An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Market commentary
Good Morning!
It has been a very interesting weekend. However, this pertains more to price moves and flow rather than news items that have had an impact on the market.
Bitcoin (BTC$) reached the 14,000 mark at the end of the 3rd quarter of 2020, but then eased back into a short-term trading range between 13,650 and 13,850.
Ethereum (ETH$) showed some strength and is trading at $400 again. It was basically the winner over the weekend.
General information
In general, we have seen some decent flow in BTC over the weekend, investors positioning themselves ahead of the US election. The traditional market has shown some weakness over the last few trading days, and more market volatility is to be expected. It will be interesting to follow the developments and see how the correlation will strike the cryptocurrency space: so far, BTC and ETH have fought well and have shown some short-term resilience.
Overall, the DeFi sector did not experience any bigger moves over the past days. The FTX DeFi Index traded at 3,400 two months ago, so a huge correction towards the current level of 1,650 has already taken place.
CBDCs
The weekend news focus was mainly on the CBDC side. Cambodia has recently introduced a CBDC, and other countries have also announced to follow suit - or to, at least, look deeper into this matter. Click here or on the image to read the press release.
We wish you a great week.
