THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

EQONEX‌ - Morning‌ ‌Update‌ -‌December‌ ‌14th‌

December 14, 2020

A currency rally? A variety of factors converged to push currencies (including crypto) up late last week and over the weekend.

With discussion with the EU and the UK improving, we saw the pound jump about half a percent. The yuan, key to investing in Chinese bonds and equities has also been on a steady rise and, with attractive yields, is projected by some analysts to rise further.


Naturally, optimism about a vaccine also helped bolstering equities in general and the risk-on approach was felt all around.

Over Saturday and Sunday, BTC rose almost 7%, from $18,050 to the mid 19K’s, currently at $19,170. The bounce came after a week and a half of slow but steady downward moves, taking us to the mid 17K’s.

Alts were definitely not forgotten, outperforming BTC over the last two days. ETH rose almost 9% over the weekend. LINK about 12%. ADA about 11%. LTC about 14%. Last but not least, XLM took the crown with a 16% increase.

A beautiful chart by CryptoQuant shows that the number of withdrawals from exchanges continues to trend up— along with rising prices — as large players continue to accumulate BTC and thus reduce the on-exchange reserves (meaning less selling pressure).

It was also great to see the Bloomberg article discussing Sweden’s plans to have the country’s currency system fully move to a blockchain-based and cashless (paperless) krona.

We also heard from Revolut, now adding four new tokens to its transaction network (EOS, OMG, Ox, XTZ).

Lastly, true to their word, MicroStrategy completed the $650million offering of a 0.75% convertible senior notes, due in 2025. Naturally, with the negative-yielding debt rising to about $18 trillion, this kind of yield and exposure to cryptocurrencies is becoming more and more attractive.

Written by: Justin d'Anethan, Sales Manager

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