Pardon--Bitcoin gained *how much* market share this week? June 12th Recap

?? Weekly TL;DR?

Dear prescient crypto asset investor. In case your favourite media source has failed to make it eminently clear to you this week:?

• The US Securities Exchange Commission Chair Gensler has officially charged both Binance and Coinbase with an alleged litany of offenses?
• Canada lost 17K jobs in May, and oh--?
• Canada is on fire. Like, literally, from Coast to Coast to Coast. ?

?? Weekly Moves?& Market Trends:?

For those of you who’ve perhaps (understandably) been too scared to check the price of Bitcoin (in light of this week's regulatory swagger), allow us to put your anxiety to rest: ?

• BTC closed the week down 5%.?
• There’s carnage, and then there’s carnage: This is not that.?
• If you’re reading this, you no doubt know carnage intimately.?
• Considering the global dumpster fire that 2023 is turning out to be, frankly, we think 5% isn’t that bad. (Famous last words—BTC, again, RIP.)?

Case in point, Bitcoin dominance (a percentage of bitcoin’s value relative to the total crypto asset market cap) broke out of its 2-year range over the weekend to retest the neat, round 50%-of-market-share range. (Article below)?

Back in April the CBC reported that:?

Bank failures haven't happened often in Canada. The Canada Deposit Insurance Corporation (CDIC), which insures deposits in Canadian banks, last handled one in the mid-1990s, and the Crown corporation has dealt with only 43 such incidents since it was established in 1967.?

• “Only” 43.?
• So since 97.7% of those “incidents” occurred between the CDIC’s?creation in ‘67 and... 30 years ago.??
• And given the continued stress in the banking sector—specifically this week, in another deemed ‘Globally Systemically Important Banks’ (GSIBs) by the FSB (Financial Stability Board), ironically headquartered in the same country whose Central Bank just made $10B of public funds available to UBS (the posterchild GSIB...?
• That the Canadian economy lost 17K jobs in May, and—?
• That Canada now stands as the nation with the highest rate of consumer debt to GDP of the G8...?

Is it any surprise that hard money assets like Bitcoin are—all things considered, obviously—relatively stable??

Far be it from your editorial team at NDAX to promote undue fear-mongering—and besides the fact that the current global state of affairs is the entire reason why Bitcoin was created, and why we fight tooth and nail to make it easily and safely accessible to you, dear NDAXer—we think you know how we’d answer that question.?

Yours in the hodl.?

?? Community News?

• Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market Coindesk?

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• UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover?CNBC?

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• US court rejects Fed’s motion to dismiss Custodia Bank case?CoinTelegraph?

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• Digital Asset Trust Firm Bitgo Sets Sights on Prime Trust Acquisition?Blockworks??

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• Circle’s public listing plans undeterred by latest SEC actions?Blockworks?

?? Educational Resources?

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

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• On Bitcoin Builders Weekly Recap, NLW tries to cut through the noise to ask what the real implications of this week's spate of SEC lawsuits against crypto exchanges means for Bitcoin and the people who build on it.?– Bitcoin Builders w/ NLW: Do These SEC Lawsuits Matter for Bitcoin Builders??

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• Operation Chokepoint 2.0 hasn't stopped savvy tradfi investors from smelling an opportunity. This week, revealing and emblematic comments from the leader of Soros' funds show how tradifitional financiers are seeing opportunity in the carnage. – The Breakdown w/ NLW – TradFi Wants to Run Crypto?

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• A refreshingly Canadian take on the ongoing banking crisis by Canadian entrepreneur and bitcoin mainstay Brad Mills: Big banks are failing and economic regulators are running out of options. How can you protect your wealth? - Bitcoin Magazine - IS YOUR MONEY SAFE DURING THE BANKING CRISIS??

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?? Upcoming Events?

Mark your calendars!?

June 13 – CPI Numbers?

June 14 – Next FOMC (Fed) Rate Decision?

June 30 – CME (Chicago Mercantile Exchange) Futures Expiry?

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THIS WEEKLY UPDATE AND WEBSITE ARE 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.?

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All right, friends: For buying bitcoin I recommend NDAX.?

• Largest platform in Canada by volume (i.e., deep liquidity and paper-thin spreads)?
• 0.2% trade commission across the board. No hidden fees/markups.?
• Intuitive UI (+ advanced orders/ technical tools for traders)?
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IMHO it's the safest, most transparent and least expensive marketplace in Canada for bitcoin.? Plus, NDAX is the only crypto trading platform in Canada that is Soc 2 Type 2 compliant... (And this--publicly audited by a reputable Canadian accounting firm-- for several years in a row).??

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Deposits are free and receive $10 when you fund your account with $100CAD+ Sign up today.?

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