Currency Markets Under the Spotlight as Pound may see Parity with the Dollar

$BTC 24 Hour High $19,180 / Low $18,620 | $BTC -0.2% Past 24 hours; -2.9% Past 7 days

Crypto markets have been uneventful with no momentum to support the price. DBS is expanding its crypto trading services to over 100k clients. Expect volume at Asia hours will be quieter than usual this week as industry players travelling for Token 2049 and other events in Singapore.  

Equities, Commodities & Macro 

Weak sentiments continue in equity markets as Asia markets look to open lower. The US markets hit intraday low for the year last Friday. Analysts warned of capital outflow from Japan and China as Yen and Yuan continue to tumble. Meanwhile cable rate is at its lowest in 37 years, and many expect the pound to fall to parity with the US dollar.

Technical Analysis: Traditional financials markets flashing warning signs

BTC

Tradfi markets testing support, VIX pushing to the highest level since June, DXY also exploding higher. All these factors are having a negative impact on crypto prices. Correlation to tradfi actually dropping off somewhat for Bitcoin which is interesting.

Bitcoin is still diligently holding support at $18,700, but we saw price hunt for liquidity down at $18,165  at the end of last week.

Neutral RSIs on the daily and 4H timeframe. Also seeing Funding Rates flat across the board, implying evenly distributed leverage among longs and shorts

BTC Key levels

  • Resistance / $23,000
  • Resistance / $21,875
  • Resistance / $20,100
    • We are here – $18,880
  • Support / $18,700
  • Support / $17,765
  • Support / $16,200

ETH

Eth is sitting on key support at $1,280. Also seen prices drop below for short periods of time, at which point buyers have stepped in in good numbers to lift prices higher.

The 200W SMA coming in, providing additional support at these levels. Correlation to tradfi markets picking up and is moving higher.

Desk view remains neutral for the next 24 hours, with a view to turning more bearish if this key support level is broken.

ETH Key levels

  • Resistance / $1,577
  • Resistance / $1,517
  • Resistance / $1,421
    • We are here – $1,308
  • Support / $1,280
  • Support / $1,072
  • Support / $875


Digital Assets Market

  • Total crypto market capitalization stands at $967B, -0.6% from yesterday
  • $BTC is +0.12% at time of writing; 24H liquidations and funding rates: 14.20M, 0.02166%
  • $ETH is +0.45% at time of writing; 24H liquidations and funding rates: 22.85M, 0.012734%
  • Stablecoins market dominance: USDT 45.01%; USDC 32.90%; BUSD 13.60%; DAI 4.29%

Alts and DeFi watch

  • DeFi TVL: $54.37B (+0.01% over last 24 hours)
  • $SOL -3.1% in the last 24 hours, +4.6% in the past week
  • $SHIB -2.3% in the last 24 hours, +4.4% in the past week
  • $ADA -1.4% in the last 24 hours, +0.1% in the past week
  • $ENJ -2.3% in the last 24 hours, -2.1% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.

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