OSL Daily Update - June 29, 2020 

$BTC 24 Hour High $9,191
$BTC 24 Hour Low $8,933
$BTC +0.11%

Traditional markets are seeing improved results as of this morning as Asian stocks have slowed down the decline seen in previous weeks.  The Hong Kong market has fluctuated and Chinese dipped as it reopened after a two day holiday. The top three US indices are slightly up from 3bps to 29bps. Traders and investors are closely monitoring the reappearance of COVID19 cases in Florida, Arizona, and Texas and factoring in a risk-off environment similar to the one seen last week - a reality world economies will have to bear until a vaccine is developed and deployed. The People’s Bank of China stated that it's looking into new tools that will help monetary aid penetrate the real economy in the form of credits for smaller companies, manufacturing loans, and continued low interest rates.     


Digital asset markets:
After several days of low volatility, $BTC started to trade with a clearer direction towards the low $9,000 and reached during the weekend a low of $8,800 which was quickly defended by buyers that took it back to the low $9,200 where it traded last week. Still, $BTC needs to crack and trade back above $9,300 to be able to call this a dip, otherwise the risk-off environment seen in traditional markets could translate into a sub $9,000 bitcoin. Bitmex Open Interest remains above $500M, now at $688M with funding rates still positive and the Fear and Greed index in 65.

Alt watch:

  • After a pullback in alts mirroring $BTC’s performance, most of the top 100 alts market cap are once again outperforming $BTC as of this morning. The top 10 large caps all are trading in green numbers that go from +0.08% to +8%. 
  • Winners during this session include $BTC’s forks such as Bitcoin Gold +38.6% and Bitcoin Diamond +16.6%.
  • Defi related alt coins have also continued to inch higher with Bancor, Celsius, Synthetic Network, and Kyber leading the pack 
  • ETH/USD has been following BTC/USD closely but its ground against the biggest digital asset by market cap as ETH/BTC is trading again at the key 0.0247 level.

News that caught our eye:

  • Bitmex is launching corporate accounts where the account operator is a company instead of an individual with additional benefits such as different account access and account management, dedicated relationship management, among others.
  • DeFi growing space continues to be a honeypot for hackers, this time a $500K Balancer pool got drained from its $ETH and other altcoin funds using WETH (Wrapped ETH) and the STA token.

 

Stay safe and 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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