$BTC 24 Hour High $39,389 / Low $37,869 | $BTC +1.5% Past 24 hours; -12.3% Past 7 days
Good morning. The digital assets market seesaws as investors nervously watch Ukraine’s geopolitical conflict continue to unfold, and speculate over the long-awaited Biden’s executive order on digital asset oversight – congressional actions on stablecoins could come as soon as this month.
Over the past 24 hours, $BTC continued trading sideways while the equities markets were tanking. Nevertheless, the No. 1 digital asset held its strength and traded above the key support level at $37,000. Above us, the resistance at $39,500 is keeping strong as well. Looking at the price development from a macro perspective, $BTC’s support at the low $30,000s remains considerably strong. It’s at the bottom of its logarithmic growth corridor, which is a technical level (see the chart) that we need to hold too. As long as the bears won’t push $BTC below $29,000, the macro bullish market structure over the past 1.5 years would remain intact. Given the current market conditions, a dip below this level is not very likely, though. MACD suggests bearish momentum is waning, and the weekly stochastic RSI is trending higher.
After finding support at $2,475 (0.236 Fibonacci retracement level), $ETH is now converging at $2,589, the 0.5 Fibonacci retracement of the current impulsive move. Should $ETH slide below $1,719, this bull cycle will be officially concluded. That said, the weekly MACD showing bearish momentum has also dropped over the last few weeks, despite Russia’s ongoing geopolitical conflict. At present, the weekly RSI is still finding support at the same level right after the COVID crash of March 2020.
It’s worth noting that Fintech company Milo is offering what is possibly the world’s first BTC mortgage-backed product, allowing clients to leverage their BTC holdings to buy properties within the U.S. One will not need to sell their holdings for a down payment to be eligible for a mortgage. Instead, clients can use their holdings as collateral to qualify for a low-interest rate 30-year crypto mortgage. This allows Milo’s clients to diversify into real estate and at the same time be able to keep their BTC and potentially gain from both assets’ appreciation down the road.
Learn more from today’s Trader View video.
Digital Assets Market
- Total crypto market capitalization stands at $1.82T, +1.7% from yesterday
- $BTC is +0.88% at time of writing; 24H liquidations and funding rates: 48.44M, -0.00860% average
- $ETH is +1.89% at time of writing; 24H liquidations and funding rates: 24.92M, +0.00673% average
- Stablecoins market dominance: USDT 43.49%; USDC 28.49%; BUSD 9.68%; UST 7.65%; DAI 5.07%
Alts and DeFi watch:
- DeFi TVL: $196.43B (+1.98% over last 24h)
- $SOL +1.1% in the last 24 hours, -15.3% in the past week
- $SHIB +0.5% in the last 24 hours, -14.6% in the past week
- $SAND +1.4% in the last 24 hours, -14.7% in the past week
- $ENJ +1.4% in the last 24 hours, -14.9% in the past week
More news that caught our eye:
- Congress could see stablecoin bill by end of March
- Singapore’s strict approach to crypto
- China plans crackdown on illegal fundraising in metaverse, NFTs
- Biden’s Russian roulette may kill dollar dominance
- Bain Capital Ventures launches $560M crypto fund
- All three units of Sequoia Capital join EthSign’s $12M funding round in first such deal
- Cryptocurrency tax guide 2021-2022, filing your BTC and NFT taxes
- BTC supports U.S. national security objectives: Report
- $SHIB overtakes FTX’s $FTT as ETH whales’ second-largest holding
- Leading virtual fashion brand raises $10M to expand its presence in the metaverