BlockchainDaily Markets Update - October 20, 2020

Daily Markets Update – October 20, 2020

Total Market Cap $359.4 BN (+0.14%)

24 Hour Volume $59.5 BN (-3.09%)

Notable Movers UMA (UMA) (+10.70%)

BTC Dominance 59.1% (+0.34%)

Bitcoinist says there’s a 75% chance that BTC breaks bullish out of its ongoing consolidation pattern. Cointelegraph adds that a break above $11,600 could resume the uptrend to $12,000. AMBcrypto says some of BTC’s current signals are similar to those seen in its 2017 glory days.

We have started the week at $354B in market cap, virtually no change from where we ended on Friday and consistent with the major asset market’s lack of volatility throughout last week.

There were no significant breakout rallies from any of the major coins over the weekend as the market seems to be building up anticipation for something imminently. Concerns over the US election may be the pall that’s securing this “wait and see” mood.

  • $BTC was unable to break through $11,500 resistance, currently range bound between $11,350 and $11,500 throughout the last seven days;

  • Three years after its ICO, Filecoin (FIL) opened up 110%, it has ended up dropping 60% from 80’s to 32 levels;

  • Blockchain analysts noticing exchanges’ $BTC balances have reduced significantly since the crash in March and post-Bitmex related news. Signaling a change in sentiment towards leaving holdings on CEX’s or a decline in sellers. Seeing aggregated wallets drop from 2.95m -> 2.7m coins.

  • $ETH moved up 3.5% over the past two days, but still largely capped below $380 levels. Trading at neutral RSI levels.

Alts and DeFi watch:

  • $BCH sheds half of its gains from last week, (-5%) over the weekend to trade at $248 levels after pre-forking hype expected to result in airdrops expected around Nov 15th

  • $YFI up 19%, but still trending down over the past week and a half, at 15K levels, seeing better staking rates on the platform that could be signs of a revival from the previously most popular staking venue. Trading at oversold RSI levels and $300 below 10d SMA expectations

  • $MKR range bound $530 to $578 with demand for DAI decreasing post-DeFi hype in September. Targeting next resistance at $600 levels from Oct 10.

Filecoin Miners Strike 

The decentralized storage network Filecoin is off to a rocky start. Just a day after its highly anticipated mainnet launch, five of its largest miners turned off their machines. The strike was in protest at the project’s “unfair” economic model, which requires a significant amount of FIL tokens to start mining operations. FIL’s price has been rather erratic since launch.

Schiff Under The Spotlight 

A bank founded by Bitcoin skeptic Peter Schiff is accused of facilitating tax evasion for “high-risk” clients. “Hundreds” of accounts at Euro Pacific Bank are now facing scrutiny. Last month, Schiff denied the bank had engaged in wrongdoing. Before storming out of an interview, he said Euro Pacific “turns down far more accounts than we approve because our compliance is so rigorous.”

Digital Yuan Spending Spree 

The vast majority of the $1.5 million in digital yuan given away in Shenzhen has been spent, officials in the Chinese city say. More than 62,000 transactions have been conducted — accounting for 88% of the funds dished out. Some of the winners decided to buy even more digital yuan, giving the project a boost as it nears launch.

Berlin Bitcoin Bar Closes

A German bar that was reportedly the first to ever accept Bitcoin payments has permanently closed. Room 77 completed its first crypto transaction in May 2011 — meaning patrons could have ended up paying 1 BTC for a pint. The bar’s founder said: “We had a great time… It is clear by now that nobody will stop Bitcoin anymore.”

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

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