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Decentrader Market Update for July 14, 2020

by · 5 months ago

Decentrader brings you the most timely and relevant updates on the financial, Bitcoin, and cryptocurrency markets.

Wall Street attempts recovery after a rough start to the week

The stock market in the United States is trying to keep its footing after a late Monday pullback that saw tech shares weigh heavily on the S&P 500 and Nasdaq — the latter of which briefly hit a new all-time high before closing down 2%. Likewise, the S&P 500 temporarily negated all of its 2020 losses before moving downwards.

Tesla is up 6% in the premarket after announcing a Model Y crossover price cut.

The continuing spread of COVID-19 infections in the U.S. is also constantly present in the minds of investors on Wall Street. Florida, alongside other states, is seeing a surge in new infections as the country records more than 3 million coronavirus cases.

JPMorgan Chase shares are up 2% in the premarket following a better-than-expected quarterly earnings and revenue report in the face of the global coronavirus pandemic.

Bitcoin trades flat as whales distribute and miners grind

The Bitcoin market has largely stagnated in a small trading range. However, important developments continue to take place behind the scenes.

The number of verifiable Bitcoin whales — specifically, addresses holding large sums of BTC — has hit a 14-month low as coins are seemingly being continually distributed. Addresses holding a minimum of 10,000 coins on the first and foremost cryptocurrency’s blockchain have decreased to levels not seen since May 2019.

At the same time, the Bitcoin mining difficulty is higher than ever. On Monday, the metric that measures how difficult it is to mine BTC set a new all-time high of approximately 17.35 trillion — 9.89% higher than the previous all-time high.

Though the price of Bitcoin is largely boring traders, decentralized finance tokens continue to hog the spotlight with seemingly-too-good-to-be-true yields.