OSL Daily Update - December 21, 2020 

$BTC 24 Hour High $24,209.66
$BTC 24 Hour Low $23,147.71
$BTC +1.15%

Vaccine availability is steadily increasing, giving renewed optimism for a return to normalcy in major markets in early 2021. However, mutating strains of COVID in the UK has forced a renewed lockdown ahead of Christmas and a rash of travel restrictions across Europe - dampening not only the holiday spirit but financial market analysts on the continent. Back in the US, the next relief stimulus package was announced to be $900B, with legislative breakdowns to follow. Pundits with CNN expect it to include $600USD for those below a “certain income level”.

 

Digital assets market:

  • On the digital asset side: $BTC on its fourth day above 20K with signs of the bull run slowing down with this morning waking up to a 2% correction down from 23,936 to 23,420 levels, down 500 USD from the time of writing. MTD up 20%, YTD up 230%

  • $BTC Futures volumes stabilised around 35B after seeing highs of 86B on Dec 17th with prices at 23720. (Prices have since exceeded this pre-ATH the following days after)

  • Market cap dipped below 650B over the weekend but climbed back to 659B by Asian morning hours. Has logged its fifth day above 600B.

  • $ETH corrected down 3% overnight from 659 to 639, trading within a 40 USD range over the past few days with support level at 620. Seeing daily averages of >120K new Ethereum wallets created for the past few days.

 

Alts and DeFi watch:

  • $YFI volatile with 3K traded range, range bound between 25.5K and 28.7K.

  • Defi TVL at 16.58B, dipping slightly from its ATH of 16.77B yesterday.

 

News that caught our eye:

  • US Floats Long-Dreaded Plan to Make Crypto Exchanges Identify Personal Wallets. Users of centralized cryptocurrency exchanges who want to move their holdings onto their own private wallet, or to someone else’s, would have to provide detailed personal information for transactions greater than $3,000, and exchanges would be required to report either individual or groups of transactions that add up to more than $10,000 to the Financial Crimes Enforcement Network (FinCEN). The proposed flow add an additional transaction would be: EXCHANGE -> KYC Wallet Address

  • Square’s Cash App Now Lets Customers Get Bitcoin Back on Purchases

  • Legendary financial advisor Ric Edelman believes potential upside in $BTC

 

Stay vigilant: Ledger reported a data breach which may have left a number of its customers at risk. They have been repeatedly targeted by phishing scams. Please be alert and remain vigilant to safeguard your identity and your digital assets from cryptocurrencies, tokens and other valuable data.  If you see any attempts to undermine their systems be sure to let them know. 

 

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

 


 

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