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

EQONEX - MORNING UPDATE - DECEMBER 29TH

December 29, 2020

Written by: Justin d'Anethan, Sales Manager

With Trump pushing for a larger relief bill and the House agreeing to raise the pay-out to $2000 per person, markets felt supported, if not risk-on.

Morning‌‌ ‌‌Update ‌‌-  ‌‌December‌‌ ‌‌29th - Macro and Crypto Markets

 

With Trump pushing for a larger relief bill and the House agreeing to raise the pay-out to $2000 per person, markets felt supported, if not risk-on.

 


While treasuries, the dollar and gold all traded essentially flat, the S&P and the Nasdaq rose almost 1%. In passing, it’s worth noting that the Diginex stock, listed on the latter, is reaching record highs, currently at $15.88 a share (ticker: EQOS), undoubtedly bolstered by investors’ interest in crypto exposure.

 

With respect to crypto, markets are doing great. After closing at $26,250, BTC is ending this session in the green, up 3%, at $27,050. As a side note, at these prices, miners are currently earning an outstanding $1,000,000 per hour (talk about a winning bet).

 

It’s not just BTC, by the way, after an abysmal descent, alts are picking up slightly. The BTC dominance index which had reached 72 is now retracing down to 69 -still a very elevated level but at least not growing further, for now. 

 ETH had an intraday high of almost 10%, closing 6.7% up. LTC and LINK benefited only slightly, rising between 1-3%. BCH closed 7% up. ADA rose 12%. DOT just blew up and rose 20%.

 Away from price action, the news is split between companies AUM reaching insane levels or large institutions delisting XRP. Regarding the former, we saw BitGo announce it custodies about $16 billion in assets while Grayscale boasts about $19 billion in total assets under management. Regarding the latter, Coinbase and also 21Shares removed or will remove XRP products by mid January.

 As a last information nugget, do check out the gold-to-bitcoin ratio, it’s about to touch the 2018 low. Will it break further down or bounce back up?

Written by: Justin d'Anethan, Sales Manager

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