OSL Daily Update - June 18, 2020
$BTC 24 Hour High $9,540.42
$BTC 24 Hour Low $9,327.34
Forbes printed an article suggesting COVID-19 has exposed holes in the traditional financial system leading to a surge in demand for $BTC. The markets haven’t reflected this narrative yet, as $BTC saw a bit of volatility during the American session as it tested 9,200 lows before rebounding back to 9,400 to 9,500 range. It has held that position for much of the past six days with physical volumes tapered to around 21B (down 15% from yesterday).
$BTC futures volumes at 11B aggregated across the major exchanges, with open interest unchanged at 3.5B. 24M long positions liquidated on the move down.
$BTC dominance remains at 65% and digital asset market cap at 267B.
- Alts performing slightly better than $BTC today with the largest bump coming from $ADA (up 7% to 0.083 levels) amongst the top 20 large caps. This leg up brings $ADA back to the same levels from last week.
- $ETH is stagnant after rejecting 250 levels last week, down 6% over the week and within a tight $3 range at 230-233.
- $XRP unable to break 0.20 levels for 7th consecutive day, RSI showing underbought levels and trading on the bottom range of bollinger bands, below 30 day averages. With less volume traded, and less social news to promote any FOMO.
News that caught our eye:
- JPMorgan hires Gemini Exec to assist with wholesale payments innovation
- Binance has joined the Indian Tech Association that helped change India’s crypto banking stance, Binance owns WazirX, the top exchange in India as of right now.
May the trend be your friend!
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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