Digital Assets Split Direction on Risk-Off - Mine Digital
Knowledge

Digital Assets Split Direction on Risk-Off

July 24, 2020 • 
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Spread the word
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Risk was taken out of markets overnight and defi projects followed. Bitcoin and Gold were bid and Ethereum continues to look strong.

Morning Traders,

Although we think that top-down intervention will stop a proper market sell-off, risk was taken off overnight and inflation also ticked up. Digital assets, especially decentralised finance projects, were sold with it.

Gold and Bitcoin were bid, although potentially still a little muted. Bitcoin may be forced to choose what it wants to be and gold could be doing its job in institutional portfolios at the moment.

In looking at the charts though, the two large-cap digital assets, Bitcoin and Ethereum have now both broken out of their resistance trend strongly and are being bid.

Bitcoin

Bitcoin has traded higher, and is consolidating there. It might be a case of slowly creeping upto the critical $10k level while looking uncommitted the whole time, before everybody has to hit the exit at the same time.

It didn’t weaken with the risk off trade, which it had been, which is encouraging.

Bitcoin last traded at $9,614

24 hr high: $ 9,689

24 hr low: $ 9,453

Bitcoin USD Chart

Bitcoin Chart

Ethereum

As expected, Eth is the more volatile asset and is being bid very convincingly.

24 hr high: $ 280

24 hr low: $ 260

Ethereum USD Chart

Digital Assets

ChainLink and Tezos had buyers overnight while digital assets were quite weak by comparison, perhaps trading with risk assets overnight.

  • Aave: $ 0.285
  • Algorand: $ 0.328
  • Cardano: $ 0.1238
  • Chainlink: $ 7.87
  • Compound: $ 157.52
  • Maker: $ 529.16
  • Ren: $ 0.162
  • Reserve Rights: $ 0.0114
  • Stellar: $ 0.0982
  • Synthetix: $ 3.34
  • Tezos: $ 3.17

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.

Written By
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Before you go...

Never miss a thing! Sign up to
The Knowledge Mine Digital’s newsletter on all things Crypto