Daily Market Update - September 21, 2020- Got UNI?

Total Market Cap $346.8 BN (-1.08%)

24 Hour Volume $85.3 BN (-14.19%)

Notable Movers Orchid (OXT) (+22.61%)

BTC Dominance 58.1% (+0.69%)

BTC Price $10,887 (-0.77%)

Weekend trading saw continued volatility throughout; with Asia markets kicking off this week with a market sell off largely from the DeFi sector looking to lock in some gains.  Here’s what transpired:

  • Digital asset market cap climbed from 300B at the start of Sep to monthly highs of 340B leading into this weekend. Market correction dropped 6B to low 330B levels

  • $BTC has been tightly bound in its trading range in stark contrast to the alt market that has seen larger price action over the past few weeks. 10,750 to 11,000 over the past 5 days. Positive momentum; as it looks to push past the 11,000 resistance with the last 12h up +$100 with 19.2B traded volume 

  • $BTC addresses holding 10+ coins dropped to 8 month lows to 152,799 wallets as holders getting exposure to DeFi via their $BTC “bags”

  • $ETH reached another milestone as the number of non-zero addresses hit another ATH at 47,185,555 addresses (up +3000 addresses from last ATH), with the average transaction volume dropping from 12 ETH to 9 ETH over the past 24 hours.  #glassnode

  • $ETH trading down to 371, from 380+ throughout the weekend with gas prices dropping back to double digits during this market correction. $ETH market cap at 41.8B, trading at oversold levels on hourly RSI charts at 10d SMA expectations and +$50 above 100D SMA expectations.

Alts and DeFi watch:

  • All top 20 large caps (non-stable coins) in the red ranging from 1% to 8% drops, all DeFi-related coins in the red with market cap at 13.9B and 3.9% dominance vs CeFI

  • $UNI token holders rode the wave from $3 -> $8 -> $5 over the weekend

  • Over 410M TVL locked in $UNI’s ETH/USDT LP in just 5 days; remarkable considering how fast and freely liquidity is flowing towards these projects

  • Prior to $UNI, hot food token $PICKLE saw its price drop 70% from peaks of 85 down to 28

  • $YFIBTC dropping down to 2.5 from 4.0 highs nine days ago at the peak of the $YFI 100k hype prior to $UNI’s airdrop. Dropped 9% overnight, Currently trading at 27k with seven consecutive days of selling action

  • $LINK unable to maintain $10 support levels, currently trading at 9.7 with the next support at 9.15, $LINK’s DeFi dominance at 27%. ATH at $20 on Aug 16th.

74% Claim Their UNI

Dune Analytics data shows 74% of the 150 million UNI tokens given away to users has now been claimed. That’s the equivalent of 140,000 addresses. It’s also been revealed that DEX volumes are continuing to rise — and already, September’s activity has exceeded what was seen in August.

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BitFlyer Links With PayPal 🤝

BitFlyer Europe’s users can now use their PayPal accounts to deposit euros and buy cryptocurrency. It is hoped that the integration will help remove barriers to entry — and offer a similar experience to e-commerce sites. The company described it as a "clear milestone" given how PayPal has a 35% market share in Europe.

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Space Force Uses Blockchain

It’s one small step for man, one giant leap for mankind. The U.S. Space Force has chosen a blockchain firm to help it achieve end-to-end data encryption. It’s the second contract that Xage Security has won from the U.S Air Force, and the company said it wants to help the ambitious (and sometimes mocked) new unit "establish space domain resilience."

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Crypto ‘Could Boost EU’ 🇪🇺

A regulated crypto asset sector could improve the European Union’s economic outlook, its parliament’s research service has said. Broadening the market would drive skilled employment and promote innovation and investment, their report added. It comes after the EU revealed it plans to have a framework for digital assets in place by 2024.

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