OSL Daily Update - June 10, 2021
$BTC 24 Hour High $37,576
$BTC 24 Hour Low $32,476
$BTC +12.59% past 24 hours
What a difference a day makes! It felt like the El Salvador and Michael Saylor news were released just last night (which it wasn’t; days old news!), as $BTC marks up more than 15% intra-day. Descending resistance was just broken above the $36,600 mark. $BTC holding above mid $35,000 would show good conviction from buyers. With $BTC and $ETH liquidations returning to formidable levels, it looks like the market volatility is making a comeback. . Oscillators for both $BTC and $ETH turning Neutral with more than one of the SMA/EMA signalling a BUY, something not seen for quite a while. Of course these are the shorter time frame moving averages for the day traders/scalpers with the mid-term technical outlook still gazing towards the bears.
An exciting development that unfolded and was streamed live on Facebook was the passing of the bill by the El Salvadorian assembly to make Bitcoin legal tender. A world first. President Bukele talked about this last week during the Miami 2021 Bitcoin conference via a taped recording and this became a reality just before 6am UTC time. The law will go into effect immediately with the government allowing 90 days for the relevant infrastructure to be in place. Before the crypto community had a chance to rejoice at this groundbreaking move by a Head of State, he then directed their national geothermal company to allow Bitcoin miners to harness the country’s geothermal resources with low cost and sustainable utility plans.
Digital assets market:
- Total crypto market capitalization stands at $1.63T, +7.14% increase from yesterday
- $BTC is -0.61% at time of writing, support/resistance - $33,333/$39,448
- $BTC liquidations and funding: $383.02M, -0.00250% average
- $ETH is -0.74% at time of writing, support/resistance - $2,270/$2,752
- $ETH liquidations and funding: $101.83M, 0.0158% average
Alts and DeFi watch:
- DeFi TVL: $61.71 billion
- $UNI up 7.76% in the last 24 hours, -8.98% over the past week
- $CRV up 7.73% in the last 24 hours, +6.16% over the past week
- $BURGER up 21.73% in the last 24 hours, -4.91% over the past week
- $MLN down 12.31% in the last 24 hours, +40.32% over the past week.
More news that caught our eye:
- Microstrategy received $1.6B in offers for their high yield notes that targets more Bitcoin purchase
- $157B Victory Capital plans to enter crypto market
- White House tech critic Tim Wu holds $1M-Plus in Bitcoin
- Bitcoin hater Warren Buffett invests $500 Million in digital bank offering crypto products
OSL Trader View is contributed by Emilia Lee, Ethan Fu 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.