Daily Market Update - December 18, 2020

Updated: Dec 19, 2020

BTC continued its charge above $20K for the third day, logging ATHs along the way. Markets did taper-off this morning while total market cap maintained levels above $650B, having previously reached $664B yesterday at its height. BTC blockchain fees doubled in the past four days with this current bull run.

$BTC dominance increased to 65.6%, currently trading at $23K with institutional flow leading the charge, and the retail flow riding its coat tails. In addition, the Fed announced that it plans on continuing to push stimulus packages as they “projected unemployment and inflation would not reach pre-pandemic levels until 2023”. The Fed proposes to buy 80B in government debt each month and keep interest rates to near 0 until unemployment and inflation averages to 2% again. Some expect this to accelerate digital asset adoption rates.

Digital assets market:

  • $BTC futures volumes around ranging between 50-80b over the past couple of days, more than double of its daily averages last week prior to the pump

  • ETHBTC fell 4.7% to 0.028, falling below 0.03 levels, MTD -12% from 0.032 levels in December

  • ETHUSD on the other hand still has increased by 10.8% from 586 to 650, at overbought RSI levels and seeing next target at 690, last seen in May 2018.

Alts and DeFi watch:

  • Only a couple few large-cap coins that are performing better than $BTC:

  • XRPBTC up 1% at 0.000026

  • LTCBTC up 14% at 0.004826

  • DeFI breaking past 15B with flying colours and now at all time highs as it approaches 16B following its strong mid month fuelled by the $BTC bull run.

  • $SNX range bound between 5.0-5.5 over the past few hours, currently trading at 5.4

  • $AAVE sliding a bit down yesterday, -3% to 85 levels with monthly highs at 96 levels. 

  • Warp Finance loses 8m from flash loan attack.

News that caught our eye:

  • Seychelles has started to receive pressure from the USA regarding its lax AML regime.

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