OSL Daily Update - July 24, 2020
$BTC 24 Hour High $9,610.25
$BTC 24 Hour Low $9,483.00
In the US, stocks dropped on fears that the economic recovery will slow with jobless claims increasing again since March. Congress is negotiating an additional stimulus package as the enhanced benefits from the last agreement are set to expire at the end of this month.
Digital assets market:
- Overall the digital asset market cap decreased overnight from 288B to 287B
- $BTC dominance dropped slightly from 61.6% to 61.4%
- $BTC seeing gains for its third consecutive day to wrap up this week, +4.5% week-to-date from 9,200 to 9,600, expecting $BTC to continue to climb with positive momentum heading into the weekend with traded volumes currently at 18B, improving 5% from yesterday
- $BTC futures volume up 1B to 9B, open interest climbed to 4.2B aggregated across all top exchanges. 25M Shorts positions liquidated overnight
- $ETH up for its third consecutive day, trading at 274 currently, week to date up 16% and trading at oversold levels on RSI and upper Bollinger bands. Recent $ETH performance contributed to the recent final test-net scheduled release and the increasing demand of yield-generating DeFi coins products supported by the ETH ecosystem
Alts and DeFi watch:
- Mixed performances by DeFi coins but market cap increased +400M overnight to 6.8B
- $LINK unable to break resistance at 8 with its three day positive momentum, after moving up 6.7% yesterday. Currently trading at oversold RSI levels, 10cts below its 10-day SMA and at the upper Bollinger band
- $SNX dropped 6% from 3.60 to 3.27, shedding all of its gains from its +18% push on Jul 20th
- $XTZ dropped 0.05cts to 3.14 on oversold RSI levels and trading on the upper Bollinger bands. Up 13% this week
- $LEND AAVE down 25% week to date following its strong performance last week that saw six consecutive positive days move the token up 67% from 0.20 to 0.35 levels. Currently trading at 0.285, falling back down to its 10D SMA expectations
- NASDAQ dropped 290pts to 10,580
- S&P 500 dropped 1.2%, erasing most of its gains from the three consecutive positive trading sessions that started the week. It’s currently trading at 3,235.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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