OSL Daily Update - May 25, 2020 

$BTC 24 Hour High $9,298
$BTC 24 Hour Low $8,853
$BTC -1.58%

Monday’s Asian trading session begins with $BTC sliding 1.58% from yesterday's open as it failed to reclaim $9,300 after two unsuccessful attempts during the weekend. $BTC dropped to $8,840 in the past hours and it bounced off from the same levels it did last Thursday - bulls need to defend that area to avoid revisiting the mid $8,000. Bitcoin is now trading below the 10 and 20 Daily MA, with the next MA support being the 50 DMA at $8,230. Bitmex Open Interest hits $580M and the Fear & Greed index is now at 43, the second lowest it has been in the last 7 days.

Digital asset’s total market cap is down 3.16% today from recent highs, moving from $256B to $248B with alts moving almost in sync with $BTC. Bitcoin dominance marginally losing ground and now standing at 66.85% from 67.2% hours ago. 

Notable altcoin movements include $TFUEL up +149.7% reminding us of how volatile the space can get, and $HBAR up +4.1%.  $OMG tops the list of biggest 24h losses as it slid 14.93% after posting remarkable gains last week. On the top 10 list, $ETH continues its bullish momentum vs $BTC and it's now up 10% in 10 days following a sustained uptrend that is leading the second biggest digital asset by market cap to the 0.023 area.

$BTC hash rates continue to decrease since the halvening and are now in the 92M th/s mark, down -3% from Friday’s figures and -26% from pre-halving dates as non-profitable miners are still forced out.

News that caught our eye:

  • Goldman Sachs is now seemingly more receptive to the digital asset industry, and $BTC in particular as it is hosting a conference call for clients titled “US Economic Outlook & Implications of the Current Policies for Inflation, Gold, and Bitcoin".
  • Shopify is making moves toward crypto adoption as it struck a deal with CoinPayments to give their customers the option to pay with digital assets.
  • MoneyGram’s COO stated that by the end of Q1 2020 the remittance company noted a 57% increase in digital transactions YoY as in-store transactions fell 18% - in spite of partnering with Ripple and conducting cross border transactions with Bitso, Mexico’s leading cryptocurrency exchange, there was no mention as to what share of digital transactions were crypto-based.   

 

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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