OSL Daily Update - May 4, 2021
$BTC 24 Hour High $58,979
$BTC 24 Hour Low $54,731
$BTC -4.28% in past 24 hours
$ETH took the spotlight today, as it blasted through the psychological resistance level of $3,000. It wasn’t without some bumps though. Following a more than 17% markup and hitting a peak (and new ATH) at $3,457, Ether took a swift 6.76% dive during the first hour of the trading day, just before Americas’ closing. It is now consolidating around the $3,240 level and seemingly causing a bit of angst with market participants, usually after these swift downward moves during mark ups, we tend to see another attempt to go lower - although it was short lived and with a quick recovery.
In the meantime, $BTC rose 4.3% before fully reversing, dropping more than 7% over the course of the night and into the day - a rather unfavorable day of volatility for Bitcoin. Funding rates for Bitcoin are currently neutral (0.01%) with a couple of exchanges showing negative rates. $ETH rates on the other hand are all negative but seem rather tame for the size of the markup we experienced. As for liquidations, $BTC saw $436M in the previous 24 hours and $ETH saw a whopping $530M in liquidations during this move seeking all-time high and its subsequent dip afterwards.
Digital assets market:
- $BTC down 2.57% on the day, support/resistance - $54,700/$57,100
- $BTC liquidations and funding: $436M, 0.004% average
- $ETH is down 6.44% on the day, support/resistance - $3,070/$3,455
$ETH liquidations and funding: $530M, 0.043% average
Alts and DeFi watch:
- DeFi TVL: $68.58 billion
- $DOGE sets new all-time high at 45 cents
- $BAND down 10% since daily open
- Altcoin market cap loses almost $63 billion on open
More news that caught our eye:
- E-commerce platform, eBay, is kicking the tires on accepting crypto and looking at offering NFTs as part of its marketplace
- Paypal explores launch of stablecoin
- Digital Dollar Project to launch CBDC pilot
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world's largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL's relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.