$BTC 24 Hour High $6,773 $BTC 24 Hour Low $6,590 $BTC +0.82%
Lots of unprecedented action happening in the traditional markets as a new 3-day bull run appears alongside the recent $2T stimulus injection - seemingly a successful reignition of the economy (as intended). However the question of how much steam is left in the tank remains, as the root of the issue has yet to be resolved.
Digital asset markets: Early this week, conversations of the digital asset market decoupling from traditional markets lead most conversations. As of late, digital asset markets have been mostly watching from the sidelines.
Digital asset market cap increased +2% to 190b overnight, but $BTC volume down 11% from 40B to 36B;
Not much price movement with the $BTC range from yesterday, still range-bound between 6,500-6,800, testing the bottom support in the latter half of the American trading session;
Recently observed trends involve the price of $BTC going up, while miners are seen to have sold more than they have mined; which can be interpreted as a strength for the market as the demand was able to meet the supply of these offloaded coins.
Desk noticed a drop in volume across all coins yesterday in correlation to the market trends. Currently providing better bids for BTC and USDT.
Best alt performer:
$XRP outperformed other alts, breaking out of the 0.145-0.16 range to 0.1752 with a +10% move overnight, currently up 7.5% over the week. The market will need to lean on more momentum to build enough support for the next target at 0.20c on the next move.
RippleLabs donates 200k to two non-profit orgs based in San Francisco.
Other digital asset related tidbits:
Coinbase wallet announces support for iOS for lending for DeFi protocols Compound and DYDX.
Telegram TON community remains defiant that “they cannot be stopped by the SEC Injunction”.
Bitbay outage sparks outrage and anxiety as it goes down for over 18 hours due to “network issues from an external service provider”.
Dow +6.4% (+1351pts) @ 22,552.2 S&P +6.2% (+154pts) @ 2,630 NASDAQ +5.7% (+427pts) @ 7,897
S&P records its quickest 3-day rebound in 90 years, and the Dow up +20% from the “bottom” last week. Typical rebounds of this nature tend to take 18 months to recover during these types of downturns.
While markets improved, 3.28 million people in the US filed for unemployment benefits (breaking previous ATH of 655,000 during the 2008 recession)
81,000+ infected with COVID-19 in the US, leading to almost 1,200 casualties. Doctors are expecting numbers to increase for another 3 weeks while hospitals are undersupplied around the world.
With supply chains strained, the aforementioned 18 month lag on an equity market rebound will be something to watch.
Have a great Friday.