Daily Market Update - November 5, 2020

Total Market Cap $392.4 BN (-0.76%)

Notable Movers HedgeTrade (HEDG) (+27.49%)

BTC Dominance 64.2% (+0.16%)

NASDAQ closed up 4.41% (to 11,777, ~5% below its ATH from late August) and the Dow ended up 1.3%, recovering most of its losses from last week at 27,847 (also ~5.5% away from its previous ATH).

Digital assets market:

  • The market cap maintaining above $400B for the second consecutive day, currently at $404B

  • $BTC traded range bound at 150, rebounding from a two-hour sell off to $13,930 during the early HK morning trading session. Currently maintaining its position above $14,000 levels, but charts showing extreme overbought levels over the past few days. Potentially see some market corrections in the short term. Target at $14,250, with its psychological support levels now at 14K. Seeing 46m (12.5m long vs 34m short) contracts liquidated overnight during the early morning push.

  • The November Bloomberg Crypto Outlook states that the previous Bitcoin resistance at about $10K may transition toward $20K in 2021, Bitcoin may set off on a parabolic path like 2013 and 2017

  • The top major coins were mostly in the green, seeing gains ranging between 0.6% and 3.7%

  • $ETH was the major beneficiary from yesterday’s volatility, moving up the most out of the top 10 coins (+3.7%) to break above $400 levels again at sitting around $404. Currently range bound for the past 8 hours around $400 to $406. ETH 2.0 Countdown begins with the release of a deposit contract. ETH gas fees at 22gwei currently

Alts and DeFi watch:

  • $YFI down 3 consecutive days as the mass exodus continues, dropping the price below 10k for the first time since August 18th. Currently trading at $8,600 with no imminent signs of recovery ever since founder Andre Cronje pushed the $KP3R token.

  • $LINK up 2.6% to $10.53

  • $LTC up 1.7% to $54.8

  • $BCH unchanged at $243

Here Are the 2020 US Election Races Crypto Should Watch

CoinDesk is monitoring the U.S. election, following candidates for the Senate and House of Representatives in addition to the Presidency.Their list includes a number of lawmakers important to the crypto space, whether they be politicians who are proponents of innovation and light-touch regulations, or those who have dismissed the cryptocurrency space or come out against related topics like privacy and encryption.

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Did the ETH 2.0 Deposit Contract Just Launch? 🤷‍♀️

Excitement is stirring in the Ethereum community after the deposit contract was apparently posted on Github, however the lead developers are yet to officially confirm the deployment. Ethereum developers have warned in the past about the danger of fake deposit contracts, so users should not send any Ether to the contract until after an official announcement. The repository on Github was posted a few hours ago and appears to have been uploaded by Ethereum Foundation researcher Carl Beekhuizen’s account. In Discord, some have queried whether the account may be compromised.

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U.S. 2020 Election Boosts Use of Decentralized Prediction Markets

The 2020 U.S. election has been a boon for decentralized prediction markets, according to data compiled by The Block Research. On Augur, open interest recently passed $4 million, primarily driven by Catnip.exchange, a simple end-user interface for Augur's U.S. election market. According to The Block researcher Mika Honkasalo, open interest on Augur has been steadily increasing by over $1 million or 25% daily, leading up to election day.

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Atari Token Falls 70% Just Days After Public Sale Concludes

Atari Token (ATRI), the first foray into a gaming digital currency by legendary video game developers Atari Interactive, ended its first 36 hours of trading down almost 70%. The current price is well below the public sale price and is even below the discounted price in the presale rounds. Tokens were also sold at a discounted rate in three presale rounds, at $0.08 per token in the first two rounds and $0.16 in the third. In all rounds, token sales reached their hard cap amounts of $1 million per round.

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The $955 Million in Bitcoin Hackers Have Been After Just Moved

3Commas, a non-custodial trading platform, has raised $3 million in a Series A funding round from FTX founder Sam Bankman-Fried. 3Commas, founded in 2017, claims to serve more than 100,000 active traders. Alameda Research, a crypto trading shop also founded by SBF, helped facilitate the funding.

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Ethereum Miners Generated $214M in Revenue in October ⛏️

Ethereum miners accrued $214 million in revenue in October, down from $321 million in September, according to data compiled by The Block. Last month, miners on Ethereum saw a 66.8% drop in transaction fee revenue compared to September, from $171 million to $57 million. Compared to September, transaction fees on Ethereum, as a share of total miner revenue, dropped from 53.4% to 26.5% in October.

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Bitcoiner Cynthia Lummis Wins US Senate Seat

Republican Senate candidate Cynthia Lummis has defeated her Democratic challenger, booking a six-year term as a US senator from the state of Wyoming. Lummis is an ardent supporter of Bitcoin, having first purchased it back in 2013 when it was worth just over $300. Lummis ran on a campaign closely linked to President Trump’s agenda. Her campaign website promotes an "America First" agenda, a move toward uranium mining and carbon capture technologies, cutting red tape for agriculture inspections, protecting gun rights, and eliminating abortions.

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