OSL Daily Update - April 1, 2020
$BTC 24 Hour High $6,504
$BTC 24 Hour Low $6.374
The US announced grim COVID-19 predictions as it forecasted casualties to be between 100,000-240,000, as the infected total has surpassed China’s Hubei province. How long before the $2 trillion stimulus wears off its luster is yet to be seen; the major question investors are wondering: How low can markets go?
Digital asset markets:
Digital asset markets opened with a bit of momentum leading into the week, overall market cap currently at $181B, up +$5B from yesterday and has been fluctuating below the $200B range since March 12th, when $BTC nearly halved its worth from $8k levels down to $4,630.
- $BTC trading within a tight range for the majority of the American session again as the Bollinger bands closed in after the trading range
- Volatility dropped from $200/hour to $60 over the past couple of days. Currently trading around 6,300, support at 6,287 after failing to break-through this level multiple times yesterday.
- $BTC futures trading at a discount currently with shorts paying longs
- Futures volumes increased to 6.59B across the major four platforms with open interest at 1.49B. 1.2M longs liquidated this morning as the price dropped 160 to the 6,300 range.
Bitcoin dominance is still at 65%, unchanged over the past couple of days, with the decreased activity.
Quick highlights on major alts:
- $ETH trending up 6% since the start of the week and trading at 132 levels, trading below its 14 day EMA - strong support at 123 levels over the past week, targeting 143 on the next run up.
- $IOTA protocol bounced back yesterday with the largest gains of all mid-large cap coins +8.5%, trading at 0.142 levels after spending the past four days trading around mid 0.135, with strong support at 0.14. Next target to reach will be at 0.146.
- $USDT fewer arb opportunities translating to lower payment processor volumes seen on the desk. Currently offering better bids for USDT for those looking to cash back into fiat.
- VIX at 53 and has slowly been on a downtrend since Saturday;
- US benchmarks corrected down by ~1.5% last evening, posting the worst Q1 in 124 years;
- Spot gold dropped to the low 1,600 levels from 1,630s;
- US treasury yields down to 66bps.
News that caught our eye:
- Bitcoin startup backs tourney with in-game micropayments using Lightning Network
- Blockchain week is going virtual, as most digital asset events are cancelled, still offering virtual VIP tickets for networking and speaker meet-and-greets
May the trend be your friend!
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