OSL Daily Update - October 9, 2020
$BTC 24 Hour High $10,900
$BTC 24 Hour Low $10,550
Seeing renewed bullish activity with strong price action across the board in both digital assets and traditional equity markets riding the update of a potential stimulus and pricing-in some optimism for a Biden-Harris victory. US stocks reached five week highs.
Digital assets market:
- Overall market cap up a second day from 323B -> 327B -> 333B
- $BTC maintained its bullish momentum overnight as it spiked from 10,550 to 10,990 with a 20% increase in traded volume (17.3B) after the news of publicly listed payment processor, Square announced that it has purchased 50m USD worth of $BTC equivalent to 1% of its Total Assets.
- Month to date, $BTC has gone up 3%, this week alone has seen a 1.4% jump from 10,788 to 10,940 as we wrap up the first week of October with a traded range of $400.
- $ETH pumped from 341 to 353 before correcting back to 350 levels with a thin support range as it is unprotected below 348. $ETH gas fees still around 46-50 range as the DeFi sector still recovering from the mass sell-off, some tokens seeing losses of over 90% such as $CRV token from $5 levels to 0.53.
Alts and DeFi watch:
- DeFi-related tokens seeing some renewed interest, with overall TVL in DeFi improving +38M overnight to 10.49B (https://defipulse.com/)
- $YFI up 10.4% to 16,200 after ending its free fall to lows of 12,260, has already dropped 31% since the start of October.
- Other notable movements: $LINK up 6% to 9.44 and $UNI up 11% to 3.26
News that caught our eye:
Did someone say NFTs? Auctioneer Christies sold its first NFT-item, Robert Alice’s Block 21 at ~7x higher than its estimate of $18,000 - hammer struck at $131,250.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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