Bitcoin Lower, Powell Pow-Wow Uninspiring - Mine Digital
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Bitcoin Lower, Powell Pow-Wow Uninspiring

August 28, 2020 • 
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Overnight the Powell speech was underwhelming as US equities go stratospheric. Bitcoin fails to find relief and digital assets were sold.

Morning Traders,

The Powell speech turned out to be underwhelming for markets in the end, with no specific actions taken as a fundamentally new reality. However it does shore up, and pad out the current course.

With equity markets making significant new highs in the US, the chances of a reversal increase. We might already be seeing the shift in digital assets, which had been the canary in the coal mine more than a few times this year.

Bitcoin

Bitcoin has done very little but slide lower, but has lacked volatility in general.

Bitcoin last traded at $11,281

24 hr high: $ 11,600

24 hr low: $ 11,120

Bitcoin USD Chart

Ethereum

Eth has essentially made the same move as bitcoin overnight, trading now at $380.

24 hr high: $ 397

24 hr low: $ 387

Ethereum USD Chart

Digital Assets

There is broad carnage in digital assets overnight. Where the assets had bounced back strongly in the past, there has been less interval between selloff periods recently. The state of the equity market may also be worth considering.

AssetCodePrice (USD)24hr Change (%)VolumeMarket Capitalisation
Aave$LEND0.761609-8.9013719297631952165160
Algorand$ALGO0.519214-5.00663299341787418007362
Aragon$ANT8.22-12.3585151432068283961743
Balancer$BAL25.5-1.6128858108112186127651
Bancor$BNT1.76-2.4796993536989115579391
Cardano$ADA0.106312-7.381264424783713305719820
Chainlink$LINK14.53-4.9379410146764935561475237
Compound$COMP171.35-4.7211480235604554063323
Curve Finance$CRV3.37-6.5495613534484876405810
Dai$DAI1.020.2701390917058451356095
Kyber Network$KNC1.53-6.2341364584290300592341
Loopring$LRC0.189128-2.8108355004170221159857
Maker$MKR620.65-3.273643288778557852322
Meta$MTA5.083.51278685015322658322
mStable USD$mUSD0.9989220.00654223357338252783
Ren$REN0.412021-10.0216144897439361916550
Reserve Rights$RSR0.02327385-7.8600922471549159445574
Stellar$XLM0.093684-4.887272403106761927464569
Synthetix$SNX6.12-0.6558195897987713646302
Tezos$XTZ3.2-5.388132382526882304591528
Universal Market Access$UMA8.3821.098386345643451147460
yearn.finance$YFI14339.45-6.7963784905930429496207

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