OSL Daily Update - November 18, 2020 

$BTC 24 Hour High $17,782.92
$BTC 24 Hour Low $16,564.54
$BTC +5.3%

$BTC at 17K! 

All markets were in the green today seeing >5% increases across the board, and market cap approaching 500B after maintaining around 450B for much of the month.

News that caught our eye to start Asian trading:

  • If you’re looking for some further validation of the digital asset space, look no further than RIOT Blockchain.  The company moved 48% overnight on the equities market based on its name alone, with no real news to justify such price action. 
  • Grayscale took in $262.3 million just last week. Managing Director, Michael Sonnenshein tweeted Friday and ..”up from $7.6 billion on Oct. 30, according to the firm's November report”
  • Ray Dalio sparked yet another Twitter storm after asking to be “corrected” regarding his views on $BTC, following his Nov 11 announcement that digital assets have a “limited role” in the future given its inability to be used for everyday transactions. Since this announcement, the price of $BTC has gone up 11%. 
  • Trump nominates former Coinbase executive, Brian Brooks, as Comptroller of the Currency for a 5-year term. The nomination will need to be confirmed through the US Senate. 

Digital assets market:

  • On the $BTC side, the “king” gained 6.5%, moving up ~$1000 overnight from 16,630 to north of 17,700s as of the time of writing. 
  • $BTC dominance at 65.7%, up 2% since the start of November and dropped as low as 56% during the DeFi peak where everything but $BTC moved. 
  • Month to date up 33% and YTD at 147%. Current resistance at 17,900 after rejecting during the evening USA session, with nearest support at 17,460. If it breaks past this level, the next tested support is back down to the psychological levels at 17K. 
  • $ETH moved in tandem with $BTC, albeit not as fast as $BTC given the ETHBTC has dropped 7% over the past four days from 0.029 to 0.027 levels on the lower Bollinger bands. $ETHUSD up 5% overnight from 460-483 levels. 

 Alts and DeFi watch:

  • DeFI TVL dropped slightly with attention moving to $BTC. Currently at 13.63B, peaked at 14B four days ago and slowly trending down.
  • $YFI seeing a resurgence to 22% with renewed staking opportunities, trading at 23.7k
  • $SNX up 15% to 5.11 levels
  • $LINK up 7.6% to 13.8



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



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