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Qume Market Mondays-28th Sept 2020

Welcome to another edition of Qume Market Mondays

Crypto:

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source-Skew

Bitcoin is testing just below $11,000 price levels late today. It is up 6.27% from last Monday’s low with low trading volumes in futures markets implying a weak momentum in its recovery.

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source-Skew

Open interest in futures markets has also been steady at around $4B this September. The interest of Bitcoin investors in the meantime has increased in DeFi and options markets.

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source-Skew

Open interest in options markets stood at $2.3B just before almost a billion dollar worth of options expired on the 25th of September. Bitcoin’s market volatility was also low on weekends. Standard moving average Indicators is also pointing down.

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source-Skew

If bitcoin fails to cross the $11,000 price soon we expect the price to go lower than $10,500 mark by the week’s end.

Defi

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source-DeFipulse

Uniswap token since its launch has outperformed every other DeFi project to have more than $2B worth of assets locked-in on its platform. Uniswap now dominates around 20% of the whole DeFi network followed by Maker which is just short of touching the $2B mark with $1.97B worth of assets locked-in on its platform.

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source-Skew

BTC on DeFi platforms (Lightning and WBTC) is about to touch $1B. This week it increased by 14.14% up from $856M locked-in at the time of our last market wrap.

Global Markets

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US stock closed with weekly gains this week with a spike in the market volatility as the date of US elections come closer.

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source -London stock exchange

Uncertainty regarding the new outbreak of the Coronavirus coming winter is increasing in Europe and other colder regions of the world. EU has said that it will be willing to release more stimulus packages in the coming time if the situation worsens. Some are speculating that the restrictions on certain businesses may have to be imposed again. Though the FTSE 100 index rallied this week signalling the positive outlook to remain in the coming times which the investors have managed since the first outbreak.

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Source-Tradingview

Chinese economy is recovering, most of the businesses are back to operating at pre-pandemic levels. As a result Chinese Yen is strengthening.

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