Daily Markets Update April 21, 2020: dForce Hackers Return Funds

*21 Days until the third Bitcoin Halving, expected to take place on May 12th*


US crude benchmark (WTI) traded near zero and ended at -37.63, reaching its lowest levels since 1983 as COVID-19 quarantine created a massive supply of oil in the market with nowhere to store it. $BTC mining hash rates may drop if oil production facilities shut down their taps as some North American based Bitcoin mines with tight margins rely on cheap excess gas, produced during oil extraction, to power rigs with the price of $BTC being as low as they are currently. 

Digital assets market:

  • $BTC dipped below 7k once again during the afternoon American trade session, sliding -4.3% overnight and trading between 6,880-6,900 range;

  • Futures market liquidating 84.7M open contracts with volumes decreasing 3 days in a row, traded volumes below 10B in aggregate across the major platforms. Bear-bull ratio remains bullish at 65/35;

  • Alt coins taking a larger hit as most coins seeing an average of -5% drop, with $XTZ and $BSV performing the worst of the large-cap coins;

  • $XTZ -5.6% @ 2.15, logged its one month high at 2.38 two days prior before dropping two consecutive days, still trading above the middle average on Bollinger Bands and RSI levels indicating slightly above overbought levels

  • $BSV -6.1% @ 186, now hovering around the same tight $20 range that it’s been trading at for the past week (180<->200)

  • Desk seeing USDT arb tightening up in Asian trading, slowing down payment provider flow to around 50-60% of expected capacity. Seeing increased two-way flow for $BTC between speculative private funds, less large cap alt-coin trades to start off the week.

Traditional markets:

  • S&P dropped 1.8% to 2,822; 

  • DOW -2.5% at 23,646 (its largest drop over a three week period);

  • VIX up 15% to 43.8; and

  • 10-Year US Treasuries yield down 1.27% to 0.608

News that caught our eye:

  • $EOS platform as a whole taking a large hit with another exit scam as Chinese wallet app "EOS Ecosystem" closes down, locking $52M worth of user funds after promising high returns with $EOS deposits.

  • dForce hackers revert course after their wallets become blacklisted on exchanges. As they’re unable to sell off 25M stolen, they currently negotiated to return 10% of the funds to date (320 $BTC + US$381,000). Different hackers have used the same known exploit for the hack of US$300,000 from decentralized exchange Uniswap. The loophole has not been patched as of the time of writing.

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