Daily Market Update - October 29, 2020- Avanti 2nd Crypto Bank Wyoming

Total Market Cap $391 BN (-0.71%)

24 Hour Volume $97.2 BN (-10.74%)

Notable Movers DigiByte (DGB) (+14.74%)

BTC Dominance 62.3% (+0.16%)

Global market sentiment turning uncertain with a few whammies to consider:

  • COVID19 infection rates increasing in many countries, with France and Germany announcing another lockdown yesterday

  • US unable to agree on a new stimulus package prior to Nov 3rd elections

  • VIX index up +33% to 40 levels over the past 3 trading days, breaking levels previously reached on Sep 4th @ 38

Nasdaq dropped nearly 4%, DJI dropped 3.4% overnight in the worst trading day since June, with tech stocks performing the poorest amongst all sectors.

On the digital asset side, overall market cap was unable to hold $400B levels, dropping from a $406B high to $390B on the selloff action that coupled with traditional equities.

$BTC slid as far as $12,880 levels before rebounding +3% to $13,280 levels currently traded. It remains to be seen if $BTC can maintain above 13k with some residual positive sentiment from the adoption news from last week. Trading levels are $300 above 10d expectations and $2000 above 100D SMA, and trading at oversold zones still on the RSI indicator.

Seeing 49m Long positions liquidated overnight after 57.3M shorts liquidated the previous day.

$ETH also dropped with the market from $410 October highs back down to $380 last night before rebounding back to 391 currently traded on the middle Bollinger bands. Currently performing (-$6) -1.5% below 10d SMA expectations. 

Other notable coin movements:

All top 10 coins in the red with the exception of $BCH, up +1.9% to 270 levels

DeFi TVL dropping 11.53B->11.2B during the market wide sell off

$DOT down 7% from 4.7->4.4 levels overnight, down 6% from start of week.

$LINK down -3.8% to 11.61 levels overnight, total down -4% since the start of this week

Coinbase’s Crypto Debit Card Is Launching in the U.S. and Lets Users Earn Back Bitcoin

Sharing the news with The Block on Wednesday, Coinbase said it opened up a waitlist for U.S. customers who wish to get the card and will start distributing them "in the first half of next year." Debit cards for Coinbase customers are currently available in the U.K. and EU. Notably, the card will come with spending rewards — specifically, U.S. residents can opt to earn 1% back in Bitcoin (BTC) or 4% back in Stellar lumens (XLM).

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Aave Transfers Governance to Token Holders

On Oct. 29, Aave announced that the protocol's admin keys had been transferred from its core developers to governance communities under the command of holders of its native LEND utility token. The community voted in favor of the first Aave Improvement Proposal (AIP), launching migration functionality from the utility token LEND to its new AAVE governance token at a rate of 100:1, and subsequently transferring governance rights to AAVE holders.

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OKEx Denies Using Single-Sig Bitcoin Cold Wallet

When asked whether OKEx uses a single-signature Bitcoin wallet, an OKEx spokesperson pointed Decrypt to an incident report detailing August's 51% attacks on Ethereum Classic, which details the withdrawal process, including its "semi-offline multisig" for hot wallets.

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MicroStrategy CEO Claims to Personally Hold $235 Million Worth of Bitcoin

Tweeting the update on Wednesday, Michael Saylor, CEO of Nasdaq-listed business intelligence company MicroStrategy, said he bought the Bitcoin at an average price of $9,882 each, i.e., at the total cost of about $175 million. Given the current prices of bitcoin, Saylor is in a notional profit of around $60 million. Saylor said MicroStrategy has been aware of his bitcoin holdings since before the company decided to buy bitcoin for itself.

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Andre Cronje's New KP3R Token Surges 2000% in Hours

A newly launched token by Yearn Finance founder Andre Cronje has skyrocketed within hours of launch as degen farmers load up. The new token called KP3R is for Cronje’s latest project called Keep3r Network which is a decentralized gig-style, smart contract powered marketplace for technical jobs. Within hours of the token launch, traders and degen farmers had ‘aped’ into it causing prices to surge, topping out at over $180 a couple of hours ago according to Uniswap.info.

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MakerDAO Issues Warning After a Flash Loan Is Used to Pass a Governance Vote

The team behind a DeFi protocol wanted white-list access to MakerDAO’s price oracle. And to make it happen, they used a flash loan to manipulate a vote in a process that has triggered questions about the stablecoin platform’s governance apparatus. The complicated nature of the situation was detailed in a forum post on Wednesday. It’s a notable example of flash loans, or lending arrangements that play out across a single Ethereum transaction, can lead to unexpected outcomes and create security quandaries across the largely experimental DeFi landscape.

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Avanti Becomes Second Crypto Bank in US 🥈

Avanti was granted a bank charter in Wyoming. Kraken received a bank charter from the state in September. In 2019, Wyoming passed new blockchain laws to attract digital asset firms.

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