OSL Daily Update - April 28, 2021
$BTC 24 Hour High $55,500
$BTC 24 Hour Low $53,225
$BTC +3.29% in past 24 hours
Bitcoin creeped slowly upwards to resistance levels throughout the Americas’ trading day and is showing few signs of a retrace in the near term. $51,300 and $57,600 are key levels to watch, as many traders may look to enter at these reversal points. For now, it seems the market is looking forward to more upside. Funding and liquidations have yet to indicate excessive short interest and the ~18% recovery since our most recent low suggests $BTC has regained healthy support.
It was also a solid day in crypto and banking news with stories catching our eye from the U.S. and Europe. State-side there were two big wins for U.S. Bank, which is set to launch cryptocurrency custody and also serve as the NYDIG’s crypto ETF administrator. Turning across the Atlantic to Europe where the European Investment Bank named Goldman Sachs, Santander, and Societe Generale as bookrunners for the bank’s digital bond offering. Whilst a throw away line in traditional finance coverage of the story, the offering is reported to be using the Ethereum network in what is a significant endorsement of the legitimacy and authority of the network.
Digital assets market:
- $BTC up 0.47% on the day, support/resistance - $51,300/$57,600
- $BTC liquidations and funding: $110.2M, 0.012% average
- $ETH is up 0.72% on the day, support/resistance - $2,550/$2,750
- $ETH liquidations and funding: $78.7M, 0.056% average
Alts and DeFi watch:
- DeFi TVL: $63.50 billion
- Popular decentralized exchange, 1inch, launches iOS app
- Ethereum addresses hit new all-time high of +771,000
- $UNI up 4.43% on the day
More news that caught our eye:
- Ireland now requires crypto firms to comply with KYC/AML
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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