Daily Market Update - October 23, 2020

Total Market Cap $395.5 BN (+0.25%)

24 Hour Volume $102 BN (-13.27%)

Notable Movers Aave (AAVE) (+13.05%)

BTC Dominance 60.8% (-0.16%)

Is $BTC finding a new frontier at 13k? All eyes have been on $BTC recently, up for its sixth consecutive day and breaking out for an additional 1.3% gain during America’s trading session. It is up 13% over the past 7 days only slowed at $13,200 rejection levels (having tried twice in three days) but gaining comfort in the 13Ks. At the time of writing, $BTC wiped out most of its gains from overnight and currently trading around $13,000 with a $360 traded range over the past five hours with trading volumes at ~24B. Trading $930 above 10d SMA & $2000 above 100d SMA.

Digital assets market:

Paul Tudor Jones told CNBC yesterday that he still believes $BTC is in the first inning (early days when considering a baseball game has nine innings) and is similar to investing in Apple and Google early on.

Messari analyst Ryan Watkins, believes that $BTC can reach 50K and push its market cap past $1 trillion if more institutional investors follow in Paul Tudor Jones’ lead and invest 1% (or more) into $BTC as a hedge against what they call “Great Monetary Inflation” $ETH up two days in a row, trading up 12% over the past two days to 415 levels, up $32 above 10d SMA and $50 above 100d SMA levels. Trading on the upper Bollinger bands currently at the time of writing.

Seeing a larger payment processing arb in Asia, seeing above average USDT sell-side flow over the past few days.

Alts and DeFi watch:

  • Bull alert? All top 10 large cap coins in the green and after a slow October, DeFi TVL breaks out with new high 12.45B overnight

  • $LINK up 8% to 12 levels, up 23% over the past 3 consecutive days.

  • $BCH up 2.23% overnight to 267 levels


Is PayPal Buying BitGo?

PayPal is reportedly planning to snap up several cryptocurrency companies — including BitGo, which helps investors store Bitcoin securely. A deal to buy BitGo could be reached within weeks, Bloomberg reported, but talks could still fall apart. The news comes hot on the heels of PayPal’s announcement that it will allow its users to buy and sell digital assets.

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BTC Users ‘Could Triple’

To say that the PayPal news is a big deal for mainstream crypto adoption is an understatement. Some analysts are suggesting the e-commerce giant could triple Bitcoin’s current user base, which according to Glassnode stands at 187 million users. Although institutional investors have been starting to embrace crypto more and more recently, PayPal could be the catalyst for attracting everyday users.

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Grayscale Goes Big

Grayscale Investments has announced that it acquired an additional $300 million in cryptocurrencies over just 24 hours — taking its total assets under management to a whopping $7.3 billion. To put that into context, that’s also $1 billion more than a week ago. The company’s Bitcoin, Bitcoin Cash, Ethereum and Litecoin trusts were the main beneficiaries.

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Ethereum Set For $1T Milestone?

The DeFi boom has driven demand for Ethereum transactions like crazy. Data from Messari shows the network is handling twice as many transactions as Bitcoin. The 30-day rolling average for ETH transactions is $7 billion, compared with BTC’s $3 billion. If this trend continues, Ethereum could become the first public blockchain to settle $1 trillion in transfers over a calendar year.

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