OSL Daily Update - September 9, 2020
$BTC 24 Hour High $10,414.78
$BTC 24 Hour Low $9,820.00
Equities market saw a wash of red on the heat map with the tech sector bearing the brunt of the post- Labour Day hit with stocks. $TSLA dropped 20% over the past couple of days (after performing strong for 2.5 weeks straight); $GOOG dropped 10% over the past three trading sessions; and $MSFT fell 11% (down $26) over the same period.
Digital assets market:
On the digital asset side, market cap dropped 8B to 306B with a small dip during America’s evening session that saw $BTC and $ETH drop to lows of 9,820 and 324 respectively. $BTC has since then corrected back to 10,100 levels with trading volume at 28B. Month to date, $BTC has declined 1,800 USD from 12,000 highs.
$ETH has dropped ~30% month to date, down 139 USD from highs of 480 at the peak of the DeFi boom. Gas fees back to normal levels at 88 GWEI average.
Alts and DeFi watch:
- All DeFi coins with the exception of $UMA were also in the red with drops ranging between 2% and 7%
- $LINK’s DeFi dominance at 34% while dropping 26% over the past seven days, broke past 12 support levels and currently trading at 11.80 range. Currently showing oversold levels and trading in the bottom Bollinger band range.
- $YFI dropped to as low as 21,900 before settling into range-bound trading between 22,000 and 22,600.
- $UMA token trading at 15.6 levels as the second top market cap behind $LINK with 18% of $LINK’s market cap.
- $LEND drops 5% overnight again after dropping 8% yesterday to 0.54 levels and down 27.7% over the past seven days as DeFi farmers transitions away from AAVE their preference dependent on the one that can provide the best yields
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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