OSL Daily Update - June 19, 2020 

$BTC 24 Hour High $9,478.69
$BTC 24 Hour Low $9,250.00
$BTC -1.5%

Traditional markets have operated in lower volatility compared to what we saw last week and at the beginning of this week the S&P is up 0.06%, Dow down 0.15%, and NASDAQ up 0.33% posting mixed results as the trading session starts in Asia. Traders and investors now weigh the effects of new confirmed COVID outbreaks against the apparently never ending stimulus packages presented by the main economies. DXY up +0.03% as the dollar strengthens against its peers. 

Digital assets market:
$BTC continues to trade with low volatility as well, moving barely $250 between $9,500 to $9,250 - the low of the session. It is now trading at $9,390 yet again as it has held that position for much of the past week and it is respecting a downward channel for the past two days. However, buyers are stepping in fast every time $BTC makes a move into the $9,250. Bitmex Open Interest remains above $500M, now at $643M with funding rates still positive. Lack of volatility has made daily Bollinger Bands Width record its lowest values since January 2020. 


Alt watch:

  • The top 10 large caps all are trading in red numbers but all with less than a 2% loss, ranging from 0.97% to 1.39% falls. 
  • Outliers in this low volatility environment have been $HBAR and $LEND, up 9.1% and 30.3% respectively.
  • ETH/USD has been following BTC/USD closely but it has ground against the biggest digital asset by market cap as ETH/BTC is trading again once below the key 0.0249 level. 


News that caught our eye:

  • Binance joined India’s Internet and Mobile Association in an attempt to implement international standards and policies in India’s digital asset market - additionally, it was recently reported it is also preparing the launch of Binance UK, regulated by the Financial Conduct Authority.
  • Cardano hit an early milestone, launching Shelley testnet with 200 registered active stake pools up and running.
  • E&Y is reportedly launching a new tool to make the calculation of taxes derived from digital asset trading easier.

  

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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