Market wrap: Bitcoin near $ 9,600 as gold hits high, Uniswap’s liquidity exceeds $ 100 million

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As bitcoin approaches $ 9,600, gold goes above $ 1,900, and DeFi liquidity is steadily increasing.

  • Bitcoin (BTC) is trading around $ 9,592 at 8:00 p.m. UTC (4:00 p.m. EDT). Slip of 0.03% in the previous 24 hours.
  • 24 Hour Bitcoin Range: $ 9,475 – $ 9,601
  • BTC above 10 and 50 day moving averages, a bullish signal for market technicians.
Bitcoin trading on Coinbase since July 22.
La source: TradingView

Gold is on the verge of an all-time high, up 0.80% on Friday, to $ 1,901 an ounce. Sweden-based OTC bitcoin trader Henrik Kugelberg sees gold approaching its all-time high as an advantage for the world’s oldest cryptocurrency. “Bitcoin will spend $ 20,000 in a wave. I suspect that a new normal reduced bitcoin price will be around $ 15,000 in 2021, as if it were around $ 9,000 in 2020. ”

Bullish bitcoin traders love to talk about gold because they see similarities between the yellow metal and cryptocurrency. “I think we are only weeks or months away from a solid bitcoin continuation as gold hits $ 1,900 today,” said William Purdy, an equity and crypto options trader. based in New York.

Indeed, gold’s surge this week came as bitcoin eked gained and the performance of the US S&P 500 stock index returned to stability for 2020.

Bitcoin (orange), gold (yellow) and S&P 500 (blue).
La source: TradingView

Kugelberg is pessimistic about stocks for the 2020 balance. “I think there will be at least a 30% decline in stocks on average no later than the fourth quarter. So where to go? To real assets with lasting value, ”Kugelberg said. He referred to gold, bitcoin and property as “real assets”.

“Bitcoin bulls have momentum on their side at the moment,” said Alessandro Andreotti, an Italy-based over-the-counter bitcoin trader. “The crypto market is likely to head for a bullish continuation from here.”

Within crypto, ether is doing even better than bitcoin this week. ETH / BTC, that is, the price of ether in bitcoin, has seen a jump in recent days.

ethbtcjuly24
ETH / BTC pair on Coinbase since July 22.
La source: TradingView

Ether prices have risen nearly 12% against bitcoin, said Aaron Suduiko, research analyst for the OKCoin cryptocurrency exchange. “It will be interesting to see if any trends develop in the event that more DeFi projects continue to develop.”

Uniswap crosses $ 100 million in cash

The second largest cryptocurrency by market cap, Ether (ETH), rose around $ 283 on Friday and climbed 3.6% in 24 hours at 8:00 p.m. UTC (4:00 p.m. EDT).

Read more: Ether leaves Bitcoin behind with 2020 gain of over 100%

“The recent ether gains are due to the ongoing thematic chatter on social media around new DeFi projects that have shown tremendous strength,” said Purdy, the equity and crypto options trader. Indeed, Uniswap, a decentralized exchange (DEX), for trading various DeFi project tokens, surpassed $ 100 million in cash on Friday.

uniswapjuillet24
Historical liquidity of DEX Uniswap.
Source: Uniswap.info

Instead of order books, Uniswap uses liquidity pools where investors can “stake” cryptocurrencies and profit or “generate” trading fees on the DEX. This liquidity allows Uniswap traders to quickly trade between Ether and various Ethereum-based ERC-20 tokens, with a total daily volume reaching $ 71 million per day, according to data aggregator Dune Analytics.

Other markets

Digital assets on CoinDesk 20 are mostly Red Friday. Notable Winners at 8:00 p.m. UTC (4:00 p.m. EDT):

Read more: Arca’s flagship Crypto Hedge fund up 77% in 2020

Notable losers at 8:00 p.m. UTC (4:00 p.m. EDT):

Read more: Carlos Ghosn’s $ 600K Bitcoin Escape Fee Paid Via Coinbase

Read more: Crypto’s $ 35T moment could come from Analog-World stock listings

  • Oil is up 0.40%. Price per barrel of West Texas Intermediate crude: $ 41.21

Read more: No one has traded Bitcoin options on Bakkt for over a month

  • US Treasuries were mixed on Friday. Yields, which move in the opposite direction to price, fell the most over the 2-year, in the red of 4.3%.

Read more: Banks Won’t Rush To Hold Crypto

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DisclosureA leader in blockchain news, CoinDesk is a medium that strives to meet the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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