Daily Market Update - July 7, 2020

#BTC 24 Hour High $9,375.47 $BTC 24 Hour Low $9,063.42 $BTC +2.6%


Markets continue to defy reality, contradicting the calamity happening around the world, as traditional equities continue to surge as bulls take control. The action seems to be driven more by news headlines than fundamentals. Whilst not trying to sound like a broken record the themes persist: the US election is approaching quickly; coronavirus vaccine progress is encouraging but the potential reversal of reopening measures is less so; additional stimulus packages are on the horizon; Robinhood traders “buying the dip” is the power of the crowd…. And the beats go on. Nevertheless, traditional equities have been much more volatile than the digital asset markets. 

  • NASDAQ up 2.2% to 10,433

  • DOW up 1.8% to 26,287

  • S&P up 1.6% to 3,179

Digital assets market:

  • Digital assets followed traditional equities upwards overnight as market cap rose to 270B (+10B from yesterday).

  • Alts outclassed $BTC last night with each of the top ten large-cap alts in the green. A welcomed flip from the sea of red they swam in yesterday; $BTC dominance dropping from 64.2% to 63.6%.

  • $BTC up from 9,000 levels to 9,300 to bring it back up to neutral trading zones, right on its 30D SMA average currently. 24.6M short contracts liquidated on the move up on the future exchanges. 

  • $BSV was the biggest beneficiary as it gained 25% to 197 after trending down for the past two months, seeing lows of 136. Currently trading at 186 after rejecting 200 levels last night and trading at over-bought levels on the upper Bollinger bands. 

  • ETHBTC increased by 3% to 0.0257, $ETH up 5.8%, breaking out of the weeklong 224-229 range to 239 off the news of VISA looking to hire an ETH developer with blockchain+dapps knowledge to work on a new blockchain initiative.

  • Of the stablecoins; $ALGO, $XTZ seeing the largest movements up 3% and 5.6% respectively

  • $XTZ has been slumping from 2.88 highs two weeks ago, trading now at 2.42 on the bottom range of Bollinger bands and still showing undersold levels on the technical charts

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