Daily Market Update - April 29, 2020

$BTC 24 Hour High $7,835.51 $BTC 24 Hour Low $7,730.81 $BTC 0.9%

Traditional equities cooled off overnight and are currently struggling to find more bullish momentum.  All three major American benchmark indices finished their days in the red, with NASDAQ sliding the most (-1.8%) as many large cap companies adjust their earnings forecasts for the rest of the year.  Digital assets market:

A couple notable headlines for the digital asset space as $XRP finally breaks 0.20 after slowly climbing for the past 9 days, up almost 20% during this 9 day rally and still trending up. Currently trading at 0.216 levels after two and a half weeks below 0.20. 

  • $BTC momentum slowed down and unable to test 7800 resistance, currently range bound between 7,672 and 7,777;

  • Traded volumes decreasing 14% overnight to 31B. 

  • Overall digital asset market cap unmoved at 220B from yesterday.

  • BCHBTC trending down throughout the entire month of April after its halving event, from highs of 0.038 to currently 0.031, down -19%. Interestingly, ETHBTC on the opposite end as it went from 0.021 to 0.025, gains of 19% during the same time period. BTC dominance dropping -0.4% to 63.6% overnight.

$XTZ’s internal troubles continue to fester as founders are showing signs of stepping away from the project after Arthur Breitman was recently excluded from Tezo’s Technical Advisory Committee, and earlier this month his wife, Kathleen, was non-committal about running her upcoming blockchain-game on their own protocol. As of the time of writing, $XTZ has gone up 1.1% to 2.79 levels and is trending up - trading above the 20 day moving average on the Bollinger bands for the past two weeks with technical indicators MACD and RSI showing overbought levels. 

Traditional markets:

Notably, markets have shot up 27% since the March low points which may only be a consolation to the patient hearted, following another day of retreats:

  • DJI -0.13% @ 24,101 

  • S&P -0.52% @ 2,863

  • NASDAQ -1.8% @ 8,677

News that caught our eye:

Japan’s second largest bank, SMFG, seeking tie-up with online brokerage company SBI Holdings to tackle a younger demographic - eyeing the millennial segment with little to know investment experience - with a stronger digital finance offering.  The deal includes a 20% stake in SBI’s mobile-only brokerage, Neo Mobile Securities. SMFG also created a $930m venture capital fund for fintech companies/startups as competition intensifies.

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