Daily Market Update - April 27, 2020, US Federal Reserve Printing Press running Full Bore

$BTC 24 Hour High $7,788.71 $BTC 24 Hour Low $7,572.27 $BTC 2.1%

As we start off this week, we’re seeing COVID-19 cases starting to decline with the cities in Italy and France beginning to loosen up on their respective lockdowns, and even New York sending encouraging signals of similar easement - laying out the framework for reopening their economies.  Watchful eyes will remain fixed on the oil market and its influence this week. Oil will either need a significant increase in demand or oil drills will need to consider shutting down to prevent its futures from returning to negative trading figures as even alternate methods of storages (ie. underutilized pipelines) begin to reach their capacity. 

Digital assets market:

  • $BTC prices continued its move up over the weekend, traded range around 260 throughout, currently gaining bullish momentum as prices increased for a 5th day in a row, from 6853 to 7670, +12% over this period. Halvening in approximately two weeks from today.

  • Digital asset market cap increased, in correlation to $BTC’s recent run, up 11% at 194B->216B over the past week.

  • Notably, $ETH also following in $BTC’s direction, aggregated up 7% over the week to 195, gaining momentum to challenge the resistance point on Mar 12th drop where the entire digital asset market crashed due to the initial covid19 scare where the overall digital asset market cap shed 38% 

  • Alt-coin watch: $ADA increased the most out of all other mid-cap alts, +9% at 0.046 from 0.033, up almost 40% over the past 7 days!

  • Desk seeing more $BTC two-way flow, more sell side from large funds and buy side for speculative high net worth individuals, albeit with smaller ticket sizes for the HNW as opposed to the funds. Also observing less $USDT over the past couple of weeks with decreased natural payment provider flow and less arb opportunities. Providing better offers for $BTC and better bids on $USDT currently.

Interesting fact: 

  • According to the US Bureau of Engraving and Printing, their money printing presses produced 24.8M notes per day in 2014. Under the assumption that the notes were of $100 denominations, with the Fed proposing to inject $2T in its recent stimulus package, it would take more than two years (approximately) to physically print out this amount. It will be very interesting to see how this affects possible inflation, and how it may spark any discussion over increased digital asset adoption rates

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