OSL Daily Update - May 29, 2020 

$BTC 24 Hour High $9,573.67
$BTC 24 Hour Low $9,148.46
$BTC +3.4%

President Trump announced a news conference for tomorrow (Friday, EST) to discuss the ongoing Sino-US tensions regarding the handling of COVID-19 and the recent Hong Kong security law measures. Reactions to the announcement wiped out all the intraday gains across the benchmark indices in the process. The US Fed’s balance sheet increased to $7.1 trillion with 33B from the stimulus package and 1.2B purchase of corporate debt ETFs.

Digital assets market:

  • $BTC saw a nice move up back to 9,400 levels after 52.3M short positions were liquidated during the early morning American trading session. 
  • Market cap increases by 4B overnight to 260B. Increased volatility expected this weekend as 328M in $BTC derivatives set to expire today.
  • Desk seeing $BTC two way flow consistent with market trends, and payment provider flows increased to ~80% capacity as expected with the arb opportunity present in Asia given the recent strong performance from the US dollar vs USDT spot prices. 
  • $BTC dominance remaining at 65.9% with alts movements following $BTC with $ETH seeing some overdue bullish momentum, pushing it over 220 levels after going up 4% over the past four hours from the time of writing, with 213 levels as tested support levels. Up +11.5% for the past 7 days.
  • ETHBTC broke a two day slump to move up 4% to 0.0233 after seeing lows of 0.0206 in mid May 

  • $ADA saw the biggest spike with +16.7% to 0.064, last time it reached these levels was February 14th where the sell-off saw prices dip to 0.055 levels. $ADA is up 23% over the past week.
     

News that caught our eye:

  • Bitcoin trading exploding in India since the RBI ban reversal, opening the doors for digital asset companies to receive banking
  • Twitter begins slapping fact check warnings on Trump tweets.  Trump accuses them of “political activism” in lead up to the 2020 elections, and has subsequently signed an Executive Order which purports to place limits on social media platforms
  • Did you check out our recent Insights article on stablecoins? It’s a quick 2 minute read you can find here

 

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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