Bitcoin Daily Update - May 8, 2020, 10K Party Time!

$BTC 24 Hour High $10011.00 $BTC 24 Hour Low $9,147.19 $BTC +8.2%

$BTC finally reached 10,000 as we see a pick up in volatility and volumes as halvening nears . A significant recovery from the 4,644 depths of last month. Over 170K $BTC moved between wallets compared to sub 100K $BTC during this week.

Digital assets market:

  • Digital asset market cap jumped by $16B overnight to $266B. Paul Tudor Jones announced that he would be buying $BTC futures as a hedge against inflation.

  • $BTC Futures volumes seeing ~50% increase from yesterday, exceeding 30B traded volumes with 2.53B open interest aggregated across the top platforms.

  • 27M Short contracts liquidated on the move up. $BTC node count falls to 3-year lows despite price surge, down to 47K, peaking at 200K in Jan 2018. This could be due to the COVID-19 affecting operations which trickled down to $BTC prices slumping last month, rendering rigs to be non-profitable and pushing out smaller miners with higher operating costs.

  • Miners expect prices to reach at least 12K, blockchain illustrating that they have been selling less for the past 7 days, approximately 1,067 $BTC.

  • $USDT arb window increasing payment provider flow to 80% capacity, desk seeing more two-way $BTC action from both speculating individuals and funds, correlating with current market trends.

BCHBTC and ETHBTC both recovered a bit after both crypto-to-crypto pairs declined against $BTC for six days in a row.

  • BCHBTC +1.6% @ 0.0256

  • ETHBTC + 1.1% @ 0.0214

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