December 8, 2021

​​$BTC 24 Hour High $51,943
$BTC 24 Hour Low $50,239
$BTC +0.16% past 24 hours; -12.5% past 7 days

Risk-on sentiment fuels crypto market rebound

Good morning. $BTC finally reclaimed the $50K area and consolidated above it, with crucial support at $47K holding. This can be attributed to capital inflows, not only into the digital asset markets but also the wider equities space. $BTC’s correlation with S&P 500 at 0.62, Dow Jones 0.73 and a remarkable 0.84 with the Russell 2000 now.

$50.83K is the key level $BTC needs to hold next, the 0.382 Fib retracement between Sept-low and Nov-high. If we break this support, the immediate support will be $47.5K (200D MA). A retest of the newly reclaimed support at $50K is much needed before grinding higher to the $54K zone. If $BTC follows the price action of the July and August run, it would be a more accurate signal to confirm that the bull market is far from over.

After a month of sideways trading, we need to start seeing $ETH making more persuasive moves in one direction, preferably towards the $4,800 region. Price moves towards $4,000 would signal that $ETH may continue trading sideways for a while longer. If $ETH’s recovery follows the textbook of a bull run we mentioned in October with RSI rebouncing into the high 50s, we can confirm with some confidence that this bull run will continue.

Brazil’s biggest investment bank BTG Pactual announced the launch of a multi-market fund with exposure to $ETH. Named “BTG Pactual Reference Ethereum 20”, the fund has 20% exposure to $ETH with the balance allocated to fixed income assets. A low entry barrier of 100 Brazilian reais (~US$18) as a minimum investment, along with a 0.5% annual administrative fee, should stoke a lot of interest in an already welcoming Latin American retail environment.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.48T, -0.5% from yesterday
  • $BTC is +0.5% at time of writing; 24H liquidations and funding rates: $49.88M, +0.00907%average
  • $ETH is -0.9% at time of writing; 24H liquidations and funding rates: $22.95M, +0.01499% average
  • Stablecoins Market Dominance: USDT 48.59%; USDC 25.82%; BUSD 8.52%; DAI 5.64%

Alts and DeFi watch:

  • DeFi TVL: $105.26B
  • $SOL -2.1% in the last 24 hours, -8.8% in the past week 
  • $SHIB -1.8% in the last 24 hours, -23.3% in the past week
  • $SAND -3.5% in the last 24 hours, -21.4% in the past week
  • $ENJ -3.2% in the last 24 hours, -19.8% in the past week

More news that caught our eye:

OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.

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.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.