Daily Market Update - July 31, 2020

$BTC 24 Hour High $11,224.63 $BTC 24 Hour Low $10,895.46 $BTC +1.2%

Total Market Cap $329.6 BN (+2.04%)

24 Hour Volume $82.4 BN (-3.06%)

Notable Movers Bancor (BNT(+24.83%)

BTC Dominance 62.3% (-0.48%)

Digital assets market: On the digital asset side; 27 people involved with the Plustoken Ponzi (a theft of around $3B worth of coins and tokens) have finally been caught.  Another clear and strong message on the security and traceability advantages of digital assets over fiat currencies. 

  • $BTC tightening its traded range to 300 from yesterday

  • $BTC dominance dropped by 0.1% to 62.3%

  • $ETH up 5% to 335 levels, up 22% over the past two days

  • $LTC was surprisingly one of the best performers - a first time, in a very long time. April was the most recent month with positive price movement, currently trading at 56 after rejecting 59 levels yesterday.

  • DeFi making a push after this week’s $BTC and $ETH bull run took the spotlight off yield generating tokens

  • $LINK recovered up to 7.42 (from 7.2 levels) overnight

  • $VET strongest performer up 10%

Traditional markets:

  • S&P dropped 0.38% 

  • NASDAQ up a modest 0.5% 

  • 10 year US Treasury yields are threatening negative territory

  • VIX climbed up 2.7pts to 24.76 overnight off the day’s sentiment

Ethereum’s Active Addresses

This week, Ethereum also saw a huge increase in price, reaching a level that is its highest since 2019.  However, Ethereum’s price also outpaced its active addresses.  This isn’t to say that its active addresses have declined recently- in fact they’ve been increasing.  The price surge, like Bitcoin’s price, is attributed to the adoption of DeFi applications.  It should be noted, as we talked about in last week’s newsletter, that Ethereum’s still high fees do not bode well, this time for its number of active addresses.

Huobi is Diving into the Digital Assets Sector

Crypto exchange company Huobi recently launched its digital assets custody platform in an effort to capitalize on a feeling shared by many exchanges including Huobi that institutional investors are and will increasingly adopt the use of digital securities.  In an interview with cointelegraph.com, Huobi’s Head of Global Markets, Ciara Sun, made the assertion that as regulatory processes become clearer, institutional adoption of digital securities will increase.  It is interesting to note that Ciara Sun attributed the overall lack of current institutional adoption to a lack of infrastructure in spaces like custodianship.  This move seems like a direct addressing of said lack of capital market services currently in the digital assets space.

Tokenized Securities

This week also brings further adoption by the real estate market of tokenized securities as St. Regis Aspen’s holding firm announced that it would be opening 19% of the property, which is worth around $18 million, to the private market through asset tokenization. This comes as our partners at tZero form a partnership with Elevated Returns LLC, the aforementioned holding firm. It is a very emboldening sign that a very notable real estate security is opening itself up to the private market.  The firm’s founder and president, Stephane De Baets, cites the ease of having “access to a regulated, transparent and hopefully liquid product” and the fact that “anyone can actually go into the tZero ecosystem, ...open an account and… buy or sell a digital representation of a share of an actual, equity-ownership in the St. Regis Aspen” as reasons why this is such an advantageous move for the property.

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