Monday Market Report | May 14th - 20th

📢 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.

Happy Monday, NDAXers—Huge week, last week! Here’s what happened.

• After the House, the Senate voted to overturn SEC SAB 121. Will Biden veto?
•  A recovery rally following... slower-than-expected CPI #s?
• What do Wisconsin and Oklahoma have in common?

The U.S. Senate passed a resolution to overturn the SEC's Staff Accounting Bulletin (SAB) 121, which requires crypto custodians to record liabilities for custodied assets. Twelve Democratic Senators, including Majority Leader Schumer, joined Republicans in the 60-38 vote to pass the resolution. SAB 121 aimed to address risks associated with safeguarding crypto assets, but the industry argued it overstepped the SEC's authority. The resolution now heads to President Biden's desk, though he has vowed to veto it, citing concerns over constraining the SEC's ability to implement appropriate guardrails for crypto assets. The veto showdown highlights the deepening partisan divide over crypto regulation, with some Democrats backing the industry's push against SEC overreach while the administration aligns with Gensler's... more cautious stance. 

In other US legislative news, the crypto industry is intensely lobbying U.S. House leaders to pass the bipartisan Financial Innovation and Technology for the 21st Century Act (FIT21) as it heads towards a floor vote next week. Major crypto firms signed a letter through the Crypto Council for Innovation urging support for FIT21. The bill would establish a regulatory framework for digital assets, designating the CFTC as the lead regulator while also outlining the SEC's oversight. It aims to foster innovation while protecting consumers. The industry views FIT21's passage as crucial for maintaining U.S. leadership in crypto and accelerating blockchain technology growth. While the House seems poised to advance the bill, its fate in the Senate remains uncertain amid Democratic hesitancy. Strong bipartisan House support could sway the Senate to act. Blockworks Coindesk 

U.S. data showed inflation rose at a slower pace than anticipated in April. The Consumer Price Index rose 3.4% year-over-year, decelerating from March's 3.7% increase—a slower rise than economists projected. This fueled hopes that the Federal Reserve could soon pause or reverse its aggressive interest rate hike campaign aimed at taming inflation.

Immediately after the figures, Bitcoin spiked 3% to $63,142, while Ethereum jumped 1.8% to $2,944.94. The crypto markets viewed the easing inflation as a positive signal that high interest rates, which make risk-assets less appealing, may not persist much longer.

U.S. stocks also rallied, with the tech-heavy Nasdaq composite gaining 0.72%, as traders bet the Fed could start cutting rates sooner than previously expected. Prior forecasts pointed to September for a potential first rate cut after the slower inflation data.  Decrypt

Last week, Oklahoma passed a bill protecting residents' rights to self-custody digital assets, mine crypto at home or industrially without a money transmitter license and use crypto for payments without additional taxes. The "Fundamental Bitcoin Rights" bill, effective November 1st, prevents restrictions on self-hosted wallets, discriminatory electricity rates for miners, and aims to preserve asset control for individuals. This is being hailed as groundbreaking for safeguarding crypto rights. 

Meanwhile, the state of Wisconsin purchased $100 million worth of BlackRock's spot Bitcoin ETF (IBIT) in Q1 2024, making it the first U.S. state to disclose buying shares of a Bitcoin ETF. Wisconsin's investment board bought 94,562 shares of IBIT along with $64 million of Grayscale's Bitcoin Trust. The rare institutional investment into a new crypto ETF is seen as a positive signal for broader adoption among large funds. Bitcoin briefly rose 1% on the news before paring gains. Blockworks Coindesk

📰 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:

• Morgan Stanley Latest Bank to Disclose Spot Bitcoin ETF Holdings for Clients Coindesk 
• Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings Unchained
• SHIB to Get More Scarce as Key Exchange Expands to Shibarium Coindesk
• Vanguard's New CEO Is Big on Bitcoin—Will the Wall Street Giant Embrace BTC ETFs? Decrypt

For more new stories, visit our LinkedIn

📈 Weekly Moves

BTC ended the week up double digits, with a weekly price volatility of almost 10%. BTC is now trading somewhere between the CA$89K and $91K levels, around 5% from its most recent ATH 2 months ago.

Top Weekly Movers at NDAX 

Who were the top performing assets on NDAX last week? 

Up by over 6%, Solana’s SOL token (spot #) is currently trading around CA$ 242, with a market cap just above CA$100B. SOL is 35% off from its ATH set 2 years ago.

Up around 6.4% the Ethereum network’s ETHER (spot #2) is trading around CA$ 4,222, with a market cap just north of CA$500B.

Prices as of 05/20/2024 7:30 AM EST 

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

• May 22nd – Bitcoin Pizza Day!
• May – SEC Decision on BlackRock's Ether Spot ETF Decision

💸 Share your NDAX Affiliate link!

Join NDAX's tiered Affiliate Program and start earning passive income today! With a highly competitive commission structure, affiliates can earn up to 10% of the trading fees generated by their referred users. That means you have the potential to earn income simply by referring new users to NDAX's platform.
But that's not all! For every new user you refer, you'll automatically earn $10-$25 CAD. And with a 10% commission on every trade made by your referrals, your earnings can really add up.

Find out more and start referring people today!

Thanks for reading our latest newsletter. Don't forget to follow us on social media for more updates and join the conversation on our forums.

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.