Daily Market Update - October 21, 2020

Total Market Cap $371.1 BN (+1.89%)

24 Hour Volume $103.6 BN (+39.06%)

Notable Movers Reserve Rights (RSR) (+18.16%)

BTC Dominance 60.6% (+1.51%)

$BTC hits 12K!!!! 

And the digital asset market cap rises $9B to $367B on the breakout.  Yet, we’re seeing most of the alts consolidate back into $BTC with the prima coin being the biggest beneficiary of these market moves.

  • $BTC currently maintains a level above $12,500, with highs of $12,848 seen today. The last time we saw this range was Aug 17th. We’re also seeing traded volumes pop 37% to $24B over the past 24 hours. 63m short contracts liquidated on the move up which contributed to the increased volatility above the 12K range. 

  • Interesting news circulating indicates the average value of $BTC transactions has increased 500% since July, bringing it up from US$25K to US$150K. In comparison to ETH’s average transaction value of US$793. The vast discrepancy suggests that there is a greater institutional presence in the $BTC markets.

  • $ETH stable and unchanged during this $BTC ride upwards and unable to break above resistance at $380. 

  • ETHBTC dropped to 0.030 from 0.032 yesterday, ETHUSD currently trading at $377, range bound between $363 and $380 with gas fees hovering around 62 gwei with DeFi momentum at a standstill. Traded volume also up 30% to 10.8B across the space.

Alts and DeFi watch:

  • $LINK dropped 4% overnight to 10.3 levels, consistent with DeFi TVL dropping to 11.27B, $LINK dominance in the DeFi space at 30.7%

  • $ADA dropped 3.7% to 0.10 levels, down 5% over the past week after seeing highs of 0.154 during the height of July’s push

  • $YFI dropped to 12K lows yesterday, seeing a slight push up 4% over the past couple of hours, riding on the coattails of the $BTC push to $13,700 levels

News that caught our eye:

  • BitMex accelerated the deadline for Mandatory ID verification after its recent dip in hot water with American authorities around anti-money laundering controls. The verification must be completed next month (November 2020), from its original plans of a February 2021 implementation, in order to continue using its services.

PayPal to Allow Cryptocurrency Buying, Selling and Shopping on Its Network

PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of Bitcoin and other cryptocurrencies Ethereum, Bitcoin Cash and Litecoin, it said. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

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DeFi Deja Vu as Another Stealth Andre Cronje Project Launches

Yearn Finance creator Andre Cronje quietly published his third protocol to GitHub since August on October 19, dubbed Keep3r Network. Despite the lack of a formal launch announcement, and Keep3r’s documentation stating the protocol is in beta, over-exuberant investors once again rushed to invest into the project — many of whom have already incurred losses.

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The Bahamas Launches World’s First CBDC, the ‘Sand Dollar’

According to an Oct. 20 Facebook post from Project Sand Dollar, the central bank digital currency (CBDC) became available to all 393,000 residents of The Bahamas from roughly 10:00 PM UTC. This makes The Bahamas the first country in the world to officially roll out a CBDC.

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UK-Listed Firm Mode Putting up to 10% of Cash Reserves Into Bitcoin

In a press release on Wednesday, the fintech group said it will convert up to 10% of its cash reserves into the cryptocurrency as part of a long-term strategy to "protect investors' assets from currency debasement." With interest rates in the U.K. at a record low of 0.1%, Mode said it would also seek to diversify away from low-interest money market instruments to maximize the value of returns from its recent IPO.

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BitMEX Accelerates Mandatory ID Verification After Charges of Lax Anti-Money Laundering Controls ️‍

Under the accelerated timeline, by 0:00 UTC on Nov. 5, all BitMEX traders and affiliates identities must be verified before increasing or opening new positions. By Dec. 4., all accounts must be verified in order to process withdrawals from the exchange. After Dec. 4, BitMEX will begin to review remaining open positions on unverified accounts and communicate the account holders

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Kik to Pay $5M Fine, Ending Two-Year Legal Fight With SEC

After two years of legal wrangling, the U.S. Securities and Exchange Commission (SEC) and Kik have reached a joint settlement. According to court documents published on Oct. 20, the software firm will have to pay a fine of $5 million—and will be prohibited from committing further violations of the Securities Act. The proposals have now been submitted to Judge Alvin Hellerstein, and his approval would finally bring the long-running proceedings to a close.

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