Crypto markets stabilize after multiday sell-off

​​$BTC 24 Hour High $32,647  / Low $29,721 |   $BTC +3.4% Past 24 hours; -17.4% Past 7 day

Good morning. Another 500 million worth of positions has been liquidated from the volatile crypto markets following yesterday’s aggressive pullback. TerraUSD (UST)’s decoupling from its peg also adds further market weakness. The Fear & Greed Index has been hovering in the “extreme fear” zone for three days in a row. The U.S. markets closed flattish while the Asia markets are looking to open lower today. 

After a bullish market structure being invalidated, $BTC is now stabilized above $30,000, the bottom of a year-long trading range. The level remains an extremely strong support level for $BTC, which has not been broken in over a year. If this level fails to hold ultimately, the pioneering digital asset may slide to $29,100 or even further down. As the trading volumes are dropping across all major exchanges, the bulls face significant resistance to pushing the prices towards its upside hurdle at $33,000. $ETH outperformed $BTC slightly as the market sentiment has reached a low point. The RSI of the No. 2 digital asset is still at the oversold levels. 

Despite the crypto downtrend, the number of Bitcoin ATMs surges with the growing popularity of digital assets. Out of the 37,338 machines currently installed globally, the largest number of Bitcoin ATM installations are located in America. A key benefit of these ATMs is not going through the laborious KYC procedures of trading platforms. Another advantage of the two-way ATMs is that it provides a double functionality feature that allows customers to purchase and sell digital assets.

Learn more from today’s Trader View video.

Digital Assets Market

  • Total crypto market capitalization stands at $1.5T, +2.7% from yesterday
  • $BTC is +0.50% at time of writing; 24H liquidations and funding rates: 122.23M, +0.00755% average
  • $ETH is +1.17% at time of writing; 24H liquidations and funding rates: 64.98M, +0.01889% average 
  • Stablecoins market dominance: USDT 46.58%; USDC 27.11%; UST 7.66%; BUSD 9.56%; DAI 3.91%

Alts and DeFi watch:

  • DeFi TVL: $152.87B (-0.08% over last 24 hours)
  • $SOL +6.1% in the last 24 hours, -21.0% in the past week
  • $SHIB +17.8% in the last 24 hours, -18.5% in the past week
  • $SAND +3.2% in the last 24 hours, -16.5% in the past week
  • $ENJ +8.3% in the last 24 hours, -20.9% in the past week

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OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Tiffany Wee & Ethan Fu.

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