Daily Market Update - September 16, 2020




Market attention shifted to $BTC with market dominance increasing from 56.7 to 57.6%; surpassing its resistance at 10,600 to trade around 10,750 and 10,800 at slightly above neutral RSI levels and on the bottom Bollinger bands. The DeFi community witnessed what was likely a crypto-first as the token holders of $SUSHI voted to buyback $14m worth of $SUSHI previously sold by Chef Nomi - crashing the price instead of pumping. $BTC futures volume increased to 13B aggregated across top exchanges, with OI increasing slowly from 3.8 to 4B over the past couple of days. Total 22.7M open positions liquidated, 8.9m long contracts and 13.8m short contracts. Currently seeing a large sell off across the board for most top 20 alts ranging between 2.5% to 13% price drops $ETH dropped to 360 levels after reaching 380 - Gas fees dropped back down to normal low 100 levels after spiking as high as 300 yesterday as ETH chain was clogged from people unstaking and selling their farmed assets. Alts and DeFi watch: All DeFi tokens showed red overnight $BNB dropped from 32 to 26.60 levels on a 13% overnight decline
 $LINK broke 12 support and currently trading at 10.75 levels after dropping 11% overnight and a total fall of 12% over the past seven days. Chainlink DeFi dominance at 29.6% $TRON dropped to 0.027 after reaching 2020 highs at 0.05 on Sep 3rd. Fell 20% over the past five consecutive days, at oversold levels and trading 10% below 10d SMA expectations Market cap at 14.2B and 4.1% of global digital asset market cap. News that caught our eye: -Crypto is out of favor, in favor, and now back out of favor with Indian regulators with new laws set to be enforced banning crypto trading -MicroStrategy remains $BTC bullish with its recent purchase of another $175M in bitcoin

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