Daily Market Update - July 8, 2020

#BTC 24 Hour High $9,375.47 $BTC 24 Hour Low $9,201.82 $BTC -0.55%

Total Market Cap $272.2 BN (+1.64%) 24 Hour Volume $66.9 BN (-2.18%) Notable Movers Dogecoin (DOGE) (+53.33%) BTC Dominance 62.8% (-1.41%)

There was no new injection of capital into the digital asset class overnight with the market cap fluctuating around $269B, and $BTC dominance dropped slightly:

  • Alts continued to lead the charge over $BTC last night, largely contributed by $LINK and $ADA outperforming most large-cap coins, $BTC dominance dropped to 63.4%

  • $BTC range bound from $9,200 to $9,400 levels, trading in neutral RSI levels and at slightly below its 30D SMA average currently with BVOL dropping down from 61% to 28.5%

  • On the next move up $BTC will need more volume to push it above $9,400 before challenging $9,600 resistance from two weeks ago.

  • $BTC futures market volumes still down below $10B once again for the fourth time in 7 days aggregated across major exchanges. Open interest remaining at $3.5B, consistent throughout the past 30 days with no major liquidations to note overnight. 

Alt watch:

  • $LINK trading at ATH currently after moving +20% to 5.65 over breaking out of the 4.5-4.7 range last week, trading at over-bought levels per RSI indicators and on the upper range of Bollinger bands. 

  • $ADA has seen a resurgence in July, up 10% to 0.1158 overnight and month to date up 45% from 0.08 levels that it was range bound for the entirety of June. Seemingly some potential for a pull back with those looking to lock in some profits after seeing it trade on the upper Bollinger bands for the past 7 days. Though still 90% away from its ATH at 1.15 set in Jan 2018

  • $ETH correcting slightly to 238 overnight, down from 243 after rejecting 250 levels two weeks prior. Dune Analytics reveals that around 60M worth of $BTC (~4,800 $BTC) moved into $ETH during June which saw $ETHBTC rise 6.3% from 0.0242 to 0.0259.

China’s Uber, DiDi, to Trial PBoC’s Central Bank Digital Currency DiDi, the Chinese equivalent of Uber, is forming a task force to design and implement a trial of China’s central bank digital currency (CBDC) on its transportation platform. A spokesperson of the Chinese ride-hailing mobile service told CoinDesk in an email response that it has entered into a strategic partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC) in an effort to accelerate the application of the CBDC, known as Digital Currency Electronic Payment, or DCEP. "Under PBoC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards," the firm said.

Bitcoin Will Never Be Truly Private Says Andreas Antonopoulos Bitcoin educator Andreas Antonopoulos says he would like to see more privacy features on Bitcoin, but they’re unlikely to happen anytime soon. In a livestream Q&A on Antonopoulos’ YouTube channel on July 7, he said Bitcoin (BTC) was unlikely to ever implement privacy features similar to those used by Monero (XMR). Antonopoulos said creating such features on a cryptocurrency like BTC "would create an enormous amount of controversy." In addition, he said the structure of Bitcoin simply doesn’t allow ring signatures and stealth addresses.

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