BlockchainDaily Market Update - August 28, 2020- SEC Issues...

Daily Market Update – August 28, 2020- SEC Issues New Accredited Investor Rules

Total Market Cap $357 BN (-0.03%)

24 Hour Volume $91.9 BN (-17.50%)

Notable Movers (CELO) (+34.81%)

BTC Dominance 59.0% (-0.17%)

SEC’s New “Accredited Investor” Rules Will Make ICOs More Accessible

Under U.S. regulations, only accredited investors are allowed to buy cryptocurrency from token sales and ICOs. Meanwhile, the general public can only trade any given cryptocurrency on an exchange after its ICO has concluded. In practice, this means that only wealthy investors have access to early investment opportunities. The SEC’s new rules mean that individuals can become accredited investors by proving their “knowledge, experience, or certifications.”

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Fidelity Launches Inaugural Bitcoin Fund for Wealthy Investors

The passively-managed, Bitcoin-only fund will be made available to qualified purchasers through family offices, registered investment advisers and other institutions, according to a person familiar with the matter. Fidelity Digital Assets will custody the fund, the person said. The minimum investment is $100,000.

DeFi tokens moved a leg up across the board with $BTC and $ETH unchanged from yesterday as $BTC dominance slid to 58%, its lowest level since late-June 2019. Majority of the top alts only see a marginal delta of +/-  1% movement overnight. Seeing more large players enter the market with news of Fidelity’s Chief Strategist to create a $BTC index fund with a 100K minimum investment.

  • Physical $BTC trading between a 200 range as the American session saw the main coin drop to 11,260 lows before rebounding up and bound between 11,250 to 11,464. Trading volumes declined 16% to 20B globally. Currently trading at 11,450 at neutral RSI levels and trading in the lower Bollinger bands. Next support line at 11,250 and resistance at 11,475. Expecting some short term volatility with 700M in $BTC options set to expire in 4 days.

  • $BTC futures volume doubles to 20m, OI at 5B aggregated across top exchanges, 18M short positions liquidated during the short drop below 11,300.

  • $ETH started the Asia trading session at 388 with movements coupling $BTC, range bound between 385-390 during the past 10 hours trading at neutral RSI levels.  Also $112M worth of $ETH in options set to expire in four days.

Alts and DeFi watch:

  • DeFi sector reaches a new milestone as over $7B locked into DeFi staking protocols.

  • $YFI now valued at 1.33 $BTC after moving up 10% overnight from yesterday from 13,820 to 15,200 levels off traded range as wide as 1400 per hour

  • $LEND up 4 days consecutively (+50% during this period) from 0.56 to 0.82,  currently trading at overbought RSI levels and +25% (60c) above 10 day SMA.

  • $DOT becomes the 6th largest cap digital asset, moving past BCH with 130% gains across the past five days to 5.6B market cap. Currently trading at 6.17, up 15% over the past 24 hours

Dark Side of DeFi: Millions USD Worth of ETH Lost to Uniswap Rug Pulls

DeFi tokens continue to flood the markets as developers are minting new coins and listing them on Uniswap every day. While this might present an earning opportunity for some, the number of the so-called ‘rug pulls’ is also on the rise. Investors need to be extremely careful and selective when it comes to the tokens they put their money into.

Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

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