Daily Market Update - July 14, 2020

#BTC 24 Hour High $9,306.40 $BTC 24 Hour Low $9,217.38 $BTC -0.4%

Total Market Cap $271.0 BN (-1.24%) 24 Hour Volume $67.9 BN (+12.42%) Notable Movers Divi (DIVI) (+35.32%) BTC Dominance 62.5% (+0.64%)

Legacy Markets

Equity markets opened strong, with NASDAQ moving up 2% before a sharp reversal saw it losing all intraday gains after lunch and dropping a further 2% to close at 10,602. Even Tesla (TSLA) managed to lose 14% from the morning before closing 3% below its opening price from 1,543 to 1,497.

Digital assets market

  • On the digital asset side, market cap dropped 3B to 266B overnight, still within its range bound 266-272B throughout the past five days with $BTC prices also bound between 9200-9300s. Trading at neutral levels and at 10D and 30D SMA expectations. 

  • Bitcoin mining difficulty reaches all time high after halvening from two months ago

  • $ETH still range-bound for the sixth consecutive day between 238-240 off 7B traded volumes, volumes up 4% overnight but no significant price movements to show for.

Bitcoin Mining Difficulty Hits Record High of 17.3 Trillion ⛏️ Following last week’s record-high Bitcoin hash rate, the latest difficulty adjustment saw a change of +9.89%, bringing the level to a new all-time high of over 17.3 trillion on July 13. Despite a lack of recent significant Bitcoin (BTC) price action, the fundamentals securing the network are as healthy as they’ve ever been. This is more positive news for investors concerned about a previous drop in hash rate and difficulty after May’s third reward halving event.

IRS Violated ‘Taxpayer Bill of Rights’ With 2019 Crypto Letters: Watchdog Cryptocurrency users in the U.S. remember July 26, 2019, as the day the Internal Revenue Service (IRS) came out swinging. It now turns out the agency may have been hitting below the belt.Nearly a year later, the agency’s own Taxpayer Advocate Service is alleging that letter violated the Taxpayer Bill of Rights, adopted by the IRS under pressure from Congress.

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