BlockchainDaily Market Update - July 29, 2020

Daily Market Update – July 29, 2020

$BTC 24 Hour High $11,204.33
$BTC 24 Hour Low $10,632.63
$BTC -1.72%

Total Market Cap $325.0 BN (+2.82%)

24 Hour Volume $96.0 BN (-20.07%)

Notable Movers (NEXO) (+11.27%)

BTC Dominance 62.5% (-0.32%)

The InterWork Alliance (IWA) today announced the formation of its Sustainability Business Working Group, which will focus on making the tokenization of sustainability business use cases possible through standards and a trusted certification program. To date, there is no global standard solution for tokenizing the outcomes of accounting processes designed to track greenhouse gas emission reductions in the form of offsets or credits. By developing a technology-neutral standard for tokenizing emissions and offsets, along with contractual requirements to operate against these tokens, the IWA can dramatically accelerate the implementation and interworking of carbon markets – both voluntary and regulated – using distributed ledger techniques.

Digital assets market:

We’ve reached the mid-week into the $BTC bull run where it has remained above $10K for the past three days, Glassnode analytics show a lack of whale activity leading into this week’s $BTC bull run, suggesting more retail investors are entering the market. Currently just under 7.5M wallet addresses withholdings between 0.001 -0.01 $BTC.

  • Digital asset market cap dipped slightly overnight, dropping 1.9% from $3.29B to $3.21B

  • $BTC physical volumes dropped 22% to 31B with a traded range of 600 on its third day above 10K. With 4h charts, currently trading at its 10 bar average at 10,900, upper Bollinger bands and RSI at overbought levels.

  • $BTC dominance slipped from 63% to 62.4%. Expecting short term volatility as more investors begin to speculate the next movement of $BTC at 10K levels

  • $BTC futures traded volume dropped 25% to ~30M, 4.7M open interest aggregated across all exchanges, dropping 0.3M from yesterday. 56M long  +19M short positions liquidated with the traded range volatility.

  • Desk is seeing $BTC two-way flow increases correlated to market trends and payment provider flow for $USDT around 70% capacity with a small window of arb.

Alt watch: Out of the top 10 alts; strongest performing coins:

  • $XRP up 5%, maintaining above 0.20 for the fifth consecutive day, up 16.7% during this period with traded volumes ~2.4x above the month’s average. RSI indicator showing overbought levels after spending the majority of June at undersold levels when prices were around 0.17-0.19.

  • $BCH up 5.7% overnight, overall 16.8% from 247 to 289 from the start of Monday.

  • BCHBTC reached two month highs at 0.0266, fluctuating around 0.0230-0.0261 as it was dragged down for 8 consecutive days from Jul 9-17.

  • $ADA up 6.2%  to 0.147, rejected 0.15 levels to range bound between  0.13-0.15.

  • DeFi market cap up 200M to 7B from overnight

  • $LINK up 7% over two consecutive days from 6.50 lows to 7.4 current price

  • $SNX up 12% overnight to 3.32

  • $XTZ up 4% to 2.94 after dropping to 2.62 two days ago at the start of the BTC run, trading at neutral RSI levels and at the middle of Bollinger bands.

DeFi Flash Loans Skyrocket to More Than $130 Million Per Day

DeFi isn’t just about yield farming, and another new financial tool has rapidly been on the rise. More than $138 million worth of flash loans were issued via Aave on Monday, a new all-time high for the novel financial instrument.

5 Years After Launch, Predictions Market Platform Augur Releases Version 2

The ultimate decentralized finance (DeFi) money Lego has arrived: Augur Version 2 released July 28, according to the Forecast Foundation.Originally launched in 2015, Augur was one of the first initial coin offerings (ICO) and Ethereum apps to garner notable attention for its blockchain betting market.

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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