Daily Market Update - July 3, 2020

#BTC 24 Hour High $9,274.96 $BTC 24 Hour Low $9,036.62 $BTC -0.93%

Total Crypto Market Cap $260.3 BN (-1.21%)

24 Hour Volume $56.5 BN (-1.22%)

Notable Movers Kyber Network (KNC(+16.28%)

BTC Dominance 64.6% (-0.15%)

Digital assets endured a minor pull back as the market cap dropped by 2% to $262B after a few days of range bound activity. $BTC briefly broke 9K and traded as low as $8,900 before correcting back up to $9,100 levels and trading on the bottom range of Bollinger bands. $BTC future volumes increased by 85% as aggregated volumes exceeded $10B for the first time this week, open interest across platforms staying consistent at $3.5B with $56M long contracts liquidated on the move down. Bull/bear at 64:36 All in all, slower action on the spot market as DeFi projects and yield-farming took the spotlight, and the gains for this week. DeFI insurer Nexus Mutual maxed out covering risk as the markets boom. Desk seeing more speculative retail buy flow, while larger funds have been liquidating some positions during the move down from $9,500 levels.

Alt Watch All but $EOS in the red out of the top 10 large cap alts up 0.3% to $2.37 levels. Currently trading on the bottom range of Bollinger Bands and below 30day SMA. RSI indicates oversold levels currently. $ETH/BTC improving as BTC dominance drops to 64.5% after as high as 65%, currently trading at 0.0249, $ETH/USD trading at $227, range bound between $217 and $233 throughout the week with neutral RSI levels with not much to note. $LINK making a resurgence up 32% this month from $3.66 to $5.00, currently trading at $4.78, showing oversold levels and above 30day SMA and trading on the upper ranges of Bollinger Bands.

Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

The one-month bitcoin-S&P 500 realized correlation rose to a record high of 66.2% on June 30 and stood at 65.8% on Thursday, according to crypto derivatives research firm Skew, which began tracking the data in April 2018. “While bitcoin and S&P 500 correlation is always a very good indicator of market movement, it never really maintains a consistent position. Bitcoin behaves more like a highly leveraged position and follows the market trends in a more volatile, dramatic up and down swings,” said Wayne Chen, CEO and director of Interlapse Technologies, a fintech firm. The one-month metric oscillated largely in the range of -30% to 50% for 12 months before rising to record highs above 60% on June 30. The data indeed shows that bitcoin’s correlation with the S&P 500 is somewhat inconsistent. The one-year correlation has also risen to lifetime highs above 37%, according to Skew. One should note, though, that readings between 30% to 50% imply a relatively weak correlation between variables.

16 views0 comments


© 2020 by Rocky Mountain Blockchain Intelligence LLC. All rights reserved.