Monday Market Report | Oct 10 - 16, 2022
đ˘ Weekly TL;DR
âĄď¸ US CPI grew 0.4% m/mâdouble analyst expectationsâto all but guarantee a 75bps Federal Funds Rate hike at the next FOMC in November
âĄď¸ Bitcoin Total Hash Rate hit a new ATH of 262M TH/s, up 9% w/w, 50% y/y
âĄď¸ Bitcoin Network Difficulty (a measure of how difficult it is to mine a new block) grew by 13.5% this week; its biggest upward adjustment since Elonâs Candle (May 2021)
âĄď¸ Bitcoin LTH (long-term hodlers) accumulated âż500k (2.4% of supply) in Q3 â22
đť Crypto News
FUNDING:
âĄď¸ Uniswap Labs Valued at $1.6B After $165M Funding Roundâ Blockworks
âĄď¸ MetaStreet Secures $10M for NFT Loans in the Metaverse - Blockworks
INDUSTRY:
âĄď¸ Google taps Coinbase to bring crypto payments to cloud services â CoinTelegraph
âĄď¸ Bitcoin Hash Difficulty Rate to Increase Next Week â The Block
LEGISLATIVE ENGAGEMENT:
âĄď¸ Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings - Bloomberg
âĄď¸ Grayscale-SEC Lawsuit Moves Forward as GBTC Discount Widens â Blockworks
âĄď¸ Coin Center Sues Over Treasuryâs Tornado Cash Sanctions - Blockworks
đ Moves
Bitcoin (BTC) 0.32%
Ethereum (ETH) 1.1%
đź TOP GAINERS in the last 24 Hours*
Aave (AAVE) +3.22%
ThorChain (RUNE) +1.54%
Avalanche (AVAX) +1.38%
đ˝ TOP LOSERS in the last 24 Hours*
XRP (XRP) -3.8%
Terra Classic (LUNC) -1.8%
EOS (EOS) -1.6%
*As of 10/17/2022 12:00 AM EST
đ Cryptocurrency Market Overview
Whatâs been wonderful to note amidst the economic and geo-political turmoil thatâs marked the last few years, is just how resilient the bitcoin network continues to be⌠Sure, its price may be susceptible to the whims and vagaries of market participants, but the network just keeps on chugginâ along. (Firing on all cylindersâa more apt analogy?)
Renewed reasons for Central Bankers to remain hawkish this weekâin the guise of double the expected CPI numbersâhave all but cemented their path forward: A heavy foot firmly planted on the brake pedal.
Hash rate is at all-time highsâup 9% w/w, 50% y/y. Available supply is at 4-year lows. This week, network difficulty adjusted up by +13.5%. LTH not only havenât moved their coinsâtheyâve added half a million bitcoins to their wallets over the last quarter alone. And despite a brutal crypto winter (admittedlyâthe industry is barely a teenager) and a less than favourable economic backdrop, bitcoin infrastructure funding and web3 development have not abated. Not even for a second. Ticktock, next block.
đ Bitcoin Technical Analysis
âĄď¸ After a brief flash crash following Thursdayâs CPI Data, Bitcoin dramatically reversed course (in step with traditional markets) to end the week down 1.2%.
âĄď¸ But despite another tumultuous week in markets, Bitcoin managed to continue its consolidation within the tight trading range it eeked out over the summer.
đ NDAX Feature
Did you know you could set your Dollar Cost Averaging on Autopilot with the NDAX Recurring Purchase feature?
Itâs true! You can. This means you can step-up your DCA game with minimal effort. And setting up recurring purchases with NDAX is about to get even simpler, as weâll soon be releasing this as a new easy in-app feature as well.
Upon login, Recurring Purchases are 6th from the top of the main left-hand menu/navigation bar.
đ° What Weâre Reading
âĄď¸ Bitcoin Mining Is Cool Again; We Can Thank Africa, Prudence and Growing Hashrate for That - CoinDesk
âĄď¸ The Network State, A new book by Balaji Srinivasan - TheNetworkState.com
đď¸ What Weâre Streaming
âĄď¸ Post-Narrative Institutionalization vs. Regulatory Enforcement: BNY Mellon approved for crypto custody while SEC examines Yuga Labs - CoinDesk - The Breakdown w/ NLW
âĄď¸ Michael Saylorâs Deep Dive on Bitcoin Energy Misconceptions - The Investors Podcast - Bitcoin Fundamentals w/ Preston Pysh
đĄď¸ Cybersecurity Month
Spearphishing, social engineering, malwareâoh my! Are you aware of which common phishing red flags to look out for?
Here is a resources on how to stay vigilant of phishing attempts:
Save your funds by avoiding these creative scams
đ Events
Are you in Calgary this weekend? Weâre a title sponsor at the Canadian Blockchain Consortium. Swing by and say hi!
- October 14-18 Canadian Blockchain Consortium
- October 14th â Atlanta Bitcoin Conf. 2022
- Nov 2nd â Next FOMC
- November 4th â US Non-Farm Payrolls
- November 10th â Consumer Price Index
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.