Welcome to another edition of Qume Market Mondays
Bitcoin
Bitcoin climbed to $11,700 mark on the weekend after falling from the same price level on late Tuesday. Market volatility has been low despite around $900M+ worth of options expiring on August 28th. This rally has been steady and is expected to continue.
Total Bitcoin deposited on DeFi platforms has increased this week to cross the 50k mark, an all-time high. At the time of writing it is at 55,326 bitcoins.
ETH
Ether is up 7–8% in futures market in last 24 hours. This can be because of the 65% fall in average transaction fee this week.
However, the average transaction fee has surged back to around $5.986 today. This has usually been a bearish indicator for Ether.
DeFi
On Uniswap total Ether locked-in is up 46.88% in last 24 hours, making it the second most valued DeFi platform, followed by Maker. Its daily trading volume was $500M on Sunday with total liquidity of $1.7B.
WBTC volume is up this week as well, holding now at $387M. Bitcoin demand in DeFi has been increasing significantly throughout August amid the DeFi boom. People who faced really high gas prices on the Ethereum network in the first twenty days of August casually shifted to bitcoin options in DeFi.
India’s economy down 23.9% amid the world’s biggest lockdown:
GDP of India is down by 23.9% in the 2nd quarter of 2020. This is worse than any of the world’s biggest economies. The median estimate in a survey of economists was an 18% contraction. India had placed one of the harshest lockdowns which have hurt key businesses in the nation, reducing output among all major sectors significantly, except agriculture.
Source — Bloomberg
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