Daily Market Update - April 30th, 2020, Bullish Moves, CoinBase Temporarily Suspends Trading

$BTC 24 Hour High $9,440.65

$BTC 24 Hour Low $8,533.26

$BTC %12.74

Bitcoin crushes gold with the biggest price jump in six weeks. The month of April saw Bitcoin regain it's status of one of the best performing assets in the world. Following 2019 with a 94% return, outperforming the S&P by 3 times. Something to think about on the lead up to the next halving, as new traders continue to pour into the digital assets market. Bitcoin continues to stand as the overall digital asset market leader with total market cap of $158,638,534,194.00 USD with current circulating supply at 18,353,837 BTC.

Traditional Markets:

US stocks decline after jobless claims reports, the DOW, NASDAQ, S&P, and Russell 2000 were all red on the news. The US Labor Department new weekly jobless claims saw a greater than expected, 3.8 million individuals file for initial unemployment this week.

Crude Oil continues to make minor recovery off of its extraordinary lows earlier in the month with WTI rallying 25% to make it's two week high. Gold was down a full 1.29% to close at $1691.30.

The US Federal Reserve said on Wednesday it would keep interest rates near zero for the foreseeable future, “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

Meanwhile Consumer spending in the U.S. plunged by a record 7.5% in March,the Bureau of Economic Analysis (BEA) announced Thursday.This also outpaced consensus expectations for a drop of 5.1%, according to Bloomberg compiled data.

News that caught our eye:

Mining manufacturer Bitmain is said to have booked over $300 million in revenue for the year to date, and marking down the prices of it's ASIC mining machines on the lead up to the Bitcoin halving event in less than two weeks.

In a letter addressed to Treasury Secretary Steven Mnuchin, 11 members of Congress, suggest blockchain and other distributed technologies could boost liquidity and help distribute federal stimuli during the COVID-19 crisis. “Such steps will ensure both that America retains its technological advantage and that relief is delivered quickly to the small businesses and individuals who need it most,” the letter reads. 

At approximately 6am PDT, Coinbase Pro reported it was investigating issues with its Bitcoin to US dollar market. Just six minutes later, the exchange warned it was necessary to cancel all live and pending orders. The issue continued for several hours.

Bitcoin Options Trading Volumes surge; Major exchanges – Deribit, LedgerX, Bakkt, OKEx, CME – registered a total trading volume of nearly $180 million on Wednesday to register a 350% rise from Tuesday’s tally of $40 million, according to data provided by crypto derivatives research firm Skew.

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