Market Commentary – November 29th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $16,300 USD and Ethereum at $1,207 USD. The cryptocurrency market has continued to consolidate after a chaotic few weeks, with prices trading within a narrow range. As the dust settles following the collapse of FTX, the aggregate response of Bitcoin holders is slowly becoming clearer. A key question is whether the recent sell-off can be better characterized as simply a continuation of the bearish trend, or perhaps a trigger of a deeper psychological shift amongst investors. Among all Bitcoin holders, the entities holding < 1 BTC (also labelled as

Coinsquare’s commitment to protecting your crypto assets

A letter from Martin With recent liquidity issues in the crypto market this week and the turmoil that has ensued, I wanted to confirm how Coinsquare’s position as a fully regulated IIROC investment dealer uniquely protects your account and your crypto asset investments.  Coinsquare embarked on a journey to become the first fully IIROC regulated crypto asset trading platform over two years ago. It was an ambitious roadmap, but we were convinced it was the right thing to do for our customers and the industry in general. On October 12, 2022, Coinsquare became North America’s first and only IIROC Crypto-Asset

Market Commentary – November 9th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $17,600 USD and Ethereum at $1,215 USD. Bitcoin made a new 52 week low yesterday (Tuesday Nov 8th) as crypto markets fell after the events that unfolded between FTX and Binance this week. This past Sunday, Binance’s CEO, Changpeng ‘CZ’ Zhao, announced that his exchange is liquidating its stash of FTX’s native token FTT—prompting a rush of withdrawals from FTX users, with weekly stablecoin outflows from FTX reaching $451 million. CZ said that he “won’t support people who lobby against other industry players behind their backs,” in an apparent

Coinsquare’s commitment to transparency and risk management 

Coinsquare is Canada’s first registered crypto IIROC investment dealer and marketplace member. Canadians now have the opportunity to invest in crypto, knowing that they benefit from the high level of operational compliance and business conduct required of IIROC dealers and the protections afforded to clients of traditional regulated IIROC dealers. Our regulatory status means you can count on the same high standards that you have come to expect from any IIROC-regulated dealer, regardless of unpredictable market conditions. Coinsquare has implemented robust protocols, safeguards, and industry-leading security technology, and we continue to protect your assets and ensure their availability regardless of

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