OSL Daily Update - June 30, 2020
$BTC 24 Hour High $9,240
$BTC 24 Hour Low $9,014
Traditional markets are seeing continued improved results as new economic data resulted in better than most analysts’ forecasts, outweighing the increasing number of new COVID cases in some key states of the USA. Additionally, US pending home sales increased 44%, exceeding all forecasts. However, the World Health Organization stated that the worst is still to be seen as lives claimed by the virus reached 500,000 and confirmed cases have now surpassed the 10M mark.
Digital asset markets:
$BTC is giving bulls renewed hopes as it continues to slowly grind up after this weekend drop. $BTC has bounced once again from the $9,015 area just as it did last week before the dip to $8,800, although this time with significantly lower volume. As of now, $BTC is still trading in the same range it has been for the past month and a half but it needs to sustain $9,400 to get traders thinking again of a bullish breakout above $10,000. Otherwise, a rounded top could be in play. Open interest is now slightly lower than where it stood yesterday, now at $668M with funding rates still positive.
- The session for alts has been one of lower volatility compared to previous weeks with the top 100 alts moving from +8% to -8%, with Nervos as an outlier with a +16% gain vs $BTC. Other notable movements were spearheaded again by some DeFi projects such as Bancor +8.8%, Kyber Network +6.9%, and others such as Enjin +8.2% and Elrond +8.7%.
- In addition to this, on the fundamental front, $IOTA is expected to launch its first Coordicide testnet during the week, a very important milestone for the project that will help to do fast iterations between future versions after introducing Pollen, Honey, and Nectar phases.
The biggest alt by market cap, $ETH, is finding resistance in the 0.0248 zone yet it's still trading in the 5% range it has traded for the last month.
News that caught our eye:
- It is reported that Binance is acquiring a majority stake in Swipe as it moves towards its plan of launching a branded payments card.
- The DeFi space continues to make headlines as Kyber Network has just been approved as collateral for the Maker protocol.
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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