OSL Daily Update - April 29, 2021
$BTC 24 Hour High $55,500
$BTC 24 Hour Low $53,225
$BTC +3.29% in past 24 hours
$BTC reached towards $57,000 following a swift 4% spike in early trading only to fall back to where it had started the day. Price action has remained lackluster since, with little movement following the early spike in volatility other than the corresponding drop.
Two companies grabbed headlines today. The first was Nexon, an Asian games publisher that announced they had purchased ~100 million worth of Bitcoin. Using less than 2% of their total cash, Nexon cited the need to protect shareholder value and cash value as their key motivators. The other company was social media giant Facebook, which held its earnings call on Wednesday. Many speculated Facebook would be the next company to unveil Bitcoin on its balance sheet, although the official filings and report didn’t include any mention of $BTC. Some of the spike we saw in $BTC price could be attributed to the rumor mill across social media that flamed the speculation. Though the filings don’t show any $BTC, if Facebook is currently purchasing (or started purchasing within the last 30 days) there is no requirement to disclose at this point. But it will make any announcements from the company in May very interesting.
Digital assets market:
- $BTC down 0.43% on the day, support/resistance - $51,300/$57,600
- $BTC liquidations and funding: $188M, 0.012% average
- $ETH is up 0.27% on the day, support/resistance - $2,650/$2,750
- $ETH liquidations and funding: $79M, 0.002% average
Alts and DeFi watch:
- DeFi TVL: $65 billion
- MetaMask surpasses 5M active users
- DeFi project Uranium Finance is exploited - loses $50 million
- $SXP up 18% on the day
More news that caught our eye:
Wealthfront to allow investments in crypto to clients
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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