Daily Market Update - April 3, 2020

$BTC 24 Hour High $7,088 $BTC 24 Hour Low $6,340 $BTC +5.8%

Happy Friday everyone!

COVID-19 breaks 1M confirmed cases around the world with 51,000+ casualties and 208,000+ recovered. Slightly under a quarter of the confirmed infections are in the US. The overall contraction of the markets and commerce has shuttered retailers and led to 6.6M filing for unemployment in the US. On the back of this news, equity and digital asset markets both rally, the energy sector performed the strongest shortly after crude’s rallying on President Trump’s tweet regarding Russia and Saudi Arabia reducing production by 10m barrels

Digital asset markets:

  • With COVID-19 headlining most conversations, the $BTC community recently voiced mixed reactions regarding the halvening expected in approximately 41 days from today, in May, or 5,844 blocks away. The amount of $BTC to be mined per 10 minutes will drop from 12.5 -> 6.25.

  • As there have only been two halvening events to date, both have resulted in $BTC spiking, but all under normal market conditions. Previous trends spotted were miners liquidating immediately after mining. With conversations of $BTC as a potential safe haven hedge during the current global epidemic, we could be expecting some new “firsts”, as with most scenarios in the digital asset space.

  • $BTC continued its rally up +5.8% overnight as it briefly broke through the 7k resistance mid afternoon, topping 7,292 at its peak before correcting back down to 6,800 levels where it’s currently trading at the time of writing.

  • $BTC Futures volume increasing for the 3rd consecutive day, to 12.39b, open interest at 1.5b across the top 4 platforms. 41m+ short contracts liquidated on the move up during the US's mid- afternoon trading session. Bull/bear ratio at 63/37, currently trading at a 5-7 discount.

  • Fear and Greed Index at 14/100, at extreme fear, improving from 12 last week (1 = extreme fear, 100 = extreme greed).

Top 2 best performing large cap alt-coins of the day:

  • $BSV biggest winner of large-cap alts, on a 3 day run +6.2% @ 177, with 189 as its current resistance point. Week to date up 2.7%

  • $ETH also made moves as well, up for 4 days in a row, yesterday up +4.81% to 142 currently, recovering from the 90s range, during the lowest drop. Next target at 154 with 135 as its tested support over the past few days.

Traditional markets:

  • Dow +2.2% (+470pts) @ 21,413

  • S&P 500 +2.2% (+56pts) @ 2,526

  • Nasdaq +2% (+149pts) @ 7,635

  • Spot gold drops marginally (-0.16%) to low 1,600 range

  • 10 Year Treasury notes dropped -0.6bps to 0.624%.

News that caught our eye:

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