Monday Market Report | September 11th-17th, 2023

Every Monday, 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.

Dear Ndaxers—these are the dog days of summer. We hope you’re making the most of them! This week, we’re talkin’ about Ethereum!

• Ethereum’s new test net Holešky, to relaunch shortly.
• Vitalik’s X account was hacked, and—
• You may have heard about the much-buzzed-about Friend.tech—it is back with a vengeance...
• No friends, we are not talking about Ikea’s new couch: Holešky, Ethereum’s new testnet—which was scheduled to launch on Friday and is said to be able to handle three times its soon-to-be predecessor, Goerli’s load—will relaunch as soon as a few snafus have been recalibrated. Testnets exist for developers to trial their protocols and smart contracts before deploying them on the main blockchain. Initially planned to launch on September 15—yes that’s one year after Ethereum’s successful merge to Proof of Stake—Holešky will address the supply issues of Goerli's goETH token, which has caused problems for developers due to its limited circulation. Holešky is designed to provide a more realistic environment for testing and will handle a client size three times that of the current Ethereum mainnet. Blockworks
• In other Ethereum-adjacent news, the protocol’s creator Vitalik Buterin fell victim to an X (Twitter) hacker who used his account to post a corrupted link, resulting in the theft of $691,000 from unsuspecting users who followed it. The malevolent link, which appeared in a post about commemorative NFTs, led victims to connect their wallets, allowing the hacker to drain their funds. Buterin's father confirmed the hack, but Buterin himself has not commented publicly. The incident highlights the need for improved social media security—and scrutiny—including two-factor authentication, as it joins a growing list of hacks that have cost users millions in tokens. Decrypt
• Friend.tech - Developed by pseudonymous co-founder Racer, now commands an impressive 40% of the entire Bored Ape Yacht Club (BAYC) NFT collection's floor price. On Thursday, September 14th, the social app/web3 protocol, outperformed Ethereum in earnings, as reported by Token Terminal and Dune Analytics, raking in an impressive $1 million compared to Tron ($800K) and Ethereum ($406K). Friend.tech operates on the Layer 2 chain Base and has experienced an impressive surge in activity, setting new records for trading volume, fees generated, and total value locked (TVL). Despite a significant drop in usage (and being labeled by some as DOA), its dramatic comeback to a daily trading volume of $20 million, daily fees totaling $2 million, and $33 million TVL (as of September 14th) underlines its expanding influence (no pun) within the web3 ecosystem. Stay tuned for a Friend.tech primer coming soon to Ndax’s blog and socials! TheBlock
   

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

• A Year After Ethereum Merge, Net Supply Down Nearly 300K Ether Coindesk
• Paxos identified as 'fat finger' entity in $500,000 Bitcoin fee mistake The Block
• Senate money laundering bills continue to duel, Dems get 9 new sponsors Blockworks
• Riot racks up over $31M in energy credits due to Texas heat wave Blockworks
• FASB Says Crypto Assets Should Be Marked at Current Values Coindesk

For more new stories, visit our LinkedIn

Market Summary:

• The global cryptocurrency market has reached a total market capitalization of CAD $1.42 trillion.  
• Bitcoin continues to lead the market with a dominance of 49.1%, followed by Ethereum at 18.5%.

Performance:

• Bitcoin is currently the top trading pair on Ndax, followed by Ethereum, XRP, Cardano & Stellar.
• Week over week, the value of Bitcoin (BTC) is up 1.51% and currently steady(ish) around $35.8 while Ethereum (ETH) is down 1.09%, now trading around $2,185.

As of 09/10/2023 8:50:00 PM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

Mark your calendars!

• Sept 22 – FOMC Interest Rate Decision
• Sept 29 – Chicago Mercantile Exchange (CME) Options Expiry
• Oct 3 – Valkyrie Bitcoin and Ether Strategy ETF Effective Date
• Oct 31 – Mt Gox claims payment date
• Fall 2023 - US Court of Appeals for the DC Circuit decision in Grayscale Case

For those of you looking to learn more about bitcoin and crypto markets this week:

• Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates. – Bitcoin Magazine - DRIVECHAINS ARE STUPID, PROVE ME WRONG
• Another day, another set of high-profile departures from Binance. NLW explores the latest news around the beleaguered exchange as well as community reactions. The show also looks at Gary Gensler's testimony before the Senate. – The Breakdown w/ NLW – The Senate Doesn't Seem to Care About Crypto Anymore
• Preston talks with Bitcoin developer, Jimmy Song, about his new book, Fiat Ruins Everything. - Bitcoin Fundamentals w/ Preston Pysh - BTC147: FIAT RUINS EVERYTHING W/ BITCOIN DEVELOPER JIMMY SONG
• Lyn Alden is a macroeconomist and investment strategist. This interview is the second of three shows where we discuss Lyn’s amazing new book: Broken Money. In this show, we explore the concept of hard money, the ascendancy of paper money, and the transition from gold-backed currency to fiat currency. We talk about the birth of banks, fractional reserve lending, central banks, the flaws of the Bretton Woods system, and the impact of the petrodollar. - What Bitcoin Did - The Emergence of Money with Lyn Alden (2/3)

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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.