OSL Daily Update - March 20, 2020 

$BTC 24 Hour High $6,329
$BTC 24 Hour Low $5,236
$BTC +13%

Digital asset markets came out strong out of the gate when the American trading session opened with double-digit gains across the board - finally breaking away from its correlated movements with the traditional market, reigniting discussions of this new asset class as a safe haven hedge. 

 
Digital assets markets:

  • $BTC broke through 6,000 early afternoon with +15% uptick to test 6,400 before correcting back to 6,190 range;
  • Overall +27B boost in the digital asset market cap. More of the capital flowed back into $BTC as its market share jumped 1%, after weeks of alts chipping away at its dominance; 
  • ~7M+ short open contracts liquidated on the run-up with $BTC Future market open positions ~1.55B aggregated over the top 5 venues, the bear-bull ratio at an overwhelming 71/29 on the largest venue.

 

Altcoin spotlight:

  • $STEEM’s hard fork related-momentum continued overnight (up another +15% to 0.30c with +484% traded volume from normal levels after yesterday’s +97% uptick) on the back of the hard fork to the Hive Network support from Binance, Huobi and Vitalik Buterin to counter Justin Sun’s takeover.
  • $USDT prices dropped slightly to the 1.0016 range as Asia’s arb opportunity closes, traded around 1.02-1.03 range in Asia.
  • $IOTA enjoyed a nice 27% uptick after the topic of decentralized controversy when the chain was shut down in February over a hack that lost $2m worth of tokens, currently at 0.15c, targeting 0.17c on the next push. 

 

Traditional markets:

  • US Equities were choppy as the benchmarks traded below opening prices before rallying back midday to a close slightly above breakeven;
  • Nasdaq closed 2% above to 7,288;
  • Dow barely cleared 20,000, up +95bps to 20,087;  
  • SPX at 2,409, up 45bps overnight;
  • VIX dropping -4pts to 72; 
  • Gold tests 1,500 resistance but corrects back down between the 1,460-1,480 range.

 

Milestone day for China as they announce their first day without new infections whilst all eyes turned to Italy as their death toll surpassed China. Catching wind of scammers impersonating WHO websites to steal $BTC donations - stay vigilant!  As always, we recommend good security practices; if you receive any suspicious emails or chats purporting to be from OSL outside of your usual channels, please contact your trader or OSL support team for clarification.

 

That’s all for now for this Friday, may the trend be your friend!

 


 

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