OSL Daily Update - May 22, 2020
$BTC 24 Hour High $9,565.45
$BTC 24 Hour Low $8,869.93
Happy Bitcoin Pizza Day! If you’ll be paying in $BTC for your home delivered pies while under quarantine today please remember Laszlo Hanyecz!
Friday’s Asian session trading begins with digital asset market cap sliding for the second consecutive day, dropping 10% from (267B to 247B). $BTC signalled bearish sentiment as it drops 400 to 8,800 before correcting to 9,100; trading at the bottom range of Bollinger Bands and below 10 day and 30 day moving averages, while RSI shows oversold levels. Currently targeting 9,150 on the next move up.
$BTC hash rates are still sliding since the halvening, dropping 25% from 121M th/s to 94M th/s as non-profitable miners are still being pushed out.
$BTC Futures liquidated 113.9M long positions during this move down with bear-bull shifted 3% towards bearish to 67:33.
With all the top 10 alts seeing ~3-4% drops across the board, strongest alt performer goes to OmiseGO ($OMG), up 35% to 1.58 with its traded volumes doubling overnight from 160M -> 320M after Coinbase adds $OMGBTC and $OMGUSD pairs to its list of offerings for retail traders and mobile apps yesterday. Although exciting to see such large price action, the previous time it reached these levels was early Feb and only 6% of its ATH at 25.6.
News that caught our eye:
As one of the first countries to recognise mining as a legitimate industry, Iran has doubled its total hash rate share from 2%->4% since September 2019. Iranian president looking to revisit regulation and mining revenue to prevent too much capital from leaving the country.
$XRP’s CTO David Schwartz reveals that other Ripple execs are long on $BTC, but won’t disclose if they’re long on $XRP citing global regulatory uncertainty as a main blocker from predicting price action. $XRP broke 0.20 once again during yesterday’s sell off, sliding 6% total over four consecutive days of sell offs from 0.2063 to 0.194
Cardano working on a microchip that will allow offline transactions with aims of delivering a cash-like experience. An encouraging development for adoption of digital assets with developing countries certain beneficiaries of the technology.
May the trend be your friends!
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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