Market Watch – 26 September 2020

BTC 24 Hr High $11,179
BTC 24 Hr Low $10,899
BTC     + 0.06%

Asia

  • A renewal of altcoin interest with the bulk of flow coming from sellers of XMR and DOT, albeit in relatively modest size. Other than alts, the desk was a better buyer of BTC amid absent buyers. 
  • Similarly to last week, this week finished with a 79-21 split between buyers & sellers. Weekly buy-side and sell-side volumes dipped to a 1-month low among a loss of interest from market participants as the week progressed.

Europe

  • Sub-par 2-way flow in BTC that was sell-side led and widely reflective of a dreary and uninspiring market. Sellers outpaced buyers by a 3:1 split as buy-side demand dipped to a 2-week low.
  • The week concluded with gross trading volumes falling a whopping -65% week-over-week and sellers making up 85% of the week’s activity. 

Americas

  • Friday brought routine 2-way BTC flow with modest buy-side interest in ETH, DOT, and a handful of small-cap altcoins. A lackluster showing on behalf of both buyers and sellers resulted in BTC buyers comprising of more than 70% of the week’s activity.

Bitcoin Price Analysis – BTC Breaks Long Term Rising Trend Line – Are We About To Head Beneath $10,000 With Increased Volatility Incoming Tomorrow?

The break beneath the rising trend line could be the first signal that there is some substantial turbulence ahead for Bitcoin, which could see the price heading beneath the 5-figure level and collapse beneath $10,000. During yesterday’s price drop, Bitcoin had also dropped beneath the 100-day EMA support. 

Read more about Bitcoin Price Analysis . . .

DeFi

DeFi coins have had their first correction dovetailing with the Uniswap airdrop that had everyone scrambling for their freebies. And while there has indeed been a pullback in the total value locked in cyberspace, the astronomical yields are still there to be farmed. 

Expect to see a myriad of second layer solutions and the substitute protocols to try and steal the eight billion dollar prize. 

Unfortunately the too-good-to-be-true yields are giving birth to plenty of scammers as more opportunists try to cash in on this gold rush and euphoria in the market. The tape bombs have done nothing to deter capital flocking to the space as we hear of yet another DeFi protocol successfully raising $3.6mn

Traditional markets: 

  • Tech stocks pushed Wall Street higher on Friday and sent the 3 major indexes up more than +1%, though the Dow and the S&P 500 finished in the red for the fourth consecutive week – the longest losing streak since August 2019. The Dow Jones rose +1.34%, the S&P 500 gained +1.60%, and the Nasdaq added +2.26% on the session.
  • The pan-European STOXX 600 index fell -0.10% while the MSCI’s gauge of stocks across the globe gained +1.03%; however, Friday’s strong performance wasn’t enough to prevent the global index from falling -2% for the week as concerns of a second wave of coronavirus-related lockdowns weighed on sentiment.
  • Treasuries were little changed as the 10-year yield traded in a 5-basis-point range for much of the week; the benchmark 10-year note fell -7bps for a yield of 0.6561%, down from 0.664% on Thursday.
  • Gold was on track for its biggest weekly decline in close to 2 months. Weakness this week was not only in gold, but silver too. Silver tumbled -14% since Monday, registering its largest weekly loss in more than six months. 
  • Chinese data show broader and stronger recovery in August. Retail sales expanded 0.5%YoY, for the first time since the crisis. 

Philip Tam

Co-founder & CEO

Sources/Reference

Kraken, OSL, coindesk, Defi Pulse, CoinMarketCap, Coincodex, CryptoSlate

John Hancock Investment, Bloomberg

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