OSL Daily Update - September 10, 2020
$BTC 24 Hour High $10,414.78
$BTC 24 Hour Low $10,227.12
Digital asset markets ascended alongside the equity markets with the S&P (+2%) NASDAQ (+3%) and Dow (+1.6%) all showing upward movements with the majority of sectors in the green.
- Overall market cap recovered 5% to 340B levels overnight. It dropped as low as 293B during the sell off five days ago.
- $BTC up for two days straight +4% but still trading within range bound of 10200<>10400,-30% decrease in traded physical volume at 20.8B
- $BTC dominance fluctuating around 56.5%
- $BTC futures seeing 12m short positions liquidated overnight with aggregated OI dropping below 4b with less than 10b future volumes traded.
- $ETH was one of the top performers amongst the top-10 large-cap alts jumping from 338 to 368 (+9%), trading at overbought RSI levels and trading on the upper Bollinger bands
Alts and DeFi watch:
- $LINK the strongest performer out of the group next to $ETH, making a push back from lows of $9 five days ago (Sept 5th) and has since improved 44% to 13 levels. Current support levels at 12.30 with 13.50 as the next targeted resistance
- Volumes begin picking back up on the DeFi staking, with gas fees increasing slightly to 128 average GWEI from weekly lows (previously the normal average of 80 gwei prior to the DeFi hype)
- UNISWAP has listed over 1000 new tokens over the past week. In comparison, this decentralised exchange now has 10x more trading pairs than Binance and alone has added 221 token pairs last Saturday alone.
- Seeing all DeFi tokens in the green with $YFI surging back to near 30K levels, currently trading at 29,400 levels with a two day increase of +37% from lows of 20000 during the defi sell off.
- Balancer exchange token $BAL +15% to 22.52 from 16 weekly lows.
- AAVE exchange token $LEND +27% over the past two days from 0.45 lows to currently trading at 0.69.
News that caught our eye:
- With COVID still persistent around the World digital assets are receiving more attention by mainstream investment specialists. DBS’s chief economist Taimur Baig and Singapore based digital asset bank Sygnum expect the pandemic to increase digital asset adoption rates.
- Morgan Stanley executive suggests the investment behaviour of millennials will change the face of wealth management with their preference towards digital assets over gold to hedge against the increasing rates of inflation and money printing by central banks
- Mastercard also enables central banks to test digital currencies with the roll out of its new platform. Mastercard was initially part of the founding members of Facebook’s Libra Association.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world's largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL's relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.