OSL Daily Update - July 31, 2020 

$BTC 24 Hour High $11,224.63
$BTC 24 Hour Low $10,895.46
$BTC +1.2%

We wrap up the week with the news that the US reported its largest drop in GDP for Q2 on record (down 32.9%) which signals recessionary conditions - the first time the economy has fallen as low in 11 years. Over 17M American citizens have filed for unemployment benefits, exacerbating the road to recovery, as President Trump tries to smokescreen this report with tweets about postponing the election on fears of vote rigging. Meanwhile, China’s PMI for manufacturing in July was released, suggesting continued expansion (up to 51.1 from 50.9 in June) - the fifth consecutive month of recorded growth as it recovers from the pandemic.


Digital assets market:
On the digital asset side; 27 people involved with the Plustoken Ponzi (a theft of around $3B worth of coins and tokens) have finally been caught.  Another clear and strong message on the security and traceability advantages of digital assets over fiat currencies.  

  • $BTC tightening its traded range to 300 from yesterday
  • $BTC dominance dropped by 0.1% to 62.3%
  • $ETH up 5% to 335 levels, up 22% over the past two days
  • $LTC was surprisingly one of the best performers - a first time, in a very long time. April was the most recent month with positive price movement, currently trading at 56 after rejecting 59 levels yesterday.
  • DeFi making a push after this week’s $BTC and $ETH bull run took the spotlight off yield generating tokens
  • $LINK recovered up to 7.42 (from 7.2 levels) overnight
  • $VET strongest performer up 10%

 
Traditional markets:

  • S&P dropped 0.38% 
  • NASDAQ up a modest 0.5% 
  • 10 year US Treasury yields are threatening negative territory
  • VIX climbed up 2.7pts to 24.76 overnight off the day’s sentiment

 
News that caught our eye:

Hard wallet provider Ledger loses one million email addresses in data theft following a systems breach.  No impact on client funds reported.



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

 


 

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