Daily Market Update - October 22, 2020- BTC over $13K


Total Market Cap $394.5 BN (+6.31%)

24 Hour Volume $117.6 BN (+13.51%)

Notable Movers Reserve Rights (RSR) (+48.74%)

BTC Dominance 60.9% (+0.5%)


$BTC peaked as high as $13,200 before hitting a rejection point and sliding back down to $12,750 levels this morning before bouncing back up to $13,000 range in afternoon US trading hours. The main coin jumped almost 5% overnight again on its fifth consecutive day of gains from $11,325 off positive news that Paypal has been granted the infamous Bit-license in New York


ETHBTC down -0.6% to 0.031, dropped as low as 0.03, but ETH was able to break above the $380 resistance last night to $400, but rejected back to down $393 traded levels currently. Next target is to maintain above the psychological barrier of $400, previously reached during August and September’s DeFi run.

Alts and DeFi watch:

In the DeFi space, seeing TVL increase to almost 12B off the backs of the $BTC pump these past few days, while most alts, against $BTC, are down with the exception of $LTC and $BCH:

  • LTCBTC up +7.8%, LTCUSD up 16% to 54 levels after being largely range bound 45<>51 for the past 30 days. 

  • BCHBTC up +1.7%, BCHUSD up 10% overnight from 240 to 264 levels. 

  • $LINK up 4% overnight, rejected 11 levels once again and now trading at 10.78 levels for the past week or so (but down 1.5% over the past  7 days)

  • $SNX and $AAVE took a big hit down 18% and 35% respectively over the past week.

More news that caught our eye:

  • Russian officials must declare any digital asset holdings, which should come to light in due time. 

  • CFTC offers guidance over handling client’s assets in segregated accounts 

Ripple Could Move to Japan or Singapore If It Leaves the US, Says CEO 

CEO Brad Garlinghouse told Bloomberg that Switzerland, the U.K., and the United Arab Emirates are also on the list of likely new destinations as all these countries have a clear crypto regulatory framework in place.The U.S., on the other hand, has different opinions on whether cryptocurrencies are a commodity, a currency, a property, or a security, said Garlinghouse.

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Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens. The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

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OKEx Resumes Normal Function, But Withdrawals Still Closed

"The OKEx P2P platform will resume trading on Oct. 21, 12:00 pm (UTC) for CNY, INR and VND fiat pairs, and the Buy Crypto fiat gateway will also be reactivated at the same time," OKEx said Wednesday in an announcement, adding: "Please note that cryptocurrency withdrawals are still temporarily suspended and the 'Sell Crypto' option is not available."

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Ant Unveils Blockchain Product as Group Approved for World’s Biggest IPO

Built on its AntChain network and using AI technology as well as blockchain, the digital copyright platform allows creators to "quickly authenticate and verify a variety of original works," the company said in a press release. These can include musical scores, videos, images, articles and essays.

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Circle’s USDC Stablecoin Launches on the Fourth Blockchain With Solana Partnership

According to an Oct. 21 announcement, proof-of-stake blockchain Solana is the latest addition to the list of Official Chain partners for USDC. Circle chairman and CEO Jeremy Allaire praised the Solana blockchain, saying "decentralized blockchain infrastructure is entering its 3rd generation with blockchains such as Solana, providing speed, efficiency and throughput that rivals most centralized financial market infrastructure."

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Protocol Labs, ConsenSys Partner to Integrate Filecoin and Ethereum

ConsenSys (which provides funding to an editorially independent Decrypt), today announced a far-reaching collaboration with Protocol Labs that will connect Filecoin with "Ethereum at every layer of the decentralized technology stack," according to a press release, including DeFi protocols, Web 3.0 portal Metamask, node cluster Infura, and other ConsenSys products and projects.

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