State of the Market #69

10/18/2020 - 10/25/2020

Keith Asmussen, Joshua Ebedes

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Market Summary

Dotted lines represent non-trading days (weekends, holidays, etc.)

Top Stories

Bitcoin Reaches 2020 High Following PayPal Announcement


Currently at $13,100, the price of Bitcoin has exceeded $12,400 for the first time since July 2019. With a market capitalization of over $240 Billion, BTC possesses a market dominance of over 60%. Although BTC has been on the rise for the past couple months, the news that PayPal will now allow users to buy, hold, and sell cryptocurrencies seems to have catalyzed the recent spike. 

Fidelity Claims Trillions Could Enter Bitcoin in New Report

Fidelity Digital Assets, the cryptocurrency subsidiary of financial service behemoth Fidelity Investments, published a Bitcoin Investment Thesis highlighting the role Bitcoin is beginning to play as an alternative investment. The report identifies the growing popularity of emerging equities in global portfolio diversification strategies as the CAIA Association expects alternative investments to grow to 18-24% of the market by 2025. We have seen a massive flux of institutional investors buying into Bitcoin; nonetheless, the thesis states that retail investors are the main reason for bitcoin’s attractiveness as the number of addresses with

less than 10 bitcoins has steadily increased since 2012.

Chart of the Week

The Block - Data Dashboard

The Block recently launched a new data dashboard. It offers live and free chart offerings. They offer some beautiful data depictions on topics ranging from On-Chain metrics to Open Finance. This project brings together many of the most prominent crypto data providers including Skew, Coin Metrics, Chainalysis, CFTC COT, and Dune Analytics.

Top Tweets

@SmartContracter. Quick look at the Bitcoin weekly chart and what it could mean for future prices

Very in-depth, and well thought out thread on the coming of Central Bank Digital Currencies from @RaoulGMI.

@_JustinMoon_. Beautiful meme.

@SallyMayweather. Buy low, Sell high. First thing they teach at McCombs.

A look at the changing leaders in futures platforms from @lawmaster

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Texas Blockchain’s ‘State of the Market’ is a student-led editorial. None of the views expressed by the authors should be taken as the view of the University of Texas at Austin or the Texas Blockchain organization. Furthermore, none of the views expressed should be taken as financial advice in any circumstance.