Daily Market Update - April 17, 2020- Fed Pushes for Digital Dollar

$BTC 24 Hour High $7,200 $BTC 24 Hour Low $6,500.40 $BTC 10.79%

Traditional markets climbed during a volatile session with all major indices gaining some ground they had lost to start the year, but ending the day on modest gain tallies. Volatility was not only reserved for traditional markets. $BTC and the digital asset market overall posted double-digit gains in the past 24 hours as Bitcoin trapped late bears and broke once more out to March’s trading range. Number of confirmed $BTC transactions inching higher today and standing at 323k - almost back to pre-March 12th levels. Bitmex Open interest at $478M and still over 50% down from March highs.

Digital assets market:

  • Total digital asset market cap up 13.28%, $from 181B to $205B.

  • $BTC posted a solid 10.72% gain with volumes not seen since the beginning of the month and now above the $6,800 level that acted as resistance during March - next key levels for bulls to test are $7,400 once again and $7,750 after that if momentum is strong. However, if $BTC stops here it would be printing a lower high (in higher time frames) -  bulls be aware;

  • RSI back above the 50 mark and MACD avoiding a bearish cross-over. 4 hour chart might be giving early trend exhaustion signs such - as decreasing volume with increasing price, RSI bearish divergence and StochRSI entering overbought territory;

  • Some large cap coins outperforming $BTC, namely $ETH (+13.54%), $XTZ (+13.20%), $LINK (+12.89%), and $EOS (+11.47%); 

  • ETHUSD now reaching $174, price where it retraced from on April 7th and 9th as traders and investors take long positions on renewed ETH2.0 optimism. 

  • Back to $BTC, desk has seen increased directional interest from big players from the digital asset scene.

Notable alt market movements:

  • $SNX +14.19% and approaching the $0.78 resistance.

  • $BSV making a comeback and up +9.92 after having slid from the height of it’s halving event on April 10th.

Traditional markets:

The optimistic outlook regarding COVID-19 treatments and the first meaningful conversations about rebooting and reopening the economy has triggered some positive sentiment in the markets. Traders and investors are now expecting the release of economic data such as retail sales, industrial production, jobless claims, and GDP. 

  • DOW up 0.1% (33pts) at 23,537

  • S&P up 0.5% (16pts) at 2,799

  • NASDAQ up 1.66% (139pts) at  8,532

News that caught our eye:

  • Libra released a new white paper proposing a multi-currency model, taking its foot off the gas pedal to its previous ambitious goals - a clearer sign it’s willing to yield to regulators.

  • The idea of a digital dollar is once again being proposed by US lawmakers to be used for COVID-19 stimulus payments; and

  • China’s Blockchain Service Network is apparently set to make a debut as early as next week.

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