Daily Market Update - July 6, 2020, NASDAQ Record High

#BTC 24 Hour High $9,162.18 $BTC 24 Hour Low $8,977.02 $BTC -0.36%

Total Crypto Market Cap $264.3 BN (+1.93%) 24 Hour Volume $60.0 BN (+21.21%) Notable Movers Aave (LEND) (+22.84%) BTC Dominance 64.0% (-0.16%)

We’re seeing the same narrative surrounding the USA and its disjointed tactics to combat the second wave of COVID-19, dampening efforts for a quick recovery and raising expectations for a slow start to equity trading (again). Goldman Sachs expects a 4.6% GDP contraction this year and an unemployment rate of ~9% by the end of the year. 

To add some additional colour, Edelman’s 2020 Trust Barometer survey conducted early this year displayed record low confidence in governments, media and businesses, with over half of the respondents believing that capitalism is failing. With these results released in mid January, two months prior to the initial coronavirus breakout, respondent’s fears and uncertainty seems to have some ground to it as Trump pre-election approval rates have plummeted with his recent outbursts and smokescreens. 

In spite of this the NASDAQ has recorded fresh record highs.

Stocks rose sharply Monday morning, after new economic data showed a much stronger than expected rebound in US service sector activity in June. The upbeat data helped investors shake off fears over rising coronavirus cases, with infections continuing to march higher globally and domestically. The three major indices also followed global equities higher, with stocks in Europe and Asia gaining after an editorial in China’s state-run media outlet the Securities Times suggested the country prioritize fostering a “healthy” bull market after the pandemic. The Shanghai Composite index closed nearly 6% higher for its biggest gain in five years.

Digital assets market:

Digital assets were fairly tame over the weekend with the market cap largely range bound between $258-262B. $BTC relatively unchanged, seeing a bit of volatility early this morning as it was able to maintain above $9K after trading as low as $8,900 before correcting back up to $9,050 levels on the bottom range of Bollinger bands. Year to date, $BTC is down -3.5% from $9,500 

$BTC future volumes were low over the weekend, around 5B aggregated volumes per day, amongst the lowest levels of the month with open interest at $3.4M across platforms. $26M long contracts liquidated during this morning's volatility to $8,900 levels, with bull/bear ratio at 65:35.

With investors moving onto the yield-generating tokens, market cap locked in staking contracts at $9.8B USD equivalent, with 6.8% of the total market cap invested in staking coins. (ie. XTZ, COMP, SNX, DOT, WAVES, ATOM to name a few). Yield generating tokens have not been considered by regulators to date, and their status as securities has not been tested yet.

Alt watch:

  • All top 10 large cap alts in the red ranging between -0.5% to -2% drops;

  • Vechain was the weekend’s biggest and only winner, breaking out Sunday morning as it rode 45% gains off the news that it will hold a keynote at the World AI Conference held by Shanghai Municipal People’s Government, with Microsoft, Amazon and Alibaba in attendance. Currently trading at 0.014 after reaching 0.0169, still at overbought levels on the upper Bollinger bands. 

  • $ETHBTC improving over the weekend with $BTC dominance dropping to 64.2%, currently up 1.2%, trading at 0.025 from 0.0248

  • $ETHUSD still trading at 227, range bound between a tight 224-229 range with neutral RSI levels across the past seven days, trading slightly above its 30D SMA

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