OSL Daily Update - July 30, 2020 

$BTC 24 Hour High $11,340.40
$BTC 24 Hour Low $10,856.14
$BTC +1.2%

Total digital asset market cap increased 1.8% to 332B from yesterday. Equity markets took a page from the digital asset playbook to return to positive movement (US benchmarks up around 1.35%) showing largely green indicators across the equities heat map. The notable exception and a reversal from the start of the week being healthcare, with pharmaceutical manufacturers in the red. 

Digital assets market:
$BTC climbed up 1.2% to 11,340 during the American trading session, currently range bound between 10,970 and 11,340. Physical traded volume down 26% to 25.7B; $BTC futures volume dropped ~33% to 20B with aggregated open interest around 5B. $BTC currently up 17.3% YTD and 19% MoM. Currently targeting 11,500 on the next move up, with 10k as its support. 

  • Bakkt Bitcoin futures saw a 3.25x jump in OI and volumes over the past couple days, up from 40M volumes to 130M and 140M yesterday. 
  • CME futures on the other hand seeing their volumes drop slightly yesterday compared to Tuesdays activity, dropping from 1.3B to 1.1B.
  • Volatility with increased activity overnight saw 46M liquidations (28m Long + 17.8m Short) over its ~370 traded range.
  • $BTC dominance up 0.4% to 62.8%

 
Alt watch:

  • Cardano Shelley hard fork is live with no interruptions to blockchain, now offering staking services. With this update  $ADA must now introduce governance features, custom tokens, and applications. Prices began to downtrend at 5:44 HKT upon release, dropping 5% from 0.145 to 0.138.
  • $XRP up another 5.3% but unable to break resistance levels at 0.25. With most top coins seeing significant price action during the current bull run, $XRP would be ranked 6th out of the top 10 when looking at the 7D growth %. 


Most DeFI coins the red as $BTC and $ETH maintain their foothold on the current bull market; DeFi market cap maintaining at 7B, representing 2% of total market share.

  • AAVE ($LEND) outlines new swap process for its new token towards decentralised control and government
  • $LINK downtrending 4 out of the 5 days, now trading at the bottom range of Bollinger bands and neutral RSI levels at 7.08, next tested support level at 6.5.
  • $XTZ down 3% to 2.77 (-9% off rolling 7 day averages)



OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti

 


 

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