Daily Market Update - November 4, 2020

Total Market Cap $395.4 BN (+0.79%)

24 Hour Volume $88 BN (+6.28%)

Notable DeFi Movers The Midas Touch Gold (TMTG) (+14.10%)

BTC Dominance 64.1% (+1.42%)

Election underway leading to US benchmarks moving up with NASDAQ and DJI up >1.8% with most sectors in the green with the exception of the Healthcare Sector, in the red.  Regardless of the results one certainty is that continued stimulus will be needed from either a GOP or DNP administration in 2021 - further eroding the value of cash and placing higher value on alternative assets, like Bitcoin, as an integral part of a diversified portfolio.

On the digital asset side, we noticed Grayscale fund adding 75,419 ETH worth $28.5M to its treasury yesterday, extending ETH AUM to $914.9M, just last week, GBTC added 15,907 Bitcoins worth $215 million, reporting a consistent rise in the number of shares issued. The total GBTC now under management (AUM) is $6.41 billion. 

OKEx still has withdrawals on hold, with increasing FUD rumours circulating around Huobi and Okex sparking more withdrawals off centralised exchanges.

$BTC price briefly reached 14K with expected volatility surrounding this week’s focus on the US presidential election. Its traded range of $370 USD over the past 5 hours as we near the close of polls. Currently trading at $13,920 levels with 22.6B traded volumes, on upper Bollinger bands and overbought levels. Looking to challenge $14K levels again with the current support at $13,650.

$BCH upcoming fork now leading to a selloff after a run up last month, moving up 27% during early October to local highs of $276, but trading back down around $240 levels (still 20 USD from its range bound trading during Sep-Oct).

$ETH moving up overnight from $380 levels to $388 with news of ETH 2.0 around the corner. Currently trading at neutral RSI levels and looking to target $400 levels from early this week. 

News that caught our eye:

  • Netcents will now allow users to purchase digital assets using credit cards, a concept that was once viewed as risky due to chargebacks during the early stages.

Get caught up with some of the highlights from Hong Kong Fintech Week:

  • BC Group (HKSE 863) statement on Ashley Alder (CEO, Hong Kong Securities & Futures Commission) speech.

  • Five key takeaways for financial institutions to future-proof their tech for digital capital markets

  • Institutional investment in digital assets (past, present and future)

Bitcoin’s Implied Volatility Rises Ahead of US Election 🇺🇸

Both Bitcoin and traditional market investors look to be predicting a pick-up in volatility following the U.S. elections. The cryptocurrency's one-month implied volatility – investors' expectation of how turbulent prices will be over the next four weeks – has risen to a two-week high of 59% in the past three days.

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Ripple, PayPal and Twitter Join Coalition Calling for Fair Elections

According to a Nov. 2 tweet from Ripple, CEO Brad Garlinghouse has joined Twitter CEO Jack Dorsey and PayPal CEO Dan Schulman at the Civic Alliance, an organization that states it supports "safe, healthy and trusted elections" in addition to encouraging members’ employees and customers to be civic-minded. "We believe voting should be safe and accessible to everyone, everywhere," said Ripple. "That’s why Ripple is 100% in #ForDemocracy." Read more

Justin Sun and Super Friends 'Save' Tron From Mysterious Hack

The TRON blockchain today paused for two hours this morning after a mysterious attack, but everything’s back to normal, confirmed TRON CEO Justin Sun. Sun laid out the matter in a series of tweets today. He said that while the blockchain was upgrading to version 4.1, the mainnet "was attacked by a malicious contract."

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No Truth to Rumors of Crypto Executive’s Arrest: Huobi

"All of Huobi’s management team members have been accounted for and have not been detained or arrested," a tweet from the Huobi Global account read. "We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe." Earlier in the day, rumors percolated in social media that COO Robin Zhu of Huobi Global Limited, based in Singapore, had been arrested by authorities.

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MicroStrategy Now Owns Half a Billion Worth of Bitcoin

Business intelligence firm MicroStrategy now owns over half a billion dollars worth of Bitcoin, having seen a surge in the price of Bitcoin over the last few months. After investing a total of $425 million in Bitcoin in August and September, the company’s Bitcoin holdings are now worth $517 million—up 21%.

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Bitcoin Miners Saw a Notable Bump in Transaction Fee Revenue During October ⛏️

The share of overall Bitcoin miner revenue from transaction fees rose to roughly 12% in October — the highest level since January 2018. The development is perhaps unsurprising given that the end of October saw a notable jump in bitcoin transaction fees. Blockchain transaction fees are higher when the network is busier, as users pay more to compete for a limited amount of block space.

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