OSL Daily Update - January 18, 2021
$BTC 24 Hour High $36,076
$BTC 24 Hour Low $35,570
Good morning to everyone. It’s an exciting week ahead as President-elect Joe Biden prepares to drop the “elect” tag, in one of the most eagerly anticipated transitions of power, officially ending the Trump era. He has already marked plans for a “10-day blitz” that includes reversing some questionable policies, travel bans, and Covid-19 related mandates.
Digital assets market:
Digital asset market cap returned above one trillion again as $BTC finds its footing at 35,000 after dropping from its 40K highs set last week. Momentum seems to target 36,000 with 700 daily traded range as volatility remains present.
- $BTC remains up 25% in 2021, with daily physical traded volumes at 51B over the past 24h with 434M contracts liquidated over the past 24h.
- $BTC dominance dropping to 65% with alts seeing more action over the past couple of weeks, down from highs of 70% when $BTC broke through multiple levels of ATH’s in late December.
- $ETH also finds itself range-bound trading between 1160 and 1250 levels over the past few days with resistance at 1280. 2021 YTD up 66% and trading at overbought levels currently.
Alts and DeFi watch:
- DeFi sector recovering from last weeks correction to once again challenge new ATH’s after slumping back from 20B levels last week
- $DOT up 118% over the past two days from 8.2 levels to 18
- $AVAX up for sixth consecutive day, gaining 103% from 6.5 to 13.2 in this timeframe
- $AAVE +64% over the past week with 6 days on consecutive strong days to 187 levels, reached ATH at 200 before correcting
- $SNX is seeing increased daily volatility, with traded range around 2.5 over the past few days, but resulting in limited price action over the past week compared to other alts as it trades currently at $15.
News that caught our eye:
- Former Canadian Prime Minister, Stephen Harper, believes $BTC can be part of a basket of reserve alternatives to the USD.
- Greyscale tweeted that it raised 700m in a day, its largest daily raise ever last Friday (Jan 15th). In Q4 alone, it raised over 3.3B across all of its digital asset related vehicles.
OSL Trader View and Weekend Digest are contributed by Stefan Chu and Santiago Nazaretti
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