An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Good Morning!
Yesterday’s trading day was roughly the same as it has been over the last few days. The current market environment has not changed a great deal; there is still a very narrow trading range in Bitcoin (BTC) and Ethereum (ETH). However, other coins within the Top 20 moved quite a bit. During the past 24h:
- Tezos (XTZ) +8%
- Cosmos (ATOM) + 6%
- Chainlink (LINK) +4%
Twitter hack
Top news making the rounds yesterday was the hack of many high-profile Twitter accounts, spreading a cryptocurrency scam. Twitter shares were down nearly 4% in the after hour trading. The total value of the scam was approx. $100k, which is insignificant compared to the total market cap of Twitter ($27.9 bn), and the after hour decline of the share.
Once we became aware of the incident, we immediately locked down the affected accounts and removed Tweets posted by the attackers.
— Support (@Support) July 16, 2020
Kraken listed 3 DeFi Tokens
And now back to the interesting topics. Japan’s banking giant Mitsubishi UFJ Financial Group is planning to issue its own stablecoin (MUFG token) very soon. The Kraken exchange listed three DeFi assets (COMP, KNC and KAVA) as a result of the general interest in this evolving space. The traditional market is currently reporting quarterly earnings in the US, which started with good earnings that were above estimations for the investment banks Citi and JPMorgan.
Happy trading!
Market commentary
