Daily Market Update - November 18, 2020, Trump nominates Brian Brooks, as Comptroller of Currency

Total Crypto Market Cap $477.2 BN (+2.76%)

Total 24 Hour Volume $124.6 BN (+16.45%)

Notable Movers HedgeTrade (HEDG) (+26.78%)

BTC Dominance 65% (-0.15%)

$BTC breaks $18,000!!! 

Bitcoin broke $18,000 this morning briefly before retreating to test $17,500 support levels.

All markets were in the green today seeing >5% increases across the board, and market cap approaching $500B after maintaining around $450B for much of the month.

  • If you’re looking for some further validation of the digital asset space, look no further than RIOT Blockchain.  The company moved 48% overnight on the equities market based on its name alone, with no real news to justify such price action. 

  • Grayscale took in $262.3 million just last week. Managing Director, Michael Sonnenshein tweeted Friday and ..”up from $7.6 billion on Oct. 30, according to the firm's November report”

  • Ray Dalio sparked yet another Twitter storm after asking to be “corrected” regarding his views on $BTC, following his Nov 11 announcement that digital assets have a “limited role” in the future given its inability to be used for everyday transactions. Since this announcement, the price of $BTC has gone up 11%. 

  • Trump nominates former Coinbase executive, Brian Brooks, as Comptroller of the Currency for a 5-year term. The nomination will need to be confirmed through the US Senate. 

Digital assets market:

  • On the $BTC side, the “king” gained 6.5%, moving up ~$1000 overnight from $16,630 to north of $17,700s as of the time of writing. 

  • $BTC dominance at 65.7%, up 2% since the start of November and dropped as low as 56% during the DeFi peak where everything but $BTC moved. 

  • Month to date up 33% and YTD at 147%. Current resistance at $17,900 after rejecting during the evening USA session, with nearest support at $17,460. If it breaks past this level, the next tested support is back down to the psychological levels at $17K. 

  • $ETH moved in tandem with $BTC, albeit not as fast as $BTC given the ETH.BTC has dropped 7% over the past four days from 0.029 to 0.027 levels on the lower Bollinger bands. $ETH/USD up 5% overnight from $460-483 levels. 

 Alts and DeFi watch:

  • DeFI TVL dropped slightly with attention moving to $BTC. Currently at $13.63B, peaked at 14B four days ago and slowly trending down.

  • $YFI seeing a resurgence to 22% with renewed staking opportunities, trading at $23.7k

  • $SNX up 15% to $5.11 levels

  • $LINK up 7.6% to $13.8


Ethereum-based Origin Dollar Hacked for Estimated $7 Million

Origin Protocol co-founder Matthew Liu on Monday night confirmed an attack on the Origin Dollar (OUSD) vault. "The team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users’ deposits," he wrote. Though the exact exploit—some form of flash attack — isn't yet known, the Origin team estimated $7 million — a combination of ETH and DAI stablecoin — had been taken.

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Actress Maisie Williams Becoming the Newest Bitcoiner? 🤩

English actress Maisie Williams, best known for her role as Arya Stark in the HBO series Game of Thrones, may be joining the Bitcoin bandwagon. In a Nov. 16 message on Twitter, the actress asked her 2.7 million followers if she should go "long on Bitcoin." At the time of publication, the majority — 50.4% — are advising she invest in the crypto asset with 118,190 people responding. Williams has an estimated net worth of $6 million from her work in television and film.

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Vitalik Buterin Sold 500,000 Ethereum to Mike Novogratz for $0.99 Each

Here’s a crypto tidbit for you. In late 2015, Ethereum co-founder Vitalik Buterin sold half a million Ethereum (ETH) to Galaxy Digital CEO Mike Novogratz in an over-the-counter transaction. He sold each ETH for just $0.99. Today that nest egg would have been worth $229 million.

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Grayscale Now Holds Half a Million Bitcoin

Cryptocurrency fund manager Grayscale Investments now holds more than 500,000 BTC in its Bitcoin Trust. According to a Nov. 16 post, Grayscale now holds to $8.35 billion worth of Bitcoin— equating to 2.69% of Bitcoin’s (BTC) outstanding supply and market cap. But with Chainalysis estimating that around 3.7 million BTC have been lost, Grayscale may actually now be in possession of 3.37% of Bitcoin’s remaining circulating supply.

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Uniswap’s Liquidity Plunges 40% in a Day as Incentives Dry Up

The total value of assets locked in leading decentralized exchange (DEX) Uniswap has plummeted by 38% in 24 hours amid the conclusion of its UNI liquidity rewards program on Nov. 17. Meanwhile "vampire" clone SushiSwap has doubled its TVL and is aggressively pursuing additional liquidity. As of this writing, Uniswap’s total value locked (TVL) is down a total of 43% since posting an all-time high of $3.07 billion just three days ago. It now sits at $1.75 billion and is still falling.

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SEC Chairman Jay Clayton Is Stepping Down, Months Ahead of His Scheduled Departure

Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC), is stepping down from the agency at the end of this year. Clayton's departure comes months ahead of his scheduled release in June 2021. Clayton was sworn in as the SEC chairman in May 2017 after being appointed by President Donald Trump. Now that Joe Biden has been elected as the new U.S. President, it remains to be seen who replaces Clayton.

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