OSL Daily Update - April 7, 2021
$BTC 24 Hour High $59,475
$BTC 24 Hour Low $57,333
$BTC -3.18% in past 24 hours
Welcome back, it’s been a good start to a shortened week with $BTC seeing some positive movement, seemingly exciting the rest of the market with some bullish runs seen across most of the board before retreating this morning. Price action however played second fiddle to several key news headlines that gripped the market:
Coinbase released figures for their Q1 2021 earnings call, punctuated by its $335 billion in volume traded and total revenue of $1.8 billion dollars, and 56 million verified users. This wasn’t just great news for Coinbase, but also a couple other exchanges, indirectly at least, as many traders bought $FTT and $BNB, exchange tokens for FTX and Binance respectively, speculating a possible relative value play.
Iconic BitMEX ex-CEO, Arthur Hayes, also reemerged. The Singaporean resident surrendered to U.S. authorities to face charges around BitMEX’s alleged failures to comply with AML and other banking laws. Hayes was released on a $10M bond, agreed upon in a federal court in Hawaii.
Digital assets market:
- $BTC down 0.71% on the day, support/resistance - $54,700/$58,400
- $BTC liquidations and funding: $161M, 0.046% average
- $ETH down 1.22% on the day, support/resistance - $2,035/$2,150
- $ETH liquidations and funding: $60M, 0.033% average
Alts and DeFi watch:
- DeFi TVL: $52.04B
- $BNB up more than 10% on the day
- $FTT up more than 6% on the day
- Paxos applies for clearing license with SEC
- Tether to launch USDT stablecoin on Polkadot and Kusama
More news that caught our eye:
- Fidelity, Coinbase, Square, form the Crypto Council for Innovation
- Ripple wins access to SEC’s defining documents of crypto assets
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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