BlockchainDaily Market Update - July 21, 2020

Daily Market Update – July 21, 2020

$BTC 24 Hour High $9,187
$BTC 24 Hour Low $9,106
$BTC -0.07%

Total Market Cap
$272.8 BN (+0.37%)

24 Hour Volume
$49.1 BN (+9.11%)

Notable Movers
(SXP) (+46.33%)

BTC Dominance
61.9% (-0.16%)

Digital asset markets

The lack of volatility in traditional markets is nothing new in the digital asset space. $BTC is still trading in an even narrower band of less than $100 after rejections above the $9,200 zone and renewed support in the $9,100s. If $BTC’s monthly candle were to close as it is right now, it would be one of its narrowest in $BTC’s history. With Bollinger Bands this tight, traders and investors are expecting a strong movement sooner rather than later.

Alt watch

As it has been for the last weeks, $BTC’s lack of volatility has given some alts a chance to move up, especially those participating in the DeFi space. Coins that were outperforming $BTC are all located outside the top 50 by market cap: BAND +32%, SWP +30%; KAVA, +17%, and LEND +16%.

Bitcoin’s dominance is sitting now at 62%, down from 63.5% last Friday and now at its lowest value of 2020.

ETH/BTC trading at 0.257 and apparently finding support above 0.025, an area of interest which acted as support during the end of 2018 and beginning of 2019.

Too Little Too Late? Twitter Gets Cybersecurity Coaching
After last week’s very public, very embarrassing hack for Twitter, the social media company has stated that they will provide company-wide security training against social engineering tactics — the very tactics that hackers used to gain access to tweet from 130 celebrity Twitter accounts last week. Twitter also noted that they are “very sorry.”

Twitter Hack Victims Can Get Their Money Back?!

Hope is not lost for all victims of the Twitter hack. Since some senders designated a very low mining fee, no miner has yet taken the effort to confirm their transactions. According to CT, if the victims send the same BTC to an address they control with a higher mining fee — voila! As long as miners snatch up the higher fee, their original transaction will not be confirmed.

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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