OSL Daily Update - October 13, 2020
$BTC 24 Hour High $11,700
$BTC 24 Hour Low $11,350
Traditional and digital asset markets are moving in tandem with the tech sector performing the best overnight. Nasdaq was up 3% (to 12,088) and the S&P gained 1.6% (to 3,534).
Digital assets market:
- Today’s Asian trading session started with a sell-off after a strong US session saw $BTC climb to two-month highs of 11,700 before correcting for the past three hours (at the time of writing) to 11,480 levels. Collectively seeing 60m liquidations, 30m+ on both long and short contracts in the last 24 hours.
- $BTC trending upwards for the sixth consecutive day from 10,500 levels, up 9% since the beginning of the month. Current support at 11,440 and resistance at 11,550, with bull/bear ratio at 75/25
- $ETH took a page from $BTC getting a leg up of its own overnight - rising before being rejected at 400 levels and corrected back to 385 levels, trading at overbought RSI and on upper Bollinger band levels. $ETH fees remain low around 40-50 Gwei
- The movement followed the news that Grayscale’s ETH Trust had officially become an SEC reporting company which increases the Trust’s transparency. Accredited investors will now be able to sell their holdings in the Trust after six months, instead of the original 12 months lockup.
Alt and DeFi watch:
- TVL breaks above 11B to 11.06B for the first time in 10 days since the mass sell off in the Defi space
- $UNI range bound between 3.3 and 3.6
- $YFI trying to regain momentum, currently trading at 16400 areas at oversold levels, has been continually trading down the past 3 days out of 4. Currently trading in the bottom Bollinger band range, trading $700 below 10d SMA.
- $NUM, releases Numerai Signals, an open hedge fund, which combines machine learning and crowdsourcing techniques to compete with other hedge funds. Announced to pledge $50m in digital assets to users to those contributing to its community of knowledge
News that caught our eye:
- Microsoft avoids potential election hacking operation
- Andrew Bailey, BOE Governor, dismisses BTC (again)
- Governments from seven major economies again purse “back door” accessibility into technology platforms for law enforcement
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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