Bitcoin Price and Trading Report: October 7th - Mine Digital
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Bitcoin Price and Trading Report: October 7th

October 7, 2020 • 
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Risk assets were sold after Trump rejected stimulus until after the election. Bitcoin was also sold but other digital assets dumped.

Morning Traders,

There had been some expectation of a stimulus announcement this week after Democrats trimmed their fiscal stimulus proposal and were due for a second meeting with Treasury Secretary Steven Mnuchin. However President Trump rejected the Democrats offer, asserting that it would be finalised after the election.

As a deflationary announcement the S&P500 traded almost 100 points from high to low as a result, selling all the way into the close. The news assisted gold to selloff more than it would have and the U.S. dollar recovered yesterdays losses.

Bitcoin

Bitcoin traded lower with the S&P500 after also struggling to break out of its consolidation a third time.

BTC last traded at $10,590

24 hr high: $ 10,805

24 hr low: $ 10,524

BTC/USD Chart

Our Trade

As BTC trades towards the end of its consolidation we would call a break-out a trade below A or above B. If the market trades below the longer term blue trendline we want to be long on the stop-out.

Ethereum

Eth followed BTC lower with other risk assets late in the US session. Eth last traded at $341

24 hr high: $ 355

24 hr low: $ 337

ETH/USD Chart

Digital Assets

Digital assets were sold heavily on the news with DeFi projects amongst the hardest hit.

AssetCodePrice (USD)24hr Change (%)VolumeMarket Capitalisation
Aave$LEND0.435565-16.461277,388,854.00$545,975,627.00
Algorand$ALGO0.285148-10.23515125,360,882.00$228,842,170.00
Aragon$ANT3.32-6.4012914,152,432.00$115,044,283.00
Balancer$BAL13.94-12.8151239,901,267.00$114,229,400.00
Bancor$BNT0.931828-18.9487969,838,013.00$60,830,786.00
Cardano$ADA0.09258-4.69058412,149,669.00$2,879,732,245.00
Chainlink$LINK8.77-8.60037567,081,971.00$3,394,711,390.00
Compound$COMP104.7-14.6046965,351,735.00$347,519,824.00
Curve Finance$CRV0.507582-19.1211951,586,504.00$39,366,429.00
Dai$DAI1.010.06706119,112,983.00$879,223,905.00
Kyber Network$KNC0.855034-8.7264742,594,732.00$169,139,605.00
Loopring$LRC0.17499-8.7204385,609,946.00$205,074,012.00
Maker$MKR519.15-8.1278132,389,827.00$473,633,608.00
Meta$MTA2.61-10.6136918,914,233.00$15,070,740.00
mStable USD$mUSD10.139241,026,636.00$36,263,558.00
Ren$REN0.235805-5.8976484,582,751.00$207,175,756.00
Reserve Rights$RSR0.00783814-13.6970127,995,951.00$73,213,515.00
Stellar$XLM0.072298-1.22287147,902,067.00$1,501,220,146.00
Synthetix$SNX3.61-13.5548749,957,560.00$453,232,913.00
Tezos$XTZ2.05-4.23688104,619,083.00$1,491,388,230.00
Universal Market Access$UMA6.59-7.6322920,182,679.00$363,384,296.00
yearn.finance$YFI16713.54-11.74224513,668,989.00$500,521,388.00

Whether you want to simply buy and sell or access advanced features, we have the tools you need. Mine’s order-book exchange lets you trade BTC, ETH, XRP, LTC and BCH against AUD, USD and USDT*. Mine Digital, Australia’s best Cryptocurrency Exchange.

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