OSL Daily Update - June 22, 2020
$BTC 24 Hour High $9,401.11
$BTC 24 Hour Low $9,299.73
We can expect to see a sluggish start to the traditional markets trading week with lingering (if not intensifying) fears of a second COVID-19 wave across the US south and increasing new cases in the Chinese capital. Analysts, economists and pundits will have more bones from which to chew this week as the IMF will release its 2020 growth forecasts on Wednesday, and GDP data plus the latest US jobless claims will come out on Thursday.
Digital assets market:
Overall market cap begins the week at 264B with little significant market movement over the weekend. Last week it stayed within a 260-265B range.
- $BTC dominance at 64.8%, down -0.2% from its last week’s average.
- $BTC trending down over the weekend from 9430 to 9300 lows, within tight 100 range at 42% volatility.
- Traded volumes down to 16B, down -10% from yesterday.
- $BTC futures traded volumes fluctuating around 6-7B, below its 10B average maintained throughout the past couple of weeks. Open interest decreased slightly to 3.4B aggregated across the main platforms, bull-bear ratio at 67:33.
Alts are following $BTC, mainly with stagnant volumes. Largest change came from DeFi’s COMP protocol as it sees massive gains (up 2B market cap), currently trading at 340 levels after Coinbase announces plans to list the token in phases once there is sufficient supply of $COMP tokens on their platform.
News that caught our eye:
National Bank of Cambodia launches their white paper for Project Bakong, their blockchain-based payments system which will allow Cambodians to pay with QR codes and a mobile app connected to their bank accounts.
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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