Welcome to another edition of Qume Market Mondays!
Bitcoin was able to test $11,000 price levels before falling to $10,300 late this weekend.
Markets maintain a weak outlook because of weak price rebound and low trading activity.
Trading volumes in futures markets were low throughout the week and open interest also took a dive. Trading exchanges were short on liquidity with %5mln B/O Spread going up as much as 3% on bitFlyer.
Bitcoin markets are looking bearish and we expect major sideways movements this week.
Total value of crypto assets locked in Uniswap crossed the $1.5bn mark again this month. The dynamics of Uniswap have supposedly changed after the launch of their token called “UNI”. It gives the users an opportunity to lock ETH on Uniswap and farm UNI token.
The price of UNI token rallied to $7.82 just a day after its launch, a 163% rise in a day. It is now trading around $4.26. Uniswap is now that most valued DeFi project with $1.9B worth of assets locked-in.
As the coronavirus crisis continues, reports have surfaced that restrictions may need to be tightened with the winter season approaching. S&P 500 late week fell for four consecutive days, which was its longest losing streak since February. It is down 5.35% since last week. Other major US indices ended up on weekly losses similarly.
Founder of Nikola, Trever Milton resigned as executive chairman amid fraud allegations. This comes after short seller Hindenburg Research released a report earlier this months in which it allegedly exposed the misleading claims made by Milton about the readiness of Nikola’s technology. Share price of Nikola fell 26.87% after the news and closed after recovering a bit.
Conflict in the TikTok Global deal
The US tech company, Oracle, is in a conflict over operations of TikTok with its founding company ByteDance. The structure of the deal is unusual and complicated and adding to that, the two sides are giving contradictory statements.
TikTok’s Beijing-based owner said last Sunday that ByteDance would directly hold an 80% share of the new TikTok while Oracle released a statement earlier today that Oracle/Walmart after their investments, TikTok Global shares will be distributed to their owners, leaving American owners in the majority and Bytedance will have no stake in TikTok global.