OSL Daily Update - March 26, 2020 

$BTC 24 Hour High $6,789
$BTC 24 Hour Low $6,411
$BTC +0.33% 

All in all, very tame markets overnight, as it seems to be the calm before the storm - awaiting how the markets will react tomorrow.


Digital asset market:

  • Digital asset markets cooled off last night with most large-cap coins trading horizontally;
  • $BTC range bound between 6,500-6,800; 
  • Digital asset market cap up +178M, with physical $BTC traded volumes down -7.25% to 40.68B overnight;
  • Miner profitability has dropped with the price of $BTC, discentivizing mining activities which have dropped difficulty 16% (its largest);
  • Major alts seeing prices up between +0.5%-2.5% with the biggest mover $XTZ seeing a nice rebound towards the 1.80 range - currently trading at 1.75, up 2.5% overnight. It had dropped as low as 1.28 last week, passing through the middle Bollinger band; 
  • Future markets still reflecting a bullish sentiment with the bear-bull ratio at 66/34, shorts paying longs with around 1.22B in open interest collectively amongst the top platforms; and 
  • $NEO unlocked $11m worth of tokens to fund itself for 2020, up 1.8% on the news, trading at $6.8 with targets at 7.2 as it failed to gather enough support at that level yesterday via 6h chart on NEOUSDT. Though it’s very far off from it’s ATH at 191.78 in 2018

 
Other industry related news: 

  • Telegram TON is forced to halt issuance of GRAMs as the SEC obtains a temporary injunction against it. The Foundation is still considering alternative steps to unlock its $1.7B raised in its 2018 private token sale.
  • International Organization of Securities Commissions published a 31 page report regarding stablecoins Subject to Securities Regulation in the near future as digital asset adoption rate improves. The report seems to potentially target the Libra project. 


Traditional Markets: 

  • $2 trillion aid bill agreed by the US Senate, with the House to vote on it tomorrow, making a grand total of $6T in COVID-19 related stimulus packages. $1,200 direct payments to US Citizens expected to be delivered within 3 weeks per Secretary Mnuchin. 
  • DOW up 2.39% as it logs its second straight gain day -  but the projected jump in unemployment from job losses and layoffs (2.2% to 11%, in one month) will test the markets in the very near future. 
  • US and Asian futures drop upon this news. (US Futures Average -0.5%) 

 

May the trend be your friend!

 


 

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