Daily Market Update - May 6, 2020

$BTC 24 Hour High $9,062.41 $BTC 24 Hour Low $8,856.83 $BTC 0.93%

Quiet on the news front today with stagnant volumes as we approach the halvening, now only 5 days remaining.  We’re still seeing $BTC range bound between 8,850 and 9,000. Traded volumes down 5.5% from yesterday to 43.5B. Over the past few hours, $BTC has been trending up and currently trading above the top half of the Bollinger Bands, with bullish signs targeting a move past 9,100. 

$BTC Futures volumes declining for a third straight day, ~16B volume across top exchanges with 2B open interest across the main exchanges. Bear-bull ratio remains at 71/29.

Alts continue to trail with $BTC dominance up +0.4% to 66.2% overnight. Largest drops: 

• $TRX -3.9% @ 0.0157

• $ATOM -3.5% @ 2.68

Desk seeing more two way $BTC flow in correlation with the current trends, $USDT volumes at 30% of capacity due to the Labour Day public holidays in Asia. 

News that caught our eye:

• Bitmain released a batch of faulty S17+’s, with a 30% failure rate reported by one investor who purchased 420 units where their average failure rate was 5-7%.

• Cryptoforensics firm TokenAnalyst shuts down after 2.5 years of operations, the founders have transitioned to roles at Coinbase.