Market Commentary – October 27th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $20,700 USD and Ethereum at $1,575 USD. According to Glassnode, there has been a marked shift in balance change behaviour by most Bitcoin wallet cohorts. All ranges of Bitcoin holders from less than 1 BTC to Whales (up to 10k BTC) have altered their behaviour from one of net balance decline and distribution (selling their Bitcoin), and towards one of net accumulation and balance increase (buying Bitcoin). This suggests that market participants consistently have a tendency towards buying and  accumulation at range lows. Glassnode’s data on crypto trading platforms

Coinsquare Carves the Path, Becoming Canada’s First Crypto-Asset Trading Platform Registered as an Investment Dealer and IIROC Member

TORONTO, CA — October 12, 2022 — Coinsquare, Canada’s longest operating crypto asset trading platform, today announced that the Investment Industry Regulatory Organization of Canada (IIROC) has approved Coinsquare’s dealer registration and IIROC membership. This regulatory status will now position Coinsquare as the first crypto-only, IIROC registered investment dealer and marketplace member in the Canadian market across all provinces and territories.  Coinsquare proceeded directly to IIROC registration, which imposes a higher standard of regulation that is familiar to customers and provides the greatest degree of investor protection. Competitors will be required to go through the same rigorous path to meet

Market Commentary – October 14th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $19,400 USD and Ethereum at $1,315 USD. Recent weeks have seen an uncharacteristically low degree of volatility in Bitcoin prices, in stark contrast to equity, credit, and forex markets, where central bank rate hikes, inflation, and a strong US dollar continue to wreak havoc. Against in this macro backdrop, Bitcoin has been remarkably stable and has gained ground against many assets on a relative scale. The crypto space was rocked last week after bankrupt crypto lender Celsius revealed the names and transaction history of hundreds of thousands of its

Market Commentary – October 6th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $20,025 USD and Ethereum at $1,360 USD. Bitcoin prices remain remarkably stable, in a multi-month consolidation between $18k and $20k. It is extremely rare for Bitcoin prices to stay stationary for so long, suggesting heightened probabilities of volatility on the horizon. Bitcoin mining hashrate reached new all-time-highs this week. The cost of production for Bitcoin is rising at a time where miner revenues have only just recovered from the recent capitulation. By numerous models, it is likely that the average cost of Bitcoin production hovers just below current prices;

Coinsquare announces acquisition of CoinSmart to create one of the largest crypto asset trading platforms in Canada

TORONTO, ONTARIO — September 22, 2022 — Coinsquare, Canada’s leading crypto asset trading platform, announced today that it has entered into a definitive agreement dated September 22, 2022 (the “Purchase Agreement”) with CoinSmart Financial Inc. (“CoinSmart”) to acquire all the issued and outstanding shares of its wholly-owned operating subsidiary Simply Digital Technologies Inc. (“Simply Digital”), which owns and operates the CoinSmart trading platform. Subject to customary regulatory and CoinSmart shareholder approval, this transaction will position the combined company as one of Canada’s Largest Crypto Asset Trading Platforms. With this acquisition and integration, Coinsquare becomes one of Canada’s largest crypto asset

Market Commentary – September 23rd, 2022

Crypto Market At the time of writing, Bitcoin is trading at $18,900 and Ethereum at $1,288. Crypto markets were under pressure this week after the Federal Reserve raised rates by 75 bps on Wednesday (more details under the Macro section). During the course of the week, there was a net outflow of over $200M worth of Bitcoin from centralized exchanges as its price held around its low set in June 2022. This level may have attracted buyers. Exchange netflows are the net amount of inflows minus outflows of a specific crypto-asset going in/out of centralized exchanges. Crypto going into exchanges

Market Commentary – September 16th, 2022

Crypto Market Bitcoin (BTC) has now been within a persistent market downtrend for ten months since the all-time high in November 2021. This week, Bitcoin spot prices touched the $18,649 level, marking the second lowest low at a 72.5%  drawdown from the cycle top. Compared to prior bear cyclical bottoms, the 2022 contraction has not been as significant on a percent drawdown perspective. The lows in 2015, 2018 and 2020 reached over 77%+ drawdowns from all time highs. With Bitcoin trading 72.5% below the Nov 2021 all time high this week, the market has many similarities to the latest phase

Market Commentary – September 9th, 2022

Crypto Market Following aggressive distribution in the Bitcoin market earlier this week, short-term Bitcoin holders found themselves under pressure as Bitcoin struggled to hold the psychological $20,000 support amidst growing global liquidity issues. Short term investor profitability remains under pressure. However, at time of writing 7:00 am EST Friday September 9th, Bitcoin broke over $20,000 and has set a weekly higher low.  With Ethereum’s Merge event just around the corner, the entire industry is preparing for the network’s most highly-anticipated upgrade.  The Merge is set to happen on  September 14, 2022 at around 2pm EST. The latest upgrade to the

The Ethereum Merge is coming soon!

Ethereum (ETH) is about to undergo the most critical upgrade in its history, known as The Merge.  Widely anticipated for longer than 2 years, The Merge is the transition of the Ethereum network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The Merge is touted as the solution that will make Ethereum much more scalable, reliable and energy-efficient. Here’s what you need to know. What is The Merge? The Merge is an update to the Ethereum network. It’s called “The Merge” because the update will merge the existing Ethereum Mainnet, which currently processes all transactions, with a solution

Market Commentary – August 26th, 2022

Crypto Market Last week on August 19, the value of long liquidations was the second highest it has been for the past three months at $538.2 million. This surge of liquidations came after prices of many crypto assets fell last week. BTC fell from $23.2k to $20.8k and ETH fell from $1.85k to $1.6k from the 18th to the 19th, marking the sharpest drops between closing prices of the past month for both assets. Since then BTC has found support at around $21.5k and ETH has now reclaimed $1,700. From an on-chain perspective, the total transferred volume out of Crypto-assets