Saturday 17th July 2020 Daily Market Brief - O&N Crypto Caps | O&N Crypto ® Official - News, Analysis and...

Saturday 17th July 2020
Daily Market Brief - O&N Crypto


Caps and sentiment
Market capitalisation: $ 1.27 trillion (↓ 0.57%) over past day
Bitcoin’s dominance: 46.31% (↑ 0.30%) over past day
Fear Index: 15 ( ↓ from 20)

Top 10coin prices
• Bitcoin: $31,300
• Ethereum: $1,864
• Tether: $1
• Binance Coin: $300
• Cardano: $1.16
• XRP: $0.5765
• USDC: $1
• Dogecoin: $0.1713
• Polkadot: $11.98
• Binance USD: $1


Brief analysis of the market
• The fear and greed index had decreased quite dramatically down to 15. This shouldn’t come as a surprise as we are now one day away from the big GBTC unlock which, with the current market sentiment is going to have quite the impact on the market.
• Bitcoin has been trading sideways between $31 - $32k with no indication of what direction it will take. As stated above the unlock is commencing tomorrow so stay sharp. It must be known again that this BTC unlock does not release 16k BTC into the current supply. It just allows institutional investors to sell “shares” that they used to “own” Bitcoin. Though it’s due this misinformation and irrationality spread by the media and whales that cause the price to move. Knowing this however, this is the biggest unlock yet so even though it doesn’t effect supply, its still smart and wise to prepare for irrational volatility.
• Polkadot breaks the $13 support and begins its journey to the downside as traders have their eyes on the $10 mark as the next local support. It is unclear what catalysed the movement, but if anything, Bitcoins decline in price in the recent weeks was for sure a major influence.
• Authorities in Maylasia destroyed more than $1.2 million worth of mining rigs after they were confiscated for mining off stolen electricity. It is still yet to be answered why the authorities chose to destroy the mining rigs as opposed to seizing the mined coins or even selling the rigs themselves.