OSL Daily Update - June 7, 2021
$BTC 24 Hour High $36,424
$BTC 24 Hour Low $35,530
$BTC +1.5% past 24 hours
It was a quiet weekend, price action wise, as we continued to see price consolidation in Bitcoin and the majors for much of the past week. Bitcoin is still waiting for a catalyst to spur prices higher. The week started off with some promise but eventually fizzled with none of the anticipated “pop” one had hoped for leading into the weekend and the “Largest Bitcoin conference in history” held in Miami from 4th-5th June. The event, hosted by Bitcoin Magazine, (a publication co-founded by the father of Ethereum, Vitalik Buterin) brought together the likes of Jack Dorsey, Sam Bankman-Fried, Michael Saylor, et al.
Two nations decided to put crypto adoption on the table; the Bank of Thailand started prototyping a digital currency format with a 3 year implementation timeline. El Salvador’s president announced during a taped announcement at the Bitcoin 2021 conference that a bill would be sent to congress to make Bitcoin legal tender.
Digital assets market:
- $BTC is up 1.4% on the day, support/resistance - $35,500/$39,500
- $BTC liquidations and funding: $76.55M, 0.009% average
- $ETH is up 1.8% on the day, support/resistance - $2,590/$2,930
- $ETH liquidations and funding: $35M, 0.019% average
Alts and DeFi watch:
- DeFi TVL: $66.23 billion
- Total crypto market capitalization stands at $1.64T, a -3.7% decrease from yesterday
- $SOL up 8% in the last 24 hours; +54% over the past week
- $STRK up 69% in the last 24 hours.
More news that caught our eye:
- Elon Musk receives warning from Hacktivist group Anonymous
- Can Bitcoin be green? The importance and impact of its energy use.
- G7 finance ministers discuss laying out plans for state-issued digital currencies
OSL Trader View is contributed by Jose Reyes and Ethan Fu
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