Daily Market Update - January 19, 2021

Digital assets market:

Digital asset market cap returned above one trillion again as $BTC finds its footing at 35,000 after dropping from its 40K highs set last week. Momentum seems to target 36,000 with 700 daily traded range as volatility remains present.

  • $BTC remains up 25% in 2021, with daily physical traded volumes at 51B over the past 24h with 434M contracts liquidated over the past 24h.

  • $BTC dominance dropping to 65% with alts seeing more action over the past couple of weeks, down from highs of 70% when $BTC broke through multiple levels of ATH’s in late December.

  • $ETH also finds itself range-bound trading between 1160 and 1250 levels over the past few days with resistance at 1280. 2021 YTD up 66% and trading at overbought levels currently.

Alts and DeFi watch:

  • DeFi sector recovering from last weeks correction to once again challenge new ATH’s after slumping back from 20B levels last week

  • $DOT up 118% over the past two days from 8.2 levels to 18

  • $AVAX up for sixth consecutive day, gaining 103% from 6.5 to 13.2 in this timeframe

  • $AAVE +64% over the past week with 6 days on consecutive strong days to 187 levels, reached ATH at 200 before correcting

  • $SNX is seeing increased daily volatility, with traded range around 2.5 over the past few days, but resulting in limited price action over the past week compared to other alts as it trades currently at $15.

News that caught our eye:

  • Former Canadian Prime Minister, Stephen Harper, believes $BTC can be part of a basket of reserve alternatives to the USD.

  • Grayscale tweeted that it raised 700m in a day, its largest daily raise ever last Friday (Jan 15th). In Q4 alone, it raised over 3.3B across all of its digital asset related vehicles.

‘Bitcoin Will Hit $115K in August’

Pantera Capital claims that BTC is on track to hit $115,000 in August — with prices set to rise by about $10,000 a month between now and the summer. Dan Morehead acknowledged that the targets may sound ludicrous — but argued that $5,000 a coin once sounded crazy too. Click here to find out how it believes Bitcoin’s price will grow over the next eight months.

Seriously Scary Extortion Emails

Last week, victims of the Ledger data breach revealed they had been sent threatening emails that warned the safety of their families was at risk unless they paid about $10,000 in Bitcoin. "I hope you do not ruin every little thing for yourself by making the wrong choice," one line read. Here are five things you should do if you receive one of these messages.

Livecoin is Shutting Down

The Russian crypto exchange Livecoin has announced it is shutting down for good — admitting that its service has been "damaged hard" technically and financially by a Christmas Eve breach. The company stressed remaining funds will be distributed among clients. More than 106 BTC and 380 ETH was stolen by hackers in the "carefully planned" attack. Read more.

Gary Gensler Confirmed at SEC

Joe Biden has confirmed Gary Gensler will be taking over as chairman of the U.S. Securities and Exchange Commission. While Gensler has spoken out in favor of digital assets, he has made repeated calls for greater regulatory oversight of the crypto sector in recent months. Unfortunately for Ripple, he also maintains that XRP is a security. Read more.

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