$BTC 24 Hour High $9,483.35 $BTC 24 Hour Low $9,347.59 $BTC -0.8%
Bitcoin’s options market suggests Monday’s price drop could be short-lived.
However, the cryptocurrency remains vulnerable to a sell-off in stocks and increased miner hoarding is a sign the market lacks strength.
Bitcoin is feeling the pull of gravity on Monday alongside losses in the traditional markets.
At press time, bitcoin is changing hands near $9,080, representing a 2.7% decline on the day. Prices hit a three-week low of $8,910 during the early European trading hours, according to CoinDesk’s Bitcoin Price Index.
Meanwhile, futures tied to the S&P 500 are down over 2.5% and major Asian and European equity market indices are in the red red, apparently over fears of a second wave of coronavirus infections in China.
Indian politicians mull a crypto ban, same story different time. Bitcoin dropped under $9K today on reports that India may ban crypto. I remember being in a room of Indian Politicians, in New Delhi, in late 2017, average BTC wallet size: 800. Scheme; pump Ripple. Long story short, Indian Politicians are big holders of BTC, and BTC will never be banned in India.
Digital assets market:
Moves largely followed that of the equity markets with its overall market cap contracting by $2B over the weekend to start the week off at $259B.
However, $BTC saw a flurry of newly opened wallets with 0.1 or more $BTC, as more retail investors are stepping into the space amidst the current unrests around the world, topping previous ATH by 212 to 3,054,282 addresses (glassnode)
$BTC traded in a tight 150 range as it tested 9,200 support levels on Saturday off low volumes ~$18B. $BTC over the past week dropped -3.9%, but still up 30% YTD at 9,300 levels.
BTC dominance at 64.9%
$BTC futures volumes at two-month lows over the weekend, seeing ~$7B volume compared to $20B highs during the peak of last week’s volatility. Open interest across top exchanges at $3.5B with $4.3M long contracts liquidated this weekend. Bull/bear ratio at 67/33.
The total supply of stablecoins has surged by a whopping 94% since February, according to new research. The value of these assets has hit $11 billion… and Tether is the driving force behind the boost. What we don’t know is whether this has been brought on by new demand, or whether funds already on crypto exchanges are being converted.
China could launch its digital yuan without anyone noticing, according to Ledger Vault’s Glenn Woo. He predicted the CBDC will be the first to roll out worldwide. Given e-commerce platforms such as AliPay and WeChat Pay are so popular, Woo thinks this new asset could be integrated into existing services. Starbucks and McDonald’s are reportedly taking part in trials.
Legacy Market Nonsense
The Second Wave of the Planned-demic hit US markets today as China announced an outbreak of new Coronavirus outbreaks in Beijing.