OSL Daily Update - November 12, 2020

$BTC 24 Hour High $15,916.26
$BTC 24 Hour Low $15,349.72
$BTC +1%

Markets are going through a minor sell off this morning in Asia, shedding most of the gains from the American trading session.  Volumes have waned slightly with Veteran’s Day interrupting US banking services for the holiday. 

  • $ETH is forcing all providers to update their software with its unannounced fork. There was a temporary disruption in the blockchain after a code change split the network’s transaction history in two, significantly affecting the DeFi sector with Metamask, MakerDAO, Uniswap, Compound and MyCrypto down via the Infura platform and all coin movements on the chain. Some exchanges suspended withdrawals as they coped with the remediation.
  • $ETH price dropped 2.5% over the past eight hours to 458 levels on the news, but is still trading up 5.3% (week to date) with ETH 2.0 seeing 50k ETH already staked in its contract
  • $BTC was unable to break through 16K last night and has corrected down to 15,600 levels on 29B traded volumes. Not a surprising move with an overdue market correction expected with $BTC’s 20% month to date ascent (and +51% over the past 3 months). 
  • Ray Dalio expects governments to make moves towards “outlawing” $BTC in the future if prices keep increasing, also mentioning in the article that “Bitcoin and other cryptos are too volatile to be considered an effective store of wealth…vendors won't know how much they're getting”
  • Almost $525m in $BTC options set to expire on Friday, expecting more volatility today and tomorrow as traders may start to hedge their positions.

Alts and DeFi watch:

  • DeFi sector maintained 13.5B TVL, with most deft-related coins seeing a sell-off larger than the major coins
  • Largest drop last night came from $AAVE and $SNX:  $AAVE dropped 12% to 56 levels after moving closer to its ATH with +103% over the past seven days while $SNX also dropped 12.6% to 4.05 levels after moving +56% over the past eight days


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



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