GSG Market Update – Feb 5, 2020

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GSG Market Update

February 5, 2020

Market Watch

Name Current Price 24h % 30d Vol 90d Vol 21d EMA 50d EMA
Bitcoin $9,430.21 3.09% 54.39% 53.68% $8,892.45 $8,443.46
Ethereum $196.85 5.55% 70.77% 65.55% $172.43 $161.87
XRP $0.275 7.25% 78.55% 66.37% $0.237 $0.230
Bitcoin Cash $426.27 12.75% 133.37% 99.67% $348.66 $304.39
Bitcoin SV $286.63 6.14% 373.63% 224.73% $264.57 $215.08
Litecoin $71.53 5.87% 93.75% 79.83% $61.07 $55.31
EOS $4.45 7.98% 97.61% 83.48% $3.84 $3.45
Binance Coin $19.05 5.95% 62.77% 67.05% $17.51 $16.69
Cardano $0.059 7.78% 86.78% 77.73% $0.049 $0.044
Tezos $2.130 11.17% 80.22% 92.24% $1.636 $1.499

Top Stories

  • BitGo partnered with financial services provider SettleBit to allow institutions to trade directly from their BitGo custody accounts through an API integration with SettleBit’s settlement platform. With the new feature, clients can get a price offer matched with a liquidity network and reach settlement in real-time as soon as funds are verified. Throughout the process, funds will remain secure in cold storage.
  • Bitcoin SV completed hard forked, taking its blockchain back to the first "Genesis" iteration of the bitcoin protocol. By rolling out the original bitcoin protocol, the Genesis fork removes the default hard cap for block sizes, reportedly removing limits for transaction capacity and increasing on-chain scalability.
  • Sony indirectly made an undisclosed investment in Securitize, a platform that issues and manages digital securities. Sony’s involvement was made through SFV GB, a venture capital fund jointly managed by its Sony Financial Ventures subsidiary and Japanese VC firm Global Brain. Fellow investors in the USD 14 million funding round included Mitsubishi UFJ Financial Group’s MUFG Innovation Partners and Nomura Holdings.
  • Intercontinental Exchange has made eBay a takeover offer that would value the company above $30 billion, according to a report by The Wall Street Journal.
  • Binance is adjusting its fee structure to get market makers to add liquidity on its futures platform. Under the revised Binance Futures Market Maker Program, market makers will receive a negative fee for selected trading pairs. Binance has yet to disclose further details.
  • ConsenSys announced its latest restructuring would shrink the firm's headcount by approximately 14 percent. ConsenSys said move is meant to prioritize the development of some of ethereum ecosystem’s leading infrastructure platforms.
  • ConsenSys also acquired an American broker-dealer, Heritage Financial Systems. Emma Channing, a representative of ConsenSys Digital Securities, said: “The acquisition will bolster ConsenSys in-house broker dealer capabilities by adding municipal finance in addition to some other lines to our existing line of private placement business at Consensys Digital Securities.” 
  • Mode, a financial services firm backed by Twitter co-founder Biz Stone, has rolled out its Bitcoin banking app on iOS devices. The British company made its app available globally, with the exception of the United States, and customers can start using the app to buy Bitcoin with bank cards or through a bank transfer. 
  • Hong Kong-based remittance startup Bitspark is shutting down next month
  • Salesforce and Samsung participated in a second Series C funding event for startup Digital Asset. After gathering $35 million in its first Series C raise that ended in December 2019, Digital Asset decided to run another round.  An open-source project, DAML plans to put the capital gathered during its additional funding toward DAML adoption, fuel new DAML development products and release additional “DAML-enabled partner products.”

Upcoming Events

  • Feb 26: Wilshire Phoenix ETF proposal decision date
  • Feb 28: CME Feb 2019 contract last trade date
  • Feb 29-Mar 4: Binance Blockchain Week Vietnam 2020
  • Mar 2-6: Hong Kong Blockchain Week
  • Mar 27: CME Mar 2019 contract last trade date
  • Mar 27-28: Bitcoin 2020 (San Francisco)
  • Mar 31: Mt. Gox submission deadline for claims
  • April 2020: Bitcoin Cash Halving
  • April 4-5: Deconomy (Seoul)
  • May 14: Bitcoin Halving
  • Nov 2020: ZCash Halving / Founders’ Reward set to expire



BTC Longs-Shorts

ETH Longs-Shorts

Market Cap Return

Sector Return

Bitmex Perp Swap Daily Funding Rate

Bitmex Perp Swap Funding Rate MA Ribbon

BTCUSD vs Fear & Greed Index

BTCUSD vs Tether Market Cap


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Twitter Daily  Discussions Happening Today on Twitter

Elias Simos @eliasimos

Over the past 6+ months, together with @taratan and a dozen of our favourite analysts, VCs, data co’s and startups, we’ve been putting together a monster report on the State of Adoption in crypto. Today we are releasing it into the wild

#Bitcoin has had a lot of price action this year, but it still doesn't have an intraday move (UTC) >10%. It had 36 days with at least one such move last year, and 63 in 2018.…

i.e. $BTC averaged three days per month with at least one 10% move in 2019 and five per month in 2018. No moves >10% is unusual. Strap in.

