Daily Market Update

Daily Update - April 1, 2020

$BTC 24 Hour High $6,504 $BTC 24 Hour Low $6.374 $BTC -0.47%

The US announced grim COVID-19 predictions as it forecasted casualties to be between 100,000-240,000, as the infected total has surpassed China’s Hubei province. How long before the $2 trillion stimulus wears off its luster is yet to be seen; the major question investors are wondering: How low can markets go?

Digital asset markets: Digital asset markets opened with a bit of momentum leading into the week, overall market cap currently at $181B, up +$5B from yesterday and has been fluctuating below the $200B range since March 12th, when $BTC nearly halved its worth from $8k levels down to $4,630. 

  • $BTC trading within a tight range for the majority of the American session again as the Bollinger bands closed in after the trading range 

  • Volatility dropped from $200/hour to $60 over the past couple of days. Currently trading around 6,300, support at 6,287 after failing to break-through this level multiple times yesterday. 

  • $BTC futures trading at a discount currently with shorts paying longs

  • Futures volumes increased to 6.59B across the major four platforms with open interest at 1.49B. 1.2M longs liquidated this morning as the price dropped 160 to the 6,300 range. 

  • Bitcoin dominance is still at 65%, unchanged over the past couple of days, with the decreased activity.

Quick highlights on major alts:

  • $ETH trending up 6% since the start of the week and trading at 132 levels, trading below its 14 day EMA - strong support at 123 levels over the past week, targeting 143 on the next run up. 

  • $IOTA protocol bounced back yesterday with the largest gains of all mid-large cap coins +8.5%, trading at 0.142 levels after spending the past four days trading around mid 0.135, with strong support at 0.14. Next target to reach will be at 0.146.

  • $USDT fewer arb opportunities translating to lower payment processor volumes seen on the desk. Currently offering better bids for USDT for those looking to cash back into fiat.

Traditional markets:

  • VIX at 53 and has slowly been on a downtrend since Saturday;

  • US benchmarks corrected down by ~1.5% last evening, posting the worst Q1 in 124 years;

  • Spot gold dropped to the low 1,600 levels from 1,630s;

  • US treasury yields down to 66bps.

News that caught our eye:

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