OSL Daily Update - March 31, 2020
$BTC 24 Hour High $6,636
$BTC 24 Hour Low $5,880
Bitcoin prices rose again, erasing past sluggish performance, and equity markets continued to inch higher today, extending last week’s relief rally. Oil continues to run in the opposite direction. Retail, the next casualty as the COVID-19 continues its attack on economic health.
Digital assets market:
Bitcoin pushed higher, adding to yesterday’s gain and showed that the $5,870 support still holds. $BTC gained as much as 11.7% during the day, completely engulfing yesterday’s bearish session - and with decent volume. With this, it is safe to say that Bitcoin is now trading on a wide $1,000 range from $5,800 to $6,800, leaving many traders on the sidelines waiting for the next move and volume decrease.
- Futures market is still trading actively with Bitmex as reference trading over $2B in the last 24 hours. Funding rate now turning slightly positive with longs paying shorts for the 3rd time since March 12th.
- Perpetual swaps are now trading almost at par with spot. Bear/bull ratio currently at 66:34 and Fear-Greed Index is currently still in the lower fear bounds (10).
- Despite today’s move’s, sentiment is still largely bearish as global uncertainty regarding the short term future of markets and the containment of the virus are still hard to foresee.
- The large majority of the top 100 alt coins are losing value against $BTC as Bitcoin dominance inches a bit higher to stand above the 67% mark.
- Only a few alts have outperformed Bitcoin in the last 24 hours, namely $ICX, $BSV, $STX, $DCR.
- ETHUSD is mimicking BTCUSD with its positive moves, but with less thrust as evidenced by ETHBTC’s 2.86% decline.
- The DOW added 690 points and the SP500 ETF Trust added 85 points, jumping 3.19% and 3.43% respectively, spurred by gains in the Healthcare sector.
- One of the most relevant headlines of the day is related to oil again as it tumbled to an 18-year low as Coronavirus lockdowns increase, hurting demand, and oversupply is still present in the markets. Prices now are on track to register its worst quarter in record, already down 60% YTD.
- The effects of coronavirus in the markets are still growing stronger not only by last week’s jobless claims (soaring to 3.28M), but with an estimated 630,000 retailers and national chain stores across the US are set to shutter their doors.
- In regards to COVID-19, President Trump extended the federal social distancing and coronavirus prevention guidelines to April 30th. However, Chinese healthcare specialists have urged the Italian government to quarantine patients with even mild symptoms instead of letting them self-quarantine. There are now over 775,000 confirmed cases worldwide and the death toll is approaching the 37,000 mark.
News that caught our eye:
- The French Central Bank is taking new steps toward the integration of digital currencies as it published a request for proposals for central bank digital currencies applications. These efforts will add to the EU ongoing conversation on CBDCs.
- Square approached the US Treasury to help distribute the stimulus package intended to be received by millions of Americans. Digital distribution of this package would not only help reduce the exposure to the virus, as many Americans could have to receive cash, but they would also save money as they wouldn't have to use a cash checking service to access their funds.
Have a great rest of your week and please stay safe. May the trend be your friend!
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