OSL Daily Update - November 16, 2020
$BTC 24 Hour High $16,123.11
$BTC 24 Hour Low $15,793.53
Good morning! The weekend markets saw a bit of volatility as $BTC dropped on both Saturday and Sunday, moving down 2% to 15,900 levels with a traded range of 350 as $BTC was unable to challenge 16,500 levels. Currently showing oversold RSI levels for the past month as it moved +22% since last month and trading at neutral levels as it finds a footing back into 16000s.
- $BCH forked again this week. Roger Ver was outspoken on these contentious actions and upgrades - even wondered aloud whether PayPal may have dropped the coin ahead of its launch if it knew earlier about the potential drama. PayPal currently offers $BTC, $ETH, $LTC, $BCH and was heralded as a huge milestone for the further mainstream adoption of digital assets.
- $BCH volatility spiked leading up to the hard fork, seeing a traded range of $20 throughout November. BCHABC introduced a new controversial update named “Coinbase Rule” that requires 8% of mined $BCH to finance protocol development while the other fork, called Bitcoin Cash Node or $BCHN did not implement this rule. Before the fork, Coindesk reported 80% of miners were for the latter. Week to date it has slid 2.6% and down 3.7% in the past month.
- Grayscale BCH trust has been reported to be losing around $1.6m in value since the hard fork
- $ETH rebounding this morning to 451 from lows of 440 to start off the week. Looking to recover back to 460 levels on the next rally up as its currently trading at neutral levels and bottom Bollinger bands. $ETH gas fees at 27 gwei
Alts and DeFi watch:
- DeFi TVL was unable to break through 14B TVL at 13.85B, opening this week at 13.41B with coins like $YFI, $AAVE, $COMP, $UNI and $SUSHI up 15 to 30% over the past seven days. Notably, even with DeFi TVL reaching new highs past the initial craze a couple months ago, we’re seeing less projects for “degens” that held crazy APRs on random food token projects that had put DeFi on the map.
News that caught our eye:
- More on the subject of PayPal. It will remove the waitlist for its new crypto offering, previously only 10% of its customers were able to access its crypto service. Weekly transaction limits were increased from 10k to 20k. Clearly demand driven action that is an encouraging sign for market observers.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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