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Daily Bitcoin and Crypto Analysis

EQONEX - Morning Update - December 23rd

December 23, 2020
Yesterday, we saw the return of the dollar and treasuries against equities and gold. While markets welcomed the resolution in the US stimulus bill, the new coronavirus strain reported in the UK (and the ensuing lockdowns) dampened some of the enthusiasm.

 Equities in Asia are set for a muted start. In the US, the S&P fluctuated, then closed lower. Gold fell almost one percent. Investors preferred to look at treasuries, pushing the 10-year yield down, but it remained above 0.9%. The dollar also bounced with a strong green candle.

 

Almost as if BTC was seen as a safe-haven asset, crypto also rose. BTC is closing 4.3% up, at 23,670, just inches away from its all-time high and still trending in a long upward channel. 

 

Chartists will look at the RSI bearish divergence and the overbought stochastics as hints of an upcoming reversal, but, in reality, when prices reach those elevated levels ( especially in volatile assets), trends can ignore much of it and continue on. 

 

It was also interesting to see this CryptoQuant chart that followed whale inflows to exchanges, which are currently rising and historically indicating some selling pressure (although, as one can see, that hasn’t materialized during the last spike).

 

For now, alts are up. ETH is up, of course, currently with 4% gains, at $632. LINK followed on. DOT gained 5.4%. LTC outperformed the others, with an almost 8% rise. XMR rose about 6%, while it’s privacy counterpart ZEC closed red. 

 

I don’t usually talk about XRP, but today, I have to. The SEC filed a lawsuit against Ripple and two executives, alleging the firm brought in over $1.3 billion in ongoing, unregistered securities sales.

 

On a more positive note, it was great to see that the ABI (Italian Banking Association) has started experimenting with a digital euro. While I personally don’t think this particular piece of news is supportive of higher BTC prices, it is definitely solidifying the importance of blockchain in the financial space.

Written by: Justin d'Anethan, Sales Manager

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