OSL Daily Update - May 26, 2020
$BTC 24 Hour High $9,063.68
$BTC 24 Hour Low $8,719.67
$BTC endured a few rounds of sell offs these past couple of days that pulled the 9,300 to 8,900 as onlookers spotted a 75+ $BTC sell order on Coinbase that subsequently triggered a knock-on of additional sell activity. Over the past 24 hours we’ve seen 57.5M in liquidated long positions.
- Digital asset market cap dropped 3B overnight to 250B. $BTC dominance 65.5%, dropped from highs of 67% last week.
- $BTC looking to build back momentum to break resistance levels of 9,000.
- $BTC futures volume up to ~15B during the sell off period with a slow weekend of trading that saw less than 10B futures traded.
- For the most part alts followed the $BTC trend, with $ZIL and $ADA performing the strongest at the top of the large cap coin table.
- $XTZ trading within a tight range 2.61 and 2.83 for the past few days. Trading at neutral levels, on par with 10 and 30 day MA, looking to break above 2.90 range with increased volumes
- $ADA continuing on its bull run, correcting back to 0.054 after rebounding off its support line at 0.05 established on May 15 during the $BTC sell off
- $ZIL up 27% with Vitalik’s acknowledgement, trading at 0.0125, up 170% since the start of the month.
- $ETH able to maintain above 200 levels amidst the sell offs with ETH 2.0 on track for Q3 2020. Statistics are showing bullish sentiment across the community, which expects a positive push in the right direction as Serenity approaches. Glassnode analytics show 40M addresses holding ETH currently, in comparison to 10M addresses in 2018 when $ETH peaked at its all time high at $1,400. $ETH addresses increased by 350%, while the price declined by 85%.
News that caught our eye:
- VISA approves DeFi enabled credit card in EU and UK
- Telegram officially withdraws appeal for GRAM, ending the record breaking project that raised 1.7B over two private token sales in 2017.
May the trend be your friends!
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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