Daily Market Update - December 9, 2020

To start off we’re seeing Mt Gox announce that they intend on returning ~16% of the stolen funds from Feb 2014 back to clients on Dec 15, an estimated allocation of 140K $BTC out of the lost 850,000 $BTC in various attacks. During that time, Mt Gox was just one of the few established exchanges at the time, and was responsible for handling around 70% of BTC transactions.

Digital asset markets saw some overdue correction during this morning’s trading session in Hong Kong, which saw $27B wiped out after sliding 5%

$BTC dropped 3.2% in the early morning during a three hour period in the trading session - meeting the psychological support at $18,000, before recovering back to $18,280 where it’s trading currently. $BTC dominance increased by 1% to 63.3% with the DeFi sector losing around $900M in TVL during this drop to 14.12B.

Alts and DeFi watch:

All markets seeing red, some notable drops to mention:

  • $LTC fell below $80 with an 8.6% drop over the past 24 hours to $76 levels

  • $ADA down 10% to $0.14 levels after seeing highs of $0.20 levels in late November

  • $BCH down $26 after dropping four consecutive days for a total of -8%

More news that caught our eye:

  • After MicroStrategy announced selling debt to raise $400m to purchase $BTC, at this point looking like a de-facto Bitcoin ETF, Citi downgraded their stock to “Sell” from neutral.

  • Korean exchange, Coinbit, caught wash trading that led to $84M USD in profit from Aug 2019 to May 2020. Charges have been laid against its chairman and two other executives

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