OSL Daily Update - March 23, 2020 

$BTC 24 Hour High $6,359
$BTC 24 Hour Low $5,785
$BTC -6.4% 

Here’s a quick update following a weekend of further business and service disruptions around the world. 

There’s been a number of reports of a banking systems outage with Finastra’s payment processor that has affected settlement abilities amongst many in the digital asset space.  From an OSL perspective, if you have any queries or are experiencing delays, please don't hesitate to reach out to your designated Account Manager. 

 

Digital asset market:

  • $BTC trade range bound between 5,700-6,400 throughout the weekend, currently trending down as it broke 6,000 during the morning Asian trading session. 
  • Seeing lowered volumes traded across the platforms, down -7% to 34B from averaging ~40B throughout last week. $1.3B of open positions across the largest futures platform with no major liquidation triggers. 
  • Bear-bull ratio at 70/30. Digital assets market cap currently sits at over 167B with $BTC up 16% over the past week as it decouples from the sell-off trends from the traditional market. 
  • $BSV the top alt-coin performer with +3.4% @ 162, +40% over the past 7 days, targeting low 180 levels as next resistance

 

Traditional markets:

  • Market sentiment remains bearish as S&P futures down 5% on Sunday off the news that the $2 trillion stimulus package proposed by the Trump Administration was voted down in the US Senate - on concerns it favored corporations more than workers and health care providers;
  • COVID-19 pandemic continues to dominate most of the headlines in US - Republican Senator Rand Paul caught the virus over the weekend; US casualty numbers exceed 400, New York shuts down as all non-essential services;  businesses close and residents are told to stay at home on Sunday with the announcement of half of the infected cases were from New York; and
  • Airlines such as Cathay Pacific and Emirates have decided to halt flights for two weeks as most countries have now closed their borders.

 

That’s all for now for this Monday as we await what lies ahead for this week. During these rocky times, may the trend be your friend! 

 


 

OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

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