OSL Daily Update - March 30, 2020 

$BTC 24 Hour High $6,238
$BTC 24 Hour Low $5,903
$BTC -4%

Slow markets over the weekend with not many big headlines on the digital asset front.  We saw a minor sell-off with all coins in the red, including $BTC slowly trading down over the weekend and finally breaking below 6k on Sunday evening. 

There’s still a largely bearish sentiment, with the expectation of another market drop on the news of COVID-19 failing to be controlled around the world. With new temporary laws such as limiting social gatherings to 4-5 people being enacted from Hong Kong to Ontario (Australia taking it a step further with its limits to two people, over the weekend);  the UK’s Prime Minister, Boris Johnson, positive test for COVID-19; and Italy’s death toll breaks 10k, tripling China’s reported deaths - there’s little to suggest sentiments will improve in the near term.

Digital asset markets:

  • $BTC price slid 800 during the weekend with volumes traded 28B down from 40B average of last week. 
  • Futures market, on the other hand, looking to be more active with 6.4B traded volume across the major 4 platforms, aggregated 1.5B open interest. 11M+ long contracts liquidated overnight with $BTC breaking 6k. Currently seeing funding at shorts paying longs with futures trading at a 4-6 discount to spot.
  • Bear/bull ratio currently at 66:34, expecting this number to drop with Fear and Greed Index currently in the Extreme Fear red (12). 

 

Alt-watch:

  • $USDT arb opportunities present currently in Asia, expecting to see more sell flow for $USDT today. $USDT prices have dropped to parity levels, following highs of 1.0020+ last week;
  • $XRP down 0.165 levels as it dropped 3% over the weekend at 0.1880 levels, but up 9% over the past week, the strongest performer out of the top 10 large caps;
  • The weakest performing coin goes to $BSV with -7% drop over the last week, currently trading at 150 levels after peaking at 170 levels heading into the weekend.

 

Industry-related news:

  • New ransomware, Ryuk appears to be targeting hospitals demanding payment in $BTC, currently targeting 11 hospitals (two private, 2 public). Coin purity vendors are already alert to the addresses being used;
  • Binance announces that they will delist all $FTX leveraged tokens to “protect users”; and
  • Canada announces their FINTRAC body will treat all digital asset firms as money service businesses, putting additional spotlight on KYC and foreign money services related to the digital assets.

 

We’re hoping to share more positive news as the week develops. Have a great Monday. 


May the trend be your friend!

 


 

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