Daily Market Update, October 26th, 2020




Total Market Cap $397.6 BN (+0.71%)

24 Hour Volume $84.6 BN (+3.55%)

Notable Movers Kusama (KSM) (+24.67%)

BTC Dominance 61.3% (+0.49%)


Cointelegraph says Bitcoin has had its highest weekly close since early 2018 — and one analyst says price growth will go "vertical" in early 2021. Bitcoinist quotes another analyst who warns BTC could crash by $2,000 in a few days. Coindesk reports that the number of "whales" with an ability to influence market trends has jumped to four-year highs.


JPMorgan Turns Bullish!

JPMorgan has said the potential long-term upside for Bitcoin is "considerable" — but maintains the cryptocurrency currently looks overbought. The investment banking giant said BTC could surge if it competes with gold, and noted that crypto could be popular among millennials in the coming years. It also described PayPal’s endorsement of digital assets as a "big step toward corporate support."

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Coinbase CEO ‘Hypocrisy’

Brian Armstrong is in hot water after he tweeted out a blog post endorsing Kanye West for president — despite the Coinbase CEO telling exchange staffers to stay out of politics. The "epic" article he shared was riddled with inaccuracies and outright falsehoods — even claiming Joe Biden’s son "killed himself" when he actually died of brain cancer.

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Investor Interest Rising

New research suggests that 36% of professional European investors now have exposure to digital assets — and a further 25% are planning to purchase some in the near future. The report, published by Cointelegraph Consulting, suggests the vast majority are interested in Bitcoin and Ethereum. Many are also holding these assets for speculation, rather than for use as a medium of exchange.

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Digital Yuan Details 🇨🇳

A senior official at the People’s Bank of China says the digital yuan will be compatible with major mobile payment platforms including WeChat Pay and Alipay. Mu Changchun said the digital yuan isn’t designed to rival these companies. This appears to contradict earlier reports that suggested Beijing wanted its CBDC to serve as an alternative to these payment giants.

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