GSG Market Update – October 24, 2019

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GSG Market Update

October 24, 2019

MarketWatch

Name Current Price 24h % 30d Vol 90d Vol 21d EMA 50d EMA
Bitcoin $7,488.32 -6.65% 64.47% 58.10% $8,232.65 $8,820.98
Ethereum $161.71 -3.60% 90.92% 72.53% $177.10 $183.99
XRP $0.272 -6.00% 80.25% 67.22% $0.281 $0.277
Bitcoin Cash $210.21 -4.38% 112.70% 81.07% $227.15 $249.38
Litecoin $49.56 -6.23% 86.95% 74.31% $55.64 $61.73
Binance Coin $16.63 -7.62% 101.02% 77.91% $17.78 $19.18
EOS $2.72 -5.74% 117.95% 88.65% $3.01 $3.25
Bitcoin SV $97.03 -6.07% 145.26% 93.21% $94.16 $102.77
Stellar $0.060 -4.17% 87.37% 90.16% $0.062 $0.064

Top Stories

  • Following testimony before the United States House of Representatives Financial Services Committee, lawmakers are still concerned about the possible launch of the Libra stablecoin.
  • Coinbase CEO Brian Armstrong confirmed that the exchange has been profitable since 2017 and also noted that since launching in 2012 Coinbase has generated nearly $2 billion in transaction fee revenue.
  • Investors in the Telegram Open Network and $1.7 billion Gram token sale have voted against the return of their funds, Forbes Russia reported
  • Association of National Numbering Agencies (ANNA) launched a task force to address digital asset labelings across financial markets, and will consider appropriate International Securities Identification Numbers employed by the International Organisation for Standardisation.
  • PeerNova, an enterprise blockchain software startup that helps banks and financial institutions simplify reconciliation and other data processes, has raised $31 million in new funding round led by Mosaik Partners, Medici Ventures and Intuitive Venture Partners for a total fundraise of $74 million. 
  • Former managing director of the World Gold Council and portfolio manager behind SPDR Gold Shares Jason Toussaint developing a bitcoin ETF with Kryptoin Investment Advisors. Filed an initial registration statement with SEC.
  • Trustology, the digital asset custody provider built by former bankers from UBS, BNY Mellon and Bank of America, has released a custodial wallet designed for institutional-grade crypto finance called TrustVault.
  • Blockchain Ventures, the venture arm of cryptocurrency wallet, data and exchange provider Blockchain, has made an undisclosed equity investment in blockchain game technology firm Enjin.

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

Charts

 

BTC Longs-Shorts



ETH Longs-Shorts



Market Cap Return




Sector Return



Tether Marketcap



Source: www.skew.com

Bitmex Perp Swap Funding Rates

 
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Twitter Daily  Discussions Happening Today on Twitter

Litecoin Foundation@LTCFoundation
[Update on MimbleWimble & Litecoin]: @ecurrencyhodler@DavidBurkett38, & @satoshilite have proposed a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks.
LIP-0002 EB: https://github.com/litecoin-project/lips/blob/master/lip-0003.mediawiki…
LIP-0003 MW: https://github.com/bitcoin/bips - litecoin-project/lips
Su Zhu @zhusu

Telegram investors have just voted to refuse a full refund and instead wait for a delayed mainnet launch date in April 30, 2020. W/e you think of the project, this is basically the opposite of panicking.

TokenAnalyst@thetokenanalyst

 24H BTC on-chain flows:
#binance $97M in | $62M out
#bitmex $40M in | $17M out
#bitfinex $17M in | $8M out
#bitstamp $26M in | $26M out
#bittrex $4M in | $5M out
#poloniex $7M in | $5M out
#kraken $42M in | $47M out
#huobi $88M in | $57M out

Vitalik Non-giver of Ether@VitalikButerin

My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things.

Mia Tam@_blockandchain_

LEO tokens recorded only 17 active addresses for $990 million market cap  What's going on? @bitfinex $LEO

Bitcoin, 2009-present: $1b collected by miners in txn fees
Coinbase, 2012–present: ~$2b collected in txn fees (cc @fintechfrank)
in case you're curious about value accrual in this industry

tldr the reports of the death of the corporate structure are greatly exaggerated

Nathaniel Whittemore@nlw

ZUCK GOES TO CONGRESS. The official live thread. Can he change minds? Will Libra find new supporters? Will he be put on the spot to make major compromises? Will it be a referendum on FB in general w Libra as an afterthought? Let's find out!
Read More

Nathaniel Whittemore @nlw

The negotiating chips *
1. FB will NOT move forward without regulatory approval *
2. Changes already made (no investment dividends) *
3. Basket of currencies (Could be 1:1 USD or could have imposed minimums) *
4. KYC for all wallets *
5. Switzerland vs US location
Read More

Dharma@Dharma_HQ

1/ Just in: Dharma is live and open to the public!  We’re on a mission to introduce DeFi to millions of users as a vehicle for stable, international savings. $1.5 million USD is already earning up to 7.4% APR on Dharma. What are you waiting for? dharma.io

Tobia De Angelis@tobdea

Libra is more like a layer 1 scapegoat-chain because its only purpose is to be the sacrificial victim for regulators to save their faces and claim some political victory over facebook without having to break them up

nic carter @nic__carter

Chairman Clayton on tokensales at #DCFintechWeek: “You can’t have wide distribution to the retail public with trading, and not have the protections of the securities act”
Read More

DonAlt@CryptoDonAlt

A range of 30 days just broke to the downside. If this is a bullish shakeout it'll be obvious once BTC reclaims $8k. If this is bearish I don't want to be long. Buying this feels like buying $8500 after the $10000 break. Something I'm not willing to do.

Producer breakevens in commodities provide somewhat of a floor (with a prolonged lag). Bitcoin miner breakevens provide no floor, as these adjust lower. The $BTC "floor" comes from demand, as miner supply gets smaller in USD terms the more price goes down.

The issue with miner activity and breakevens is that bitcoin miners, unlike gold miners, speculate with inventories. Bitcoin miners HODL. This results in gamma, which is negative when hodling decreases while price is going down, amplifying the downside.
 
The market changed beyond just price, and we got to the next larger time frame support (61.8%) faster than I thought we would. This is a good place for a bounce though, as 61.8% traded. Bias favors shorting rips though.
dave the wave@davthewave

IDEAL price target.



Alts nearing the buy zone as predicted.

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