Some data around BitMEX which had a more challenging H2 last year with the CFTC probe in July, the email leak in November & a significant increase in competition on the perpetual swap product it created. Observation #1: Customers continue to trust BitMEX with their funds!


#2 With 34k BTC in the insurance fund, the exchange most likely runs the most capitalised crypto-native clearing house in the industry Total Open Interest across contracts on BitMEX currently sits north of $1.5bln vs $320mln in the insurance fund & $2bln+ in customers' assets

#3 Number of daily users has been slightly decreasing Until July last year, a day with <20k users was a slow day, >20k looks since August to be more of a strong day

#4 Liquidity of XBTUSD contract remains the best in the industry but Binance has been catching up quickly since the start of the year With balance sheet, liquidity is a key long term success factor for a derivatives exchange

#5 Volumes are in the multi billions on a daily basis but it seems the exchange increasingly has to share the pie with other venues. All in all, the exchange remains in a very strong position but competition is here for real!
Mac @MacnBTC

Something important to note during this move! OI not going up with price. Rare in the past weeks

TokenAnalyst @thetokenanalyst
 24h BTC on-chain flows:
#binance $66.9M in | $65.6M out
#bitstamp $24.0M in | $22.0M out
#bitmex $12.3M in | $6.5M out
#bitfinex $6.7M in | $8.4M out
#huobi $51.9M in | $44.5M out
#kraken $40.8M in | $37.7M out
#okex $33.5M in | $32.3M out
TokenAnalyst @thetokenanalyst
 24h BTC on-chain flows: #binance $66.9M in | $65.6M out #bitstamp $24.0M in | $22.0M out #bitmex $12.3M in | $6.5M out #bitfinex $6.7M in | $8.4M out #huobi $51.9M in | $44.5M out #kraken $40.8M in | $37.7M out #okex $33.5M in | $32.3M out
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This update is provided for information purposes only and does not bind GSG Asset Management or any of its affiliates in any way. It is not, and is not intended to be, a/an: (1) “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide; (2) offer to sell, a solicitation of an offer to buy, or a recommendation for any digital asset by GSG Asset Management or any third party; or (3) official confirmation or official valuation of any transaction or asset mentioned herein. All information in this update is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness or any information in this update.  To the extent that any of the content published in this update may be deemed to be investment advice or recommendation in connection with a particular digital asset, such information is impersonal and not tailored to the investment needs of any specific person. Any pricing information is indicative only, and does not reflect a level where GSG Asset Management is prepared to execute a trade. You understand that an investment in any digital asset is subject to a number of risks, and that discussions of any digital assets in this update will not contain an exhaustive list or description of the relevant risk factors. GSG Asset Management is not an advisor, and nothing in this update should be construed as investment, tax, legal, accounting, regulatory or other advice, or as creating a fiduciary relationship.  You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation. All market prices, data, and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy, and are subject to change without notice.  This update may contain links to other websites or content belonging to or originating from third parties or links to websites, and social media accounts/post (or screenshots thereof) and features in banners or other advertising.  Such external links are not investigated, monitored, or checked for accuracy, adequacy, validity, reliability, availability or completeness by us. The information and views set out in this update are those of the author(s) and do not necessarily reflect the official opinion of GSG Asset Management. Neither GSG Asset Management nor any person acting on its behalf may be held responsible for the use which may be made of the information contained therein. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY THIRD PARTY INFORMATION CONTAINED IN THE UPDATE, INCLUDING ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES OR SOCIAL MEDIA ACCOUNTS/POSTS LINKED THROUGH OR SHOWN IN THE UPDATE OR IN ANY BANNER OR OTHER ADVERTISING CONTAINED IN THE UPDATE.   All content in the update is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons.  UNDER NO CIRCUMSTANCES SHALL GSG ASSET MANAGEMENT HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THIS UPDATE OR ANY INFORMATION CONTAINED HEREIN OR RELIANCE ON ANY INFORMATION PROVIDED IN THIS UPDATE.  YOUR USE OF THE UPDATE AND YOUR RELIANCE ON ANY INFORMATION IN THE UPDATE IS SOLELY AT YOUR OWN RISK.

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