Daily Market Update - October 13, 2020

Traditional and digital asset markets are moving in tandem with the tech sector performing the best overnight. Nasdaq was up 3% (to 12,088) and the S&P gained 1.6% (to 3,534). Digital assets market: Today’s Asian trading session started with a sell-off after a strong US session saw $BTC climb to two-month highs of $11,700 before correcting for the past three hours (at the time of writing) to $11,480 levels. Collectively seeing 60m liquidations, 30m+ on both long and short contracts in the last 24 hours. $BTC trending upwards for the sixth consecutive day from $10,500 levels, up 9% since the beginning of the month. Current support at $11,440 and resistance at $11,550, with bull/bear ratio at 75/25 $ETH took a page from $BTC getting a leg up of its own overnight - rising before being rejected at $400 levels and corrected back to $385 levels, trading at overbought RSI and on upper Bollinger band levels. $ETH fees remain low around 40-50 Gwei The movement followed the news that Grayscale’s ETH Trust had officially become an SEC reporting company which increases the Trust’s transparency. Accredited investors will now be able to sell their holdings in the Trust after six months, instead of the original 12 months lockup. Alt and DeFi watch: TVL breaks above $11B to $11.06B for the first time in 10 days since the mass sell off in the Defi space $UNI range bound between $3.3 and $3.6 $YFI trying to regain momentum, currently trading at $16,400 areas at oversold levels, has been continually trading down the past 3 days out of 4. Currently trading in the bottom Bollinger band range, trading $700 below 10d SMA. $NUM, releases Numerai Signals, an open hedge fund, which combines machine learning and crowdsourcing techniques to compete with other hedge funds. Announced to pledge $50m in digital assets to users to those contributing to its community of knowledge News that caught our eye: *Microsoft avoids potential election hacking operation *Andrew Bailey, BOE Governor, dismisses BTC (again) *Governments from seven major economies again purse “back door” accessibility into technology platforms for law enforcement

*Traditional and digital asset markets are moving in tandem with the tech sector performing the best overnight.

*Nasdaq was up 3% (to 12,088) and the S&P gained 1.6% (to 3,534).

This year, 2020, is proving to be wildly successful for Ethereum in terms of market performance and technological development. 

Since January, ETH has so far tripled in value, beating out the gains made by the majority of the top crypto assets by trade volume. The only other crypto asset in the CoinDesk 20 that has outperformed ETH in the markets year-to-date is the LINK token, which is based on the Ethereum blockchain. 

A growing number of stablecoins, which are crypto assets that track the value of one or more base assets such as the U.S. dollar, are beginning to be issued primarily on Ethereum. As of the end of September, 70% of stablecoins were issued from Ethereum. The collective demand for these assets has also grown significantly over the last nine months. Total stablecoin market capitalization has tripled year-to-date and now exceeds $20 billion. But it’s not only Ethereum-based tokens that have seen a surge in demand this year. The underlying utility of new decentralized applications on the network have increased dramatically too. Trade volume on decentralized exchanges such as Uniswap and Curve Finance has soared from $4 billion to over $22 billion from January to September. As of Sept. 29, monthly aggregate DEX volume makes up for over 10% of total trade volume. As if the growth in value and network activity on Ethereum wasn’t eventful enough, core developers building the next phase of Ethereum’s base layer technology expect to see the first phase of “Ethereum 2.0” go live before the end of the year. To this end, users are beginning to explore what options are available to participate in the seminal launch of the new Ethereum blockchain.

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