$BTC 24 Hour High $34,725
$BTC 24 Hour Low $32,798
$BTC -3.2% past 24 hours; -2.1% past 7 days
$ETH is struggling to break through the short-term resistance at 2,200 this morning. It is currently testing the 2,000 area, where 200d MA is providing some support. If going below that, the multi-month low area in and around 1,750 will be the next target.
One of the main developments currently being discussed is the planned London Hardfork, set to be released on 4 August (should the vote go through). Ethereum Improvement Proposal (EIP) 1559 is the main focal point and looks to change the gas fee structure in the protocol. In this proposal, transaction fees would be fixed per block and burned, instead of being sent to the miners. This has two main consequences:
- Miners earn lower profits; and
- Deflationary pressure is put on Ethereum as more $ETH is burned, the less there is in the market.
Perhaps the beginning of some good news for portfolio/asset managers out there, $BTC’s correlation with the S&P 500 flipped to an inverse for the first time this year. After six months of being loosely correlated with both making new highs during a bullish run, BTC sputtered whilst the S&P charged ahead. If this is a start of a new trend, $BTC’s negative correlation with the world’s largest equity index could be the right justification for portfolio managers to hold some BTC or perhaps a basket of cryptos as a hedge against one’s equities exposure.
Digital assets market:
- Total crypto market capitalization stands at $1.41T, -3.4% from yesterday
- $BTC is up 1.5% at time of writing, support / resistance – 32,190 / 36,659
- $BTC liquidations and funding: $125.98M, -0.0109% average
- $ETH is up 0.9% at time of writing, support / resistance – 1,970 / 2,419
- $ETH liquidations and funding: $60.77M, -0.0091% average
Alts and DeFi watch:
- DeFi TVL: $54.3B
- $FTT down 1.02% in the last 24 hours, up ~19.8% in the past week
- $AXS up 0.26% in the last 24 hours, up ~96% in the past week
- $QNT down 3.24% in the last 24 hours, up ~2.8% in the past week
- $OKB up 9.24% in the last 24 hours, up 3.5% in the past week
More news that caught our eye:
- Capital International Group purchases 12.2% stake in MicroStrategy
- Lincoln Avenue Capital buys its first 1,000 BTC at the $33,525 level
- Australia-listed non-bank broker SelfWealth to add crypto to its platform
- Giant diamond sells for $12M in crypto at Sotheby’s diamond auction
OSL Trader View is contributed by Emilia Lee, Ethan Fu, Stefan von Haenisch & Jose Reyes
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