for $7.6M, Retains $94M in Holdings Cointelegraph 
• Uniswap Rolls Out Permissionless Cross-Chain Bridging and Unichain Testnet Cryptonews
• Vietnam Unveils National Blockchain Strategy to Foster Innovation and Legal Frameworks Cointelegraph
• Pyth Network Expands DeFi Services with Real-Time Crypto Redemption Rate Feeds crypto.news

As of 10-28-2024 at 9:00 AM EST

Market Summary

• The global cryptocurrency market cap is around CA$3.24 trillion and has not changed significantly over the last seven days.
• Bitcoin's market dominance stands at 58.3%, while Ethereum's share is 13.1%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$95K and CA$93K, registering a 1.4% change over the past week and a market cap of CA$1.9 trillion. At Ndax, the weekly movers are SOL, which saw a 7% increase in the last seven days, reaching a market cap of CA$115.9 billion, and PYTH, which experienced a 4% rise with a market cap of CA$1.9 billion (at the time of writing).

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Mark your calendars!

• Oct 30 – Celestia (TIA) Token Unlock
• Oct 31 – Optimism (OP) Token Unlock
• Oct 31 – US Core PCE Announcement
• Oct 31 – US Initial Jobless Claims Announcement

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