Daily Market Update - September 17, 2020- Kraken Receives State of Wyoming SPDI Bank License-

Total Market Cap $348 BN (+0.32%)

24 Hour Volume $103.6 BN (-8.64%)

Notable Movers Kusama (KSM) (+8.56%)

BTC Dominance 57.6% (-0.35%)

BTC Price $10,847 (+0.07%)

$BTC is now on a three day positive streak making gains and finally breaking the $11,000 mark to make a high of almost $11,100 some hours ago. Bulls will need to charge with increased force, and volume, in order to break past the mid to high $11,000’s - a zone marked with high volume nodes as seen in the VPVR indicator. Failure to do so might lead the biggest digital asset to pull back and retest a possible new floor in the $10,500 area. Additional warning signs include declining volume, a noticeable bearish divergence on the daily chart, and the 50D MA only $250 above from the current price.

  • $BTC physical volumes increased from an average of roughly $29M to $32M traded in the last 24 hours with Bitmex Open Interest in the $611M mark, with longs paying shorts.

  • Bitcoin dominance is now just below 57.6%.

  • $ETH is trading at $381 at the time of this writing as it seems to run again and retest the $390 resistance where it got rejected last week.

  • $ETH/BTC is also advancing and trading now at 0.0345 and with an unclear trend, next support and resistance are 0.0325 and 0.0375, respectively.  

  • DeFI market cap currently at $14.5B, with over $8.9B in total value locked.

News that caught our eye:

  • DeFi is never a boring place. Some hours ago, popular DEX Uniswap announced it launched its governance token $UNI in what appears to be an attempt to keep up with SushiSwap. The one billion $UNI tokens will be distributed over four years and the first liquidity mining program will target its USDC, USDT, DAI, and WBTC pools.

13,000 DeFi Users Have Already Claimed Uniswap’s New UNI Token

Decentralized finance (DeFi) platform Uniswap’s governance protocol token UNI went live on Ethereum earlier today. The community showed immediate support for the new token with Uniswap’s Twitter announcement garnering over 1.2 thousand likes in the first 90 minutes. 150 million UNI, or 15% of the token's supply, is now available to be claimed by anyone who has used the platform.

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Coinbase Pro Lists Uniswap Token Hours After $1,500 Airdrop

US crypto exchange Coinbase said it would soon list UNI, the native token of decentralized exchange Uniswap, on its professional trading platform Coinbase Pro, per an announcement earlier today. The famed "Coinbase pump" followed shortly after, causing UNI to surge by 22% to $4 at press time.

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Kraken Is Launching a Crypto Bank in Wyoming, Paving the Way for Possible Stock Offerings

Headquartered in Wyoming, Kraken Financial will be regulated by the Wyoming Division of Banking under a so-called Special Purpose Depository Institution. The new structure was purpose-built for cryptocurrency companies and will allow Kraken to offer certain banking functions to clients and effectively serve as the exchange operator's primary banking relationship.

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The First Part of Ethereum 2.0 Is Formally Submitted

The proposal, dubbed "Serenity Phase 0,"is responsible for bringing about the highly anticipated proof-of-stake (POS) consensus mechanism—an efficient method for validating transactions on the Ethereum network. The new POS chain, known as the "Beacon Chain," will be built alongside Ethereum’s existing network in the coming months.

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Avalanche’s Blockchain Mainnet Is Going Live Next Week

The mainnet launch will see Avalanche going live with a genesis state, Sirer told The Block, meaning Avalanche's native token, AVAX, will be distributed to "rightful owners." These include those who purchased the token in private and public sales, those who were awarded via grants, or earned by contributing to the Avalanche community. Avalanche has been under development for the past 16 months and aspires to outclass Ethereum 2.0, the Ethereum network's looming upgrade, at launch.

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Polkadot Projects Will Be Able to Mint Their Own Tokens in 2021 

Announced Wednesday, Polimec, the token issuance and transfer framework for Polkadot, is being launched by the team behind blockchain identity protocol KILT. The reasons for creating a community-owned tokenizing system native to Polkadot are manifold, not the least of which are the surging gas costs associated with transactions on Ethereum blockchain,said Ingo Ruebe, CEO of BOTLabs and project lead for KILT Protocol.

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