OSL Daily Update - March 29, 2021
$BTC 24 Hour High $56,640
$BTC 24 Hour Low $54,700
$BTC -2.38% in past 24 hours
This weekend was not short on Bitcoin intrigue with a number of opinions catching print. Firstly, Ark Invest’s Cathie Wood stated her positive opinion on $BTC. The CEO said that the combination of limited supply and ever-rising demand will propel Bitcoin immensely, that the market cap is still too small in comparison to what it’ll be in the future, and that it’s part of a new asset class. Another head turner, if not spinner, was from Norwegian billionaire, Oystein Stray, who made us all a bit dizzy. Ten days after bashing the cryptocurrency, calling for a ban given its impact to the environment and how the current payment systems are sufficient, Stray proceeded to invest in Norway’s largest cryptocurrency exchange, MiraiEx, and announced his investment in $BTC. There’s been lots of 180 degree spins by notable investors and Wall Street bosses, but this may have been the fastest public change of opinion in cryptocurrency history.
Let’s deep dive into price action for this weekend: $BTC rose more than 12% since almost tapping the $50,000 level before the weekend started. It currently sits 10% above its local bottom, around the $55,400 level. $BTC has been consolidating for the past day around the $56,500 resistance area with no clear direction in sight yet.
Digital assets market:
- $BTC down 0.77% on the day, support/resistance - $54,000/$56,500
- $BTC liquidations and funding: $203.77M, 0.013% average
- $ETH down 0.41% on the day, support/resistance - $1,636/$1,740
- $ETH liquidations and funding: $37.82M, 0.034% average
Alts and DeFi watch:
- DeFi TVL: $40.43B
- Matcha, a Decentralized Exchanged (DEX) aggregator powered by $ZRX, has surpassed $5 billion in volume since inception
- $STORJ crashes more than 30% from it’s local $4 peak made a day ago
More news that caught our eye:
- Indonesia plans to launch state-backed cryptocurrency exchange
- Some analysts tipping $BTC could rise to 90,000 by next month, on the basis of historical April monthly returns of 52% for $BTC, since inception
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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