Monday Market Report | April 16th - 21st

📢 Weekly TL;DR

Every Monday, 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.

Dear NDAXers, Welcome to Week 1 of new bitcoins entering circulation at a rate of about 450/day... (Down from 900/day just one week ago.) 

• Canada to lead the way in Crypto Tax reporting?
• What kind of crypto projects were VC firms funding in 2023?  

New Crypto Tax reporting standards are coming to Canada. Canada plans to adopt the international Crypto-Asset Reporting Framework (CARF) for taxation by 2026, aiming to align with the OECD standard by 2027, as agreed upon by 47 countries. The CARF introduces new reporting obligations for crypto asset service providers (CASPs), including exchanges, brokers, and ATM operators. CASPs must report transactions between crypto and fiat currencies, as well as crypto-to-crypto transactions exceeding $50,000 USD. Additionally, CASPs must collect and report customer information to the Canada Revenue Agency (CRA), including name, address, and taxpayer identification numbers. Canadian residents and non-residents conducting transactions in Canada are subject to reporting. However, CBDCs and stablecoins are exempt from CARF reporting, as they fall under the OECD Common Reporting Standard (CRS). Information collected under CARF will be shared internationally, addressing gaps in traditional financial reporting. The CARF, developed by the OECD, was introduced in response to the limitations of the CRS in capturing non-traditional financial transactions. CoinTelegraph  


An Austin-based Trammell Venture Partners Research report released last week discusses the 2023 Bitcoin-native Startup and VC Ecosystem: Despite a 12.5% year-over-year decline in total capital raised by bitcoin startups, the number of deals has skyrocketed, with a 360% surge in pre-seed transactions. While deal size may be down, deal frequency is accelerating, indicating the potential long-term viability of the bitcoin ecosystem. The report also highlights that bitcoin-native venture capital deal count rose 69.2% from the prior year, while crypto VC deal count fell 35.3%. The Bitcoin Layer  

📰 Other 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 prices rebound from selloff as Bitcoin dominance hits three-year high The Block 
• Hong Kong’s New Bitcoin, Ethereum ETFs projected to hit $1b in assets within 2y CryptoSlate 
• 'Is It Priced In?'—Unpacking Crypto’s Perennial Question on Bitcoin Halving Eve Alpha Reports by Decrypt  
• Bitcoin Market Is Deleveraging—Here's What's Going On Decrypt 
• Gaming Tokens Crash Hard as Bitcoin Falls Ahead of Halving Decrypt  
• Empire Newsletter: Uniswap’s SEC woes drag DeFi below CeFi Blockworks 
• Empire Newsletter: Solana patch targets congestion woes Blockworks  
• Avraham 'Avi' Eisenberg convicted for $110 million Mango Markets exploit: report The Block  

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $3.28 Trillion.  
• Bitcoin continues to lead the market with a dominance of 53.6%, followed by Ethereum at 15.9%. 

Performance

• BTC continued its healthy price correction through the 3rd week of April, still trading largely around past support levels. From low 90s to mid 80s, BTC price has seen an amplitude of roughly 15% over the last week. At time of writing, it is trading between CA$86K-89K. 

Top Weekly Movers at NDAX 

Who were the top performing assets on NDAX last week? 

The clear winner coming into Bitcoin’s 4th post-halving era, was the BTC itself. Indeed, Bitcoin notched a 3-year high in market share relative to the global crypto market cap and currently has a market cap of CA$1.71T

Prices as of 04/22/2024 12:00 AM EST 

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

• May – SEC Decision on BlackRock's Ether Spot ETF Decision 

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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.