Daily Market Update- December 2nd, 2020

Bitcoin teased ATH levels as it reached $19,915 around the same time ETH 2.0 was officially launched. Active $BTC addresses reached an all time high with 19.6M addresses sending or receiving $BTC during the month of November 2020.

  • Digital assets Market cap dropping from $585B > $549B overnight with the sell offs.

  • $BTC dropped to lows of $18,100 levels at the peak of the sell off before recovering back to $19,515 after failing to break through the psychological ceiling at $20K. Currently trading in the upper $18K levels around $18,700 with some selling pressure. Support levels around $18,650 and looking to resurface above $19K. MTD up 20% and YTD at 163%.

  • Seeing over 167M long contracts liquidated during this move with $49B traded volumes.

  • ETH 2.0 Beacon Chain successfully deployed, first stage of PoS ETH 2.0 live as of 12:00 UTC, $ETH dropped 8% upon the release from $627 to $576, still up 14.8% over the week and 363% YTD. This morning we saw $ETH trading just below $600, currently at $590 with short term support at $580 levels on neutral RSI levels. ETH/BTC up 1.1% to 0.031

Alts and DeFi watch: Large cap coins also saw red today with $BTC dominance remaining around 64.5%. DeFi TVL dropped by $500m to $14.2B overnight

  • $YFI announces two mergers, Sushiswap and Akropolis

  • $LTC down 4.5% to $85.6

  • $BCH down 8.5% to $288

  • $LINK down 5.7% to $13.4

  • $XRP down 6.45% to $0.61

News that caught our eye:

  • Facebook’s Libra rebrands to Diem in a new strategic move away from the prior criticism with Facebook’s involvement.

  • Members of the plusToken scammers sentenced to 11 years after stealing $2.25B worth of coins.

Ethereum 2.0 Beacon Chain Finally Makes Debut

As promised, Phase 0 of the long-awaited upgrade to Ethereum 2.0 finally commenced today. In the coming years, the blockchain will move from Proof-of-Work to Proof-of-Stake — and it’s fair to say that the project is fairly ambitious. Ethereum co-founder Vitalik Buterin was among those celebrating the milestone. Check out our article to find out the mysterious message included in the genesis block.

Libra Association Seizes the Day with a Rebrand

The Libra Association has rebranded itself to the Diem Association as it tries to prove that it is separate to Facebook. Executives at the nonprofit, which is responsible for launching the controversial stablecoin, says the new name is designed to "signal the project’s growing maturity and independence." It comes just months after the Calibra wallet was rebranded to Novi. Find out why the rebrand is so significant here.

Coinbase Executed MicroStrategy’s $425M BTC Spree

Coinbase has revealed that it was the "primary execution partner" when MicroStrategy snapped up Bitcoin worth $425 million earlier this year. The exchange said it managed to make the "significant" crypto acquisition without moving the market. This was achieved by breaking the large order into a number of smaller pieces. Clearly gearing up to help a greater number of institutional investors, Coinbase claims it helped MicroStrategy save $4.25 million in fees. Read more.

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