OSL Daily Update - May 20, 2020 

$BTC 24 Hour High $9,836.05
$BTC 24 Hour Low $9,539.62
$BTC +1.2%

Traditional markets closed down ~1% after clinical trials data showed that Moderna’s COVID-19 vaccine was not as effective as hoped at low dosages. Federal Reserve Bank of Boston president Eric Rosengren has predicted the unemployment rate to peak at 20%. Trump threatened to permanently stop funding to the WHO after accusing the organization of siding with China to play down COVID-19 during the early stages.

Digital assets market:

  • Market cap increased 3B from yesterday to 264B with $BTC range bound currently at 9,550 and 9,800.
  • $BTC future volumes on the rise with three consecutive days increasing from 15B to 19B. Open positions dropped ~100m overnight to 2.26B across the top four exchanges. 

ALT coin movement: 

  • Strongest performers go to $XTZ $LINK and $ADA with 5%+ gains
  • $XTZ @ 2.87, up 6.8% overnight, still targeting last week’s high at 2.96
  • $ADA @ 0.0536, up 5.7%, targeting 0.055, up 12% over the past 7 days
  • $LINK @4.04, tops $4 resistance line, up for the past 7 consecutive hours, moving from 3.85 to 4.04, up 9% over the past 7 days

News that caught our eye:

  • New ransomware ProLock has been targeting businesses, government bodies, and hospitals asking for 35 $BTC to unlock
  • China’s Communist Party published a book on cryptocurrency that covers from the history of fiat to exchanges and ICOs to the future landscape of the industry including regulation issues. Of course it covers China’s CBDC endeavours.

Traditional markets:

VIX popped +4%, to just above 30 levels, in the last two hours of the US trading session, after dropping three consecutive trading sessions to lows of 28.3  (Note: 12-16 was the average pre-COVID19 range across 2019)

  • DOW down 1.59% (-390pts) to 24,206
  • S&P down 1% ( -31pts) to 2,922
  • NASDAQ down 0.3% (-33pts) to 9,298

 

May the trend be your friends!

 

OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti

 


 

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

Home to one of the world's largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on TwitterLinkedinFacebook, and Telegram.

 

 

Please refer to OSL's relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.