Daily Market Update - April 9, 2020 Digital Assets Continue to Outperform Major Market Indices

$BTC 24 Hour High $7,356 $BTC 24 Hour Low $7,153 $BTC +1.7%

US benchmarks closed 3.4% higher as bullish momentum pushed the VIX down another 3pts to 43. Volatility levels have dropped five out of the past seven days. Digital assets seem to be coupling with traditional markets this week, but positive sentiment often benefits everyone. 

$BTC activity limited by its low volumes and range bound action.  There’s been more action on the hard fork coins as they go through halving. We’re hearing more skeptics than optimists through the grapevines regarding the latest rebounding bull-run across the markets, with the belief that the market is overweighing the short-term benefits of the aggregated $7T stimulus, as opposed to the longer term recovery period that will push well past 2020.

Digital asset markets:

  • $BTC trading range bound between 7,200-7,400, trading above the 20-bar midpoint bollinger bands for the past 9 days with volatility bands widening to a 700 range with 4H RSI currently signalling overbought levels. 

  • $BTC futures volumes decreased ~15% from yesterday, collectively 8.32B traded over the past 24 hours on the top four future exchanges, with 1.67B open positions. 

  • Bear-bull ratio @ 65/35. Futures trading at 5-7 discount from spot. 

Notable coin performances:

  • More attention yesterday on $BCH and $BSV with $BCH the first to complete their halvening event yesterday, and $BSV looking to be undergoing theirs today.

  • $BTC to halve a month and 5 days from today.

  • $BCH up +11%, traded as high as 253->278, corrected back down to 257 shortly after.

  • $BSV up +19% overnight, maintaining bullish momentum into this morning @ 223 after spending last week range bound between 150-190.

  • $ETH seeing solid gains this week, total +26% this week after moving up +2.5% last night to 171 levels. ETHBTC also improved to 0.023 compared to 0.021 levels at the lowest points relating to the COVID-19 sell off.

  • Desk has seen increasing volumes from payment providers as Asia businesses slowly resume workflow after the relaxing of China lockdowns has reopened key supply chains (around 30% capacity). 

  • More alt flow yesterday consistent with the market trends for BSV, ETH and HBAR. Providing better bids for BTC, USDT and ETH at the moment.

News that caught our eye:

  • Ripple’s co-founder Jed McCaleb receives 74m $XRP after 1B was released, he has sold approximately 19B $XRP to date

  • Cryptopia NZ exchange users entitled to $100m compensation after being hacked twice in Jan 2019, losing around 30m worth of tokens. The exchange did not comply with AML and KYC regulatory practices which prevented liquidators from identifying user accounts and their balances.

  • $14M Bitcoin Fund gets listed on Toronto Stock Exchange.

  • Good Defeats Evil

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