Daily Market Update - May 20, 2020- BTC Futures Volume Increase from $1B to $19B in 3 days

$BTC 24 Hour High $9,836.05 $BTC 24 Hour Low $9,539.62 $BTC +1.2%

BTC continues to trade above $9500 for the third consecutive day in a row. CME BTC futures are trading in the high $9000's to $10,000 through the month of September. CME BTC options are in the range of $9200-$10,300 on Today's Futures which had a prior settle of $9680. Futures volumes have increased from $1B to $19B over the past three days.

Bitcoin Mining Difficulty dropped by 6% in it's first adjustment since the halving. More than 20 exahashes per second (EH/s) of computing power – the equivalent of around 1.5 million older-generation mining machines – has been switched off from Bitcoin since the network's halving. The 7-day rolling average of Bitcoin's hash rate has dropped over 20% from around 122 EH/s just prior to the halving on May 11 to now 97 EH/s.  (Source)

Traditional markets were on a whipsaw today against news that Moderna Vaccine tests are not on par with expectations, which saw markets dip and then rise again, with the DOW up 300 points at the time of writing. Traditional markets continue to show extreme behavior, it took 33 days for stocks to drop 34% and 3 weeks to gain half back. Reinforcing the notion that Bitcoin may be a safe haven asset.

As the Fed continues to print more currency, Bitcoiners see such profligate fiat money creation only serving to emphasize the soundness of Bitcoin, with its built-in scarcity.

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