GSG Market Update – October 21, 2019

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GSG Market Update

October 21, 2019


Name Current Price 24h % 30d Vol 90d Vol 21d EMA 50d EMA
Bitcoin $8,249.07 3.43% 61.14% 57.03% $8,346.50 $8,938.76
Ethereum $174.78 1.63% 90.75% 72.09% $179.68 $186.01
XRP $0.290 0.22% 79.99% 66.82% $0.279 $0.276
Bitcoin Cash $225.50 5.42% 109.88% 79.71% $228.67 $253.07
Litecoin $54.30 1.39% 87.83% 74.41% $56.69 $62.94
Binance Coin $18.11 0.51% 98.77% 76.66% $17.81 $19.37
EOS $2.90 0.83% 117.36% 90.29% $3.06 $3.30
Bitcoin SV $96.01 6.58% 128.32% 84.26% $90.64 $102.64
Stellar $0.063 0.55% 89.92% 90.12% $0.062 $0.064

Top Stories

  • Fidelity Digital Asset Services announced they are “now engaged in a full rollout” of its custody and trading services, expanding from limited trial users to opening for all qualified investors.
  • Circle announced in a blog post that Poloniex is spinning out from Circle into a new company called Polo Digital Asset, with plans to spend over $100 million to develop new platform. U.S. users no longer able to create new accounts and trading will become unavailable for them starting Nov. 1. 
  • BlockFi Institutional Services announced it’s opening a new platform for institutional investors to give market-makers, funds, exchanges, and family offices access to enterprise-grade financing solutions for digital assets.
  • Binance’s futures exchange raised leverage to 125x for BTC/USDT contracts. Also, USD deposits on Binance U.S. are now FDIC insured, according to a blog post. Pooled custodial accounts provides access to pass-through FDIC insurance coverage up to depositor coverage limit of $250,000.
  • New York District Court announced in court documents it has postponed SEC’s hearings against Telegram’s Gram token to February 18, 2020.
  • Facebook reportedly open to idea of using national currency-pegged stablecoins for its forthcoming Libra project, according to Reuters
  • HTC launched EXODUS 1s, a lower-cost version of EXODUS 1 device, which will have a built-in cryptocurrency wallet and capability to run a Bitcoin full node. 
  • Babylon governance mechanism upgrade activates on Tezos.
  • Bitfinex applied to a U.S. court to subpoena Rondell “Rhon” Clyde Monroe, a former vice president of TCA Bancorp, to recover over $850 million in frozen funds.
  • Bittrex International will cease operations in Venezuela and 30 other countries.
  • Tether is considering creating an algorithmic alternative to USDT known as the USDTX, possibly allowing traders to use cryptocurrency as collateral, according to Paolo Ardoino, CTO of Tether in an interview with Crypto Briefing.

Upcoming Events

  • Oct 25: CME BTCV19 last trade date
  • Oct 28-Nov 3: SF Blockchain Week
  • Oct 28: Mt. Gox Rehabilitation Plan Submission Deadline
  • Oct 29: Wilshire Phoenix ETF Final Decision
  • Oct 31: Telegram Open Network Launch
  • Nov 18: Multi-collateral Dai 
  • Dec 10: Bitmain Antminer S17+ and T17+ models to be shipped 
  • Jan 3, 2020: Ethereum 2.0 Launch (Phase Zero)
  • May 14, 2020: Bitcoin Halving
  • Nov 2020: ZCash Halving / Founders’ Reward set to expire



BTC Longs-Shorts

ETH Longs-Shorts

Market Cap Return

Sector Return

Tether Marketcap


Bitmex Perp Swap Funding Rates

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Twitter Daily  Discussions Happening Today on Twitter

Peter Schiff@PeterSchiff
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
Joe Weisenthal@TheStalwart
Everytime there's a big criminal bust involving Bitcoin, and people's identities are revealed, the HODLers come out and say "We never said it was anonymous! The blockchain is public. Everyone can see it. We just claim it's permissionless!" Sorry, but that's garbage. Here's why...
Read More

BTC/USD Remember that Bitfinex will never pay back the $900mm credit line it gave to itself. That means Bitcoin's price is already in major debt.

Tether/Bitfinex was directly responsible for the last run up. The CFO even said btc was going to collpase below $1k if they didn't get their funds from Crypto Capital (who is now under investigation by FINMA). So they issued themselves a $900mm credit line to save cryptoland.
Zac Mitton@VoltzRoad

The more I consider bitgold’s design, the more interesting it becomes. Valuing PoWs themselves (based on difficulty, timing, among other factors) might mitigate the fee market issues altogether without any changes to the current base layer...

The main difference/advantage of @NickSzabo4’s bitgold here would be that the mining reward becomes subjective. You end up selling the specific block mined rather than being credited some arbitrary amount of “tokens” based on a schedule.
Read More


Long positions held by institutional accounts at the CME have been rising again in October. For reference, institutions include pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers whose clients are predominantly institutional.

dave the wave@davthewave

The half-expected bounce in the sideways channel. This is why you don't want to be short term/ day trading this chart with leverage - it has the medium term time-frame in mind.

The Crypto Dog@TheCryptoDog

Nuke or $9k mean reversion? Whatever happens, I think we come to a decision on $btc very soon.


$BTC update: Still no close above $8750. Still looks pretty shitty. I'm bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: $8200 Next support: $7700 Next support that I'd trust to trade on the long side: $7000

Larry Cermak@lawmaster

In Q3, Ripple sold $66.2 million XRP, which is 74% less than in Q2. Cumulatively, Ripple sold $1.2 billion XRP out of which 38% was sold to exchanges and 62% to institutions.

The decrease of dumping XRP seemed to have actually helped sustain the price better, which I think was the main reason. The decrease was much more drastic in Q2 when Ripple sold $251.5M. In terms of BTC, XRP is down 61% in 2019.

Miner fee state. When will BCH/LTC/BSV miners turn off their equipment?
Jay Hao@JayHao8
I'd like to raise an interesting question: - Binance Q3 has a lower trading volume than Q2 - There were more discounts in the trading fee How come Binance $bnb Q3 buy back could be more?
According to the burned addresses (bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2) shown below, the balance in wallet is still 48,461,324 BNB. Simple calculation shows that 48,461,324+185,474,825=233,936,149 which is more than the so claimed 200 million BNB shown on the white paper.
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