Welcome to our new weekly brief of what is going on on the markets. It should help you with jumping back on track after weekend.
Fundamentals and stock markets brief
- Mark Zuckerberg’s Facebook stock exceeded $ 100 billion for the first time last week.
- In addition to Microsoft, Twitter has now also expressed interest in purchasing the US portion of TikTok.
- The news about Brexit had a negative effect, where we are starting to talk about hard form again.
- Tensions between the United States and China are rising after the United States threatened to blacklist SMIC, China’s leader in chip production.
- Investor sentiment could also be negatively affected by new reports of a relatively strong increase in the number of new infections on a global scale.
Cryptomarkets and marketcap
- Today, we reached a marketcap value of $325 billion. This week we are recording a low of $315 billion and a high of $333 billion.
- Bitcoin dominance is declining at 57.7%.
- Market sentiment fell sharply to 41 points, which is in the fear region. Last week it was at 75 points, meaning greed.
BTC/USD
While the stock market is closed today, recognizing Labor Day, the crypto market is bleeding. Much like last week, Bitcoin dropped below $10,000 to as low as $9,880 on Bitstamp, albeit briefly. The ‘real’ trading volume meanwhile remains weak at just $1.4 billion. Last 3 week, before crashing, BTC price jumped to a new 2020 high 12 400 USD.
support: $9 950, resistance: $10 600
LTC/USD
Litecoin (LTC) is currently trading at around $48 after a 25,43% drop in price since last week. A serious summer downtrend send LTC to around $48 from $68. At the moment, LTC seems to be in bad shape after a massive drop from $68. High in year 2020 is around $84,52.
support: $44,04, resistance: $54,26 and next continue $61,63
ETH/USD
The second-largest cryptocurrency lost nearly 35% of its value last week to drop to $320. Currently, ETH/USD is around $335. Very low $300s is a real possibility going forward. $290 would be perfect. Last week, before crashing, ETH price jumped to a new 2020 high of $ 389.
support: $312, resistance: $380
DeFi
DeFi – bull run, possible bubble. A crash in Ether prices is not good news for altcoins, especially DeFi tokens. Among the top altcoins today is LINK with 3.70% gains and BSV 5.97% are the only exceptions. But in the past 24 hours, SNX and CRV are down by 11,2%, RUNE 9.4%, SRM 9.56%, YFI 8.6%, KAVA 8.14%, BAND 7.2%, REN 6.5%, LRC 5.1%, KNC 4.8%, LEND 3.2%, COMP 1.7%, AMPL 1.44%, and WBTC 1,1%.
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