BTCUSD Hit a New High for 2020!

BTCUSD hit a new high for 2020 @ ~12,400! Didn’t really feel like a bull trap as the correction came ~24 hours after the pump. Open interest sits at ~$5b, a slight downtick after the basis spread tightened. BTC is still within its upwards channels and the trend is clear, but the real alpha is still coming from alts as the DeFi bull market is in full-effect.

The case study for this week is MANTRA DAO (full disclosure – we are a strategic partner). The project has all the good stuff (borrow/lend, stake, pool, governance), but the unique angle is them leveraging the Polkadot platform. So looking on-chain, there were just 250 participants in the private sale and the OM token listed on Bithumb Global (trading ~10x). We are supporters but have to admit that’s pretty serious hype for a project with a WIP product. 

 

DOT re-dominates today and will be supported by most exchanges (timing may differ). Just like a share-split, your ownership % and value will remain the same. Often a share-split can be a near-term catalyst as the token looks more affordable, but should have limited impact for crypto as everything is already fractional.

 

1 YFI has now eclipsed 1 BTC and that’s rallying up the Chinese community behind YFII (not a typo). Couple other catalysts here:

  1. You can now stake YFII to earn GRAP
  2. New multi-language portal (dfi.money)

There are 10 community groups on Wechat due to per-group limits. Worth a look purely from a fund-flow angle.

Other Notable News

  • Critical flaws found in ETH 2.0 testnet; mainnet launch unexpected to be delayed.
  • ETC community planning a defense against 51% attacks.
  • USDT goes live on the OMG network (OMG +120%).
  • Rumours of top dApps (eg. Compound) migrating to faster chains.

Thanks for reading our weekly trader insight BTCUSD Hit a New High for 2020! Written by Head Trader Charles Yang. If you found this information helpful don’t forget to subscribe to our newsletter and checkout some of our other content below:

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