OSL Daily Update - May 3, 2021
$BTC 24 Hour High $55,226
$BTC 24 Hour Low $52,369
$BTC -3.50% in past 24 hours
Weekend action brought $BTC down ~4% from its Saturday high to its Sunday low. We saw step-line price action for the most part, with just one downward spike. As the week gets started, we’ve seen upwards movement (into the $57,500s) in the opening hours - reclaiming some ground, look for further support to send $BTC on a probable run towards $58,500 resistance as the day progresses.
Today’s news includes the loud opinion of investing icon Charlie Munger on Bitcoin, and it’s not a pretty one. Munger suggests that Bitcoin’s development is disgusting, and that it’s not working towards society’s interests - highlighted with the often misinformed remarks that it’s simply a facilitator of illicit activity. An opinion that seemingly got support from Warren Buffet.
Munger’s comments did not dampen $ETH’s run though as it started the trading day in Asia by breaking the 3000 ceiling that had been a long eyed mile marker. As of writing, $ETH continues to rally to a new all-time highs as it reaches 3,027 - and looks primed to go higher
Digital assets market:
- $BTC up 2.95% on the day, support/resistance - $57,400/$59,000
- $BTC liquidations and funding: $132M, 0.025% average
- $ETH is up 2.69% on the day, support/resistance - $2,905/$3,100
- $ETH liquidations and funding: $76M, 0.035% average
Alts and DeFi watch:
- DeFi TVL: $68.58 billion
- $TRU falls to $0.29 from a $1.31 high, in just a few hours
- Spartan Protocol, a project on Binance Smart Chain, gets exploited for $30 million
More news that caught our eye:
- Coinbase 11,800 BTC outflow spotted
- Bank of England and Parliament get digitally vandalized with a “Bitcoin fixes this” projection
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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