Daily Market Update - September 24, 2020- DeFi Market Hits $13 Billion

Total Market Cap $352.8 BN (-1.48%)

24 Hour Volume $81.2 BN (+8.12%)

Notable Movers Helium (HNT) (+72.87%)

BTC Dominance 58.6% (+0.34%)

Digital asset market moved in tandem with US equities overnight as both continue to cool off after posting strong Q2 and Q3 results, previously viewed as unsustainable given the state of society. Overall sentiment is starting to show increasing signs of FUD with the US elections nearing and Trump pulling out all the stops to secure a second term, in what should be a hotly contested election. The Fed suggests another stimulus may be needed soon to lift markets back up.

Digital assets market: On the digital assets side, markets were viewed to be inflated previously with the bull market stemming from the DeFi sector over these past couple months. MakerDAO flash crash victims from March 12’s “Black Thursday” that saw $8.3M wiped out will not be compensated back as per community vote. “Some 65% of votes opted for zero compensation, with the next two options for partial compensation receiving 18% and 15%, respectively.”

  • All large cap digital assets in the red ranging between 3% to 10% drops, digital asset market cap drops to 314B to 306B overnight

  • $BTC currently at 10,300 after four hours of selling action in America's evening session that saw it break below its range bound previously at 10,350 to 10,500 levels;

  • 28.4B long contracts liquidated with the futures OI at 3.8B aggregated across top exchanges.

  • $ETH dropped 6% overnight to 324 levels. This week alone has seen its value drop $70 (-18%). $ETH’s market cap dropped to 36.5B with traded volumes dropping 2.5% to 10.66B

Alts and DeFi watch:

  • $LINK down 10%, largest drop of the top 20 assets; currently trading at 7.8 levels with next tested support at 7, followed by 5 

  • $YFI briefly dropped to 20,000 levels before bouncing back to 22,000 levels, initial selling pressure was triggered by the $UNI airdrop that saw most of the DeFi participants migrate their funds over to Uniswap’s liquidity pool leading to a drop in yields on the yearn platform. YFIBTC at 2.15 from highs of 4.12.

  • $UNI on the other hand has been trading inversely to the market, like the unicorn that it is. It bounced back +30% from its low of 3.54 to currently trade at 4.73.

News that caught our eye:

Data Site DeFi Pulse Fixes Bug, Says Value Locked Actually Hit $13B Last Week

The go-to analytics site for the decentralized finance (DeFi) space has admitted a bug meant it had misreported a crucial metric showing value held on DeFi protocols. Although the analytics site didn't go into specifics into what the issue was, it said it had "backfilled historical data" and that total value locked (TVL) in DeFi had actually exceeded a record $13.2 billion on September 18.

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Bitcoin’s Realized Cap Is Now $43 Billion Above the 2017 All-Time High

Crypto market data aggregator Glassnode has published data indicating that Bitcoin’s (BTC) realized capitalization has increased by more than 50% since tagging its all-time high of $20,000 at the end of 2017. The realized capitalization metric measures the value of each BTC when it was last moved on-chain, which enables analysts to estimate the aggregate cost-basis of market participants.

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DeFi Diehards Claim Controversial FEW Token Was a Joke 

A group of DeFi enthusiasts have been criticized for creating a worthless token and discussing—either jokingly or not—to dump it on the market. They claim that the whole thing was just a humorous experiment. The controversy follows a previous airdrop of MEME tokens, which, when handed out, were practically worthless. But after some people had sold their tokens, they soared in value—leaving them with a bitter taste. The FEW token was created on the back of this, in the hope of redeeming their lost fortunes. But the whole project went belly up.

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Crypto Exchange Gemini Launches in the U.K. 🇬🇧

U.K. residents can now deposit British pounds via debit cards or bank transfers to buy cryptocurrencies via Gemini. The exchange supports the U.K. Faster Payments Scheme, SWIFT, Clearing House Automated Payment System (CHAPS), and wire transfers as payment methods.

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A Bitcoin ETF Finally Launches... in Bermuda ️🇧🇲

The Bermuda Stock Exchange (BSX) announced Friday that it has approved the Hashdex Nasdaq Crypto Index ETF on its trading platform. This ETF is a joint venture with Hashdex, a Brazil-based fund manager, and American stock exchange Nasdaq. The announcement comes after US companies have struggled for years to get a Bitcoin ETF approved.

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Venezuela Centralizes Bitcoin Mining ⛏️

The Venezuelan government’s ideology of centralized control of the economy has led to its collapse into hyperinflation. Now Nicolas Maduro’s regime is bringing that philosophy to the decentralized world of Bitcoin mining. A decree published on Sept. 22 by the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) has informed Venezuelan bitcoin miners that they must participate in a national pool, which will distribute mining rewards, according to an article by local news source Cryptonoticias. SUNACRIP will also oversee and license mining farms and the use or manufacture of mining hardware—and taxing and distributing the rewards earned.

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Christie’s First Crypto Art Auction, 40-Piece Portrait of Satoshi Nakamoto

Christie’s, a New York-based auction house, is scheduled to host the auction of "Block 21," the first public piece of a Bitcoin-focused artwork collection called "Portraits of a Mind." Consisting of 40 individual art pieces, the collection tries to encapsulate the portrait of Satoshi Nakamoto. In the absence of a person behind the pseudonym, the artist focuses on the results of Nakamoto’s life.

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$1 Billion in Bitcoin Options Expire Friday. Here’s What It Means

Almost a billion dollars worth of Bitcoin options contracts, a little under half in existence, are set to expire on Friday, per data from Skew analytics. And Ethereum isn’t far behind. About $450 million worth of ETH options contracts expire on the same day. This could potentially introduce a whole lot of crypto back into the market as traders look to dump or HODL.

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