Monday Market Report | March 16th - 19th, 2023

?? Weekly TL;DR

Every Monday morning, 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.

?? Weekly Moves

Market Summary:

• The global cryptocurrency market has a total market capitalization of $1.59 trillion.
• Bitcoin continues to lead the market with a dominance of 45.9%, with Ethereum behind at 18.6%.

Performance:

• Bitcoin is currently the top trading pair on NDAX, followed by Ether, XRP, Polygon, Fantom and Shiba Inu.
• Over the past 7 days, the value of Bitcoin (BTC) has increased by?21.85%?and is currently being traded at $37,553. Ethereum (ETH) is up?9.51%?during the same period and is now being traded at $2,401.
• Other notable coin(s) include:
• Fantom (FTM) with an increase of?23.48%?in the past week.
• Solana (SOL) with an increase of?14.94%?in the past week.
• The Sandbox (SAND) with an increase of?13.89%?in the past week.
• The Graph (GRT) with an increase of?10.20%?in the past week.

Market Trends:

Major banking industry consolidation got underway this week as businesses and high net-worth individuals fled regional banks in favour of much larger players in JP Morgan Chase, B of A, Citi and Wells Fargo.

• 4 of whom covered two-thirds of $30B in deposits this week to prop up ailing First Republic.
• Central Banks cont’d raising rates even as they pledged liquidity to teetering financial institutions (like Credit Suisse):
• The ECB’s Christine Lagarde this week hiked rates by 50 basis points–from 3 to 3.5%--de facto raising the cost of capital by 16.6%.
• The Federal Reserve balance sheet grew by $300B week over week, but–
• According to President Biden, the banking system is safe and taxpayers are not expected to foot the bill.

As of 03/19/2023 12:00 AM EST, values in CAD.

Keep an eye on the market here ???Cryptocurrency Prices

?? Community News

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

• Crypto industry may escape lasting damage from Silvergate liquidation. Some foresee benefits if the U.S. finally gets sensible crypto regulation post-Silvergate, and traditional banks “may become warmer to establishing [crypto] relationships.” (Cointelegraph )
• Posthaste: Canadians' interest payments are growing at the fastest pace in more than 30 years. Canadians are paying 45% more interest than a year ago. “The Bank of Canada will need to maintain a close watch on household credit performance as headwinds from higher interest rates continue to hit Canadian households this year,” wrote TD economist Ksenia Bushmeneva. (Financial Post )
• Hours before the short won Oscar gold, An Irish Goodbye First Flights producer Nick Sadler detailed his vision for Web3 film funding. ““There are just so many people into Web3 that are connected to traditional Hollywood,” Sadler said. “Literally me today, our film, it’s all happening. There are enough people that are part of the very high levels of the traditional film system that are behind us.” (Decrypt )
• Shanghai upgrade executed on testnet but not without issues. Shapella is expected to take effect on the Ethereum mainnet in early April following a few delays in preparing the Sepolia and Goerli testnets for the fork. The hard fork will allow for partial and full withdrawals, and will theoretically unlock 17.6 million ETH when Shapella is forked, which equates to over $30 billion at current prices. (Cointelegraph )
• In Dubai, Fastex’s ftNFT shop became the world’s first physical NFT store. Offering a seamless interaction between real world & digital universe. In a short time, it garnered wide acclaim for its unique concept, friendly staff & exceptional customer service. (Cointelegraph )
• European lawmakers are moving forward with the introduction of a European Union-wide digital wallet by passing a plenary vote on moving the initiative to interinstitutional negotiations. "The scheme would allow citizens to identify and authenticate themselves online without having to resort to commercial providers, as is the case today — a practice that has raised trust, security and privacy concerns." (Cointelegraph )

?? Upcoming Events

Mark your calendars!

• Mar 22 - FOMC Rate Decision
• Mar 31 - CME Expiry

?? Educational Resources

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

• From Lightning infrastructure to Nostr and Ordinals, here’s what one Bitcoin startup accelerator is excited about. – Coindesk’s The Breakdown w/ NLW:?The 5 Key Bitcoin Building Themes, With Wolf Lightning Accelerator CEO Kelly Brewster
• Preston Pysh and Steven McClurg discuss the recent bankruptcies and the overall impact on the broader economy and Bitcoin onramps. – The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh:?BTC121: BANK FAILURES & BITCOIN W/ STEVEN MCCLURG
• So much has happened in the last week that it may be helpful to look at the totality of these events in relation to Bitcoin. – Bitcoin Magazine:?A RECAP OF LAST WEEK’S BANKING CONTAGION AND BITCOIN

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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.