Daily Market Update - July 30, 2020

$BTC 24 Hour High $11,340.40 $BTC 24 Hour Low $10,856.14 $BTC +1.2%

Total Crypto Market Cap $323 BN (-0.62%)

24 Hour Volume $85 BN (-11.46%)

Notable Movers Travala.com (AVA) (+24.17%)

BTC Dominance 62.6% (+0.16%)

Stocks fell Thursday after two new reports affirmed the worst quarterly drop in economic activity on record during the second quarter and showed a second straight increase in weekly unemployment insurance claims. Investors also continued to digest the Federal Reserve’s latest monetary policy statement, which was largely viewed as dovish as officials braced for weak growth due to the virus.

Market participants on Thursday received the worst quarterly GDP print on record, with second-quarter GDP having contracted 32.9% on a quarter over quarter, annualized basis. The second-quarter report covered the months from April to June, with the beginning of this period marking the time when forced business closures and social distancing blanketed the US due to the coronavirus pandemic.

Thursday morning also saw the release of the Labor Department’s weekly print on new unemployment insurance claims. The report showed a second straight increase in new jobless claims to 1.434 million, underscoring the US economy’s backslide as some states dealt with a resurgence in fake coronavirus cases and re-closed businesses in recent weeks.

Big tech stocks Facebook, Amazon, Apple and Google-parent Alphabet tracked the broader market and fell Thursday morning, after each of these stocks closed Wednesday’s session more than 1% higher. The moves came after CEOs of each of these companies testified on Wednesday in an hours-long hearing before the House Judiciary subcommittee on antitrust. The hearing covered a range of concerns on the powers these companies have wielded and allegedly used to take out competition.

The hearing touched on thornier and more specific issues than in tech hearings past, and also marked Amazon CEO Jeff Bezos’ first appearance before Congress. However, many watching the event unfold pointed to a lack of cohesion between Democratic and Republican lawmakers’ lines of questioning, and took this as sign the hearing was more political grandstanding than a tangible step forward in enacting heightened regulation on these firms.

“Yet again Congress is showing they don't understand tech. They are not aligned on their beef: Democrats are worried about consumer choice, Republicans are worried about censorship of conservative messaging,” Todd Jablonski, Chief Investment Officer of Principal Global Asset Allocation, said in an email Wednesday evening. “By lumping all these companies together – it's great theater, but it tells me they don't want to be serious about any individual company. I have a hard time imagining a single action that will solve antitrust issues across the board.”

Digital assets market: $BTC climbed up 1.2% to $11,340 during the American trading session, currently range bound between $10,970 and $11,340. Physical traded volume down 26% to $25.7B; $BTC futures volume dropped ~33% to $20B with aggregated open interest around $5B. $BTC currently up 17.3% YTD and 19% MoM.

  • Bakkt Bitcoin futures saw a 3.25x jump in OI and volumes over the past couple days, up from 40M volumes to 130M and 140M yesterday. 

  • CME futures on the other hand seeing their volumes drop slightly yesterday compared to Tuesdays activity, dropping from 1.3B to 1.1B.

  • Volatility with increased activity overnight saw 46M liquidations (28m Long + 17.8m Short) over its ~370 traded range.

  • $BTC dominance up 0.4% to 62.8%

Alt watch:

  • Cardano Shelley hard fork is live with no interruptions to blockchain, now offering staking services. With this update  $ADA must now introduce governance features, custom tokens, and applications. Prices began to downtrend at 5:44 HKT upon release, dropping 5% from 0.145 to 0.138.

  • $XRP up another 5.3% but unable to break resistance levels at 0.25. With most top coins seeing significant price action during the current bull run, $XRP would be ranked 6th out of the top 10 when looking at the 7D growth %. 

Most DeFI coins the red as $BTC and $ETH maintain their foothold on the current bull market; DeFi market cap maintaining at 7B, representing 2% of total market share.

  • AAVE ($LEND) outlines new swap process for its new token towards decentralised control and government

  • $LINK downtrending 4 out of the 5 days, now trading at the bottom range of Bollinger bands and neutral RSI levels at 7.08, next tested support level at 6.5.

  • $XTZ down 3% to 2.77 (-9% off rolling 7 day averages)

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