Daily Market Update - September 30, 2020

Digital asset market cap increased from 323B to 338B overnight despite DeFi markets cooling from its strong September and $BTC remaining stable.

  • $BTC traded sideways throughout the Americas’ trading session before breaking out of the 10,780 resistance with some morning volatility to see local peaks of 10,870 before dropping back down to high 10,780s levels over the past hour. The market is showing a slow but noticeable transition towards $BTC from Alts. Next target at 11K.

  • $ETH slowly trending back up to 360 levels, up 2% from yesterday with gas fees at 70-80 gwei range. Through 2020, transaction fees paid to ETH miners nearly doubles those that mine BTC. (276M vs 146M in fees). Current market cap at 40.6B

Alts and DeFi watch:

  • DeFi tokens trading down from yesterday, TVL up slightly by 30M to 11.14B

  • $YFI down 25% over the past three days, most recent drop due to Andre Cronje’s new project Eminence gets $16M worth of digital assets stolen from its pre-release platform. Currently trading at 24K or 2.23 $YFIBTC at neutral RSI and Bollinger band levels

  • $UNI dropped from 4.8 to 4.3 yesterday

  • $LINK’s DeFi dominance hovering around 27.8% with limited price action, range bound around 9-10 levels on neutral RSI levels

  • $SNX largely unaffected by the hacker’s sell off with 268k+ tokens were seen moving from the hacker’s associated address to Uniswap during the late afternoon yesterday.

News that caught our eye:

  • Ernst & Young releases procurement solution on Ethereum Blockchain

  • CZ sees challenges in embracing DeFi and maintaining market dominance

  • Fintech Task Force weighs in on crypto payments and fintech lending

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