Daily Market Update - July 22, 2020

$BTC 24 Hour High $9,407.26

$BTC 24 Hour Low $9,149.39

$BTC +2.3%

Total Crypto Market Cap

$276.7 BN (+0.25%)

24 Hour Volume

$60.0 BN (+7.53%)

Notable Movers


(ERD) (+30.46%)

BTC Dominance

62.1% (-0.16%)

Meanwhile in the traditional markets, markets started off stagnant surrounding the hesitation regarding additional stimulus packages. The Dow was up 159pts to 26,840, NASDAQ closed down 0.81% (at 10,680) with the tech sector taking a hit for a second consecutive day in favor of the banking and energy sectors.

Digital assets market

$BTC finally broke out of the range for the past week, seeing $9,300 levels with 20% increase in physical volumes traded overnight. 

Futures volume on the other hand still saw stagnant numbers, stuck below $5B traded for four consistent days.

The $BTC rally also saw $43M short positions liquidated. Open positions piling up with minimal price action, currently standing around ~3.8B. Short-mid term expecting $BTC to regain some overdue momentum to challenge $9,400 resistance set on July 10. 

$BTC dominance at 62.2.

South Korea Finalizes Its Plan to Charge 20% Tax on Crypto Gains 

The government of South Korea has finalized its plan to charge a 20% tax on income generated from cryptocurrency transactions. The country's Ministry of Economy and Finance amended its tax code on Wednesday, saying that an annual income of more than 2.5 million won (~$2,000) from crypto trading will be subject to a 20% tax for residents. Any income less than that amount will have no charge.

Singapore Regulator Proposes New Stricter Rules for the Crypto Sector 

The Monetary Authority of Singapore (MAS), the country's financial regulator and de facto central bank, has proposed new stricter rules for crypto businesses, in line with the Financial Action Task Force (FATF) standards.The regulator wants to have enhanced powers to prohibit any unsuitable entity from conducting business in Singapore and wants to regulate and license crypto businesses that provide services outside of Singapore. 

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