OSL Daily Update - November 10, 2020
$BTC 24 Hour High $15,785.14
$BTC 24 Hour Low $14,865.53
The equity market soared off the news of successful vaccine test results, pushing up sectors like energy and travel, while work-from-home geared companies and tech slumped. President Trump still hasn’t conceded the election but between rounds of golf has gone about firing his defense chief (last night) on what is shaping up to be an eventful 72 days before the intended transition of office is due to happen.
Digital assets market:
- Billionaire hedge fund investor Stanley Druckenmiller joined Paul Tudor Jones to publicly endorse $BTC as a store of value on CNBC last night.
- Digital asset market cap fell 7B overnight to 434B while $BTC dominance increased to 64.4% with most alts dropping against $BTC yesterday.
- $BTC broke 15K support briefly during the opening of the US markets before rebounding back to 15,200 levels off a $500 traded range and physically traded volumes at 33B. Week to date performance down 2.4% but MTD is up 27%. With the 12K to 15K jump across the past two week span.
- $BTC unique address activity back at 3-month highs with 1.2m active addresses.
- Bitcoin SV exposed for a potential loophole by removing P2SH (pay to script hash) during its fork from BTC and because of its mandate to create faster payments, it replaced the P2SH with “bootleg, BSV-specific version called “accumulator multi-sig” that utilized P2PKH transactions instead” which is not secure and not ideal for multi-sig transactions
- $ETH down 3% to 442 levels, with mining difficulty increased significantly (+6.4%) and number of transactions increased by 12.9% (from 40.9k to 46k transactions) over the past 24 hours. $ETHBTC at 0.029, range bound between 0.0288 and 0.0293 over the past three days.
Alts and DeFi watch:
- DeFi TVL increased by 50m to 12.55B overnight, not much notable price action to flag, with DeFi-related coins moving only around 1%.
- $YFI did increase 2% to 15,300 levels after moving up 80% this week, but still down 32% across the last 3 months.
- $LINK up 0.96% to 12.64
- $SNX up 34% this week to 4.2 levels, with its ATH at high 7’s during the peak of DeFi.
Traditional asset markets:
- S&P intraday peaked near 3.9% before closing up 1% to 3,550
- NASDAQ closed down 1.5% to 11,713
- Russell 2000 finished up 3.7%, above 1,700 levels for the first time since 2018
More news that caught our eye:
- Privacy rights advocates are watching EU lawmakers closely following proposals for law enforcement to access encrypted chat platforms.
- Private stablecoins “could transform the way people store and exchange their money.” said HM Treasury
- US Federal Reserve takes a look back to move forward with CBDCs
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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