Daily Market Update - August 13, 2020

$BTC 24 Hour High $11,748.40 $BTC 24 Hour Low $11,249.61 $BTC +1.8%

Macro outlook:

  • Warren Buffett’s favorite indicator “Buffett Indicator” which measures the total US stock market cap divided by the country’s GDP is flashing a sell signal with its ratio of >100% - indicating that markets are in a bubble. This measure became popular following an interview he gave to Fortune in 2001 in which the Indicator predicted the dot com crash that shortly followed.

  • President Trump announced possible capital gains tax reductions yesterday via executive order. This could indirectly benefit digital asset prices with investors able to keep more of its gain.

Digital assets market:

  • Bulls back in control with the digital asset market cap up 2.74% overnight to $361B after a brief sell-off session yesterday.

  • $BTC physical markets climbed back up 11,460 to 11,600 range during the American trading session with the attention transitioning to DeFi market booming with its market cap at $13.4B

  • Support levels currently at 11,150 with the next target at 11,660 and 11,750.

  • $BTC futures open interest drops to 5B, volumes dropped 10B to 15B overnight, with only 19M contracts liquidated (11M long + 8M short).

  • $ETH recovers +$6 (returning to 393), and looks to challenge 400 levels after failing to break through for most of August. First support at 386 followed by 382. Volumes decreased 9% from yesterday to ~12B.

Alts and DeFi watch:

  • $COMP regained momentum after slumping with reports of it being significantly overvalued last month; it dropped as low as 110 on August 2nd but has since recovered 73% to currently trade at 226. 

  • $XTZ went from 3.60 yesterday to 4.43 on a wild 23% upswing, trading at overbought levels.

  • $LINK up +24% to 16 as market cap overtakes BCH for #5 largest market cap, leading all other DeFi coins bar none. Currently near its ATH set at 17 rejected from last night's push.

News that caught our eye:

  • JP Morgan to lead Consensys’ $50m convertible note raise with a $20m investment of their own.

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