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

EQONEX — Morning Update — December 3rd

December 3, 2020

Traditional markets echoed out some slight gains yesterday, pushing the S&P to a new record close while the Nasdaq closed flat. Treasuries stagnated, keeping the 10-year yield around the previous close, at 0.93%. On the other hand, the dollar index continued its descent. Gold held on to previous gains, closing at $1,830.

The slight risk-on tilt was brought by renewed talks of stimulus and approvals for vaccines coming forward; however, it’s worth noting that the US is moving ahead with bills to impose more scrutiny on Chinese firms listed in the US — with the potential of them being kicked out if not complying or not meeting standards.

Away from traditional markets and onto crypto, BTC is back within 19K’s but — surprisingly, these days — not making new highs or getting closer to 20K (yet).

ETH and LINK are mirroring the move but still much further away from their all-time high. Some coins are outperforming: I’m thinking mainly of LTC and DOT. Most other coins underperformed slightly, such as ADA, BCH, XTZ, XLM, and so on.


There are — still — plenty of positive news to bolster markets, though. Notably, the increased hash rate on the network, denoting more activity and security. This has actually led to miners getting about $500 mil in revenue in November alone — and December seems poised to keep up, if not outgrow, that.

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PayPal CEO Dan Schulman made another appearance and mentioned that the company is ‘bullish on digital currencies of all kinds,’ which only strengthens the commitment to providing crypto-linked services and transactions, of course.

On the regulatory front, we saw some US regulators looking at a bill that would require stablecoin issuers to obtain bank charters. While this might not be the most exciting news for those issuers, it’s definitely supportive for the space and necessary to institutional adoption.

Lastly, as a quick look at price-action. I find the ETH/USD price action really interesting. The momentum and enthusiasm is definitely there. After settling above a $350 support throughout the first half of 2020, we’re now around a $600 resistance which, if breached, would give free way to a run at the 1K mark. Thoughts?

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