Daily Market Update - April 24, 2020

$BTC 24 Hour High $7,491 $BTC 24 Hour Low $7,081 $BTC 4.5%

Traditional markets opened up strong and trended towards posting a second consecutive day of gains, but lost most of those gains after the news of Gilead’s experimental COVID-19 drug failed - exhibiting how fickle investors’ confidence can be in the current situation. Surprisingly, VIX relatively unchanged at the same level 41.38, most likely propped up by hopes on a new stimulus package.  On the other hand, the digital assets market dominated.

Digital assets market:

  • $BTC surged 4.6%, topped at 7,775 before correcting to 7,500 levels with a traded range of $140 between 7,470 and 7,610, $BTC dominance improves by 0.7% to 64.1%

  • ~70m short positions liquidated across the major futures platforms during the move up

  • Most action flowing on the $BTC side as the other large cap altcoins with the exception of $XLM and $ADA overshadowed by $BTC’s uptick of +300. 

  • Desk seeing an increased amount of buy side $BTC flow from individuals and sell flow from large funds. 

  • Door on $USDT appears to have closed at the moment, affecting payment provider flow to drop to around 40% of its potential capacity.

Alt markets:

  • $XLM +11.6% @ 0.061, up 31% over the past 7 days

  • $ADA +10.5% @ 0.04, up 25.5% over the past 7 days

Traditional markets:

  • DOW +0.17% @ 23,515

  • S&P -0.05% @ 2,797

  • NASDAQ -0.25% @ 8,641

News that caught our eye:

  • Argentina’s $BTC demand is increasing as the country faces its 9th sovereign default, failing to make a $503m payment, more freelancers in the country have been requesting digital assets to settle transactions.

  • Sony Launches Blockchain-based Mobility as a Service (MaaS) solution for trains, buses, taxis, car sharing, with the goal of providing users with accurate information on the best routes to their desired destinations

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