Daily Markets Update - October 15, 2020

Not much to note overnight as markets were stagnant for the second consecutive day and the major coins were largely range-bound, a trend that has persisted all week.

  • Digital asset market cap at $351B, down another $3B from yesterday. 

  • $BTC maintained support at $11,300 but is still trading range-bound after rejecting $11,500 three days earlier (Oct 12th). Prices have dropped slightly over the past couple consecutive days. Currently trading at neutral RSI levels within a tight bollinger band.

  • $ETH also found support above $373, currently trading at $377 with a tight traded range of $4 and has dropped slightly over the past 3 days, coupling movements with BTC. Next psychological target remains at $400.

  • $BCH inched up 2% (~$5) from yesterday to $258, month to date has improved 13%. Most recent high at Aug 2nd at $338 levels (currently down 21% from that high)

Alts and DeFi watch:

  • DeFi TVL up 10M to $11.36B

  • $YFI dropped for its fourth consecutive day as it’s been unable to win back DeFi supporters at the moment with a lack of a voice on their social media platforms post-Andre and new staking opportunities. It has dropped 23% over this period trading at $14,000 levels and 1.24 YFIBTC 

  • $LINK maintaining above $10.50 levels, trading range-bound between $10.50 and 11. Currently trading at oversold RSI levels, but still 3% above 10d SMA expectations

Mt. Gox Rehabilitation Plan Submission Deadline Extended to December 15

Mt. Gox's rehabilitation trustee Nobuaki Kobayashi today announced that the rehabilitation plan of the now-defunct crypto exchange would be shared on December 15. The deadline has been pushed back several times. Kobayashi has been devising the rehabilitation plan for more than a year. Today the trustee said, "as there are matters that require closer examination with regard to the rehabilitation plan, it has become necessary to extend the submission deadline."

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Coinbase on Layer 2 is Latest in Ethereum Scaling Boom

There’s been an explosion of Ethereum scaling developments this past week, with the latest and arguably biggest one announced yesterday: Coinbase Wallet is integrating with Optimism’s Optimistic Rollup testnet. Coinbase Wallet is the US exchange’s non-custodial wallet and dapp browser (not the exchange itself) and the integration will allow users to view their balances and send transactions on Optimism’s testnet, according to the post.

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CoinList Mints Largest Ever Single-Day Quantity of WBTC

The feat occurred via two separate transactions. The first transaction minted 1,300 WBTC, the ERC-20 token backed 1:1 by Bitcoin. The second minted a record 3,700 WBTC, CoinList CEO Graham Jenkin told The Block. The total 5,000 WBTC mint (worth about $57 million) is the largest ever by any firm in a single day, said Jenkin.

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Grayscale Sees More Than $1 Billion in New Investments in Q3

Grayscale Investments, the world's largest digital currency asset manager, says it raised $1.05 billion for investment products during the third quarter of 2020 — the largest inflow of funds from investors in a single quarter in Grayscale’s history. On Wednesday, the firm released a comprehensive report detailing its latest investment activity. According to the report, the vast majority of its investments (81%) in the third quarter came from institutional investors.

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Coinbase Holds More Than $11 Billion of Bitcoin in Cold Storage

The amount of Bitcoin held by Coinbase in cold storage has actually decreased since the end of last year. In December 2019, it was reported that Coinbase was holding 966,230 Bitcoin. Yet, Bitcoin’s price has grown significantly since then—up to its current value of $11,420. And as Bitcoin’s price continues to rise, Coinbase’s reserves grow more valuable by the day.

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More Than Half of All Ethereum Hasn't Moved in 12 Months

More than half of Ethereum’s circulating supply has not moved in more than a year, with only 39.6% of Ether (ETH) changing hands over the past 12 months. According to Glassnode’s ‘hodlwaves,’ which offers a chronological breakdown of the velocity of on-chain transactions, roughly 28% of Ether last moved between the past 12 and 24 months — comprising the largest segment of on-chain activity.

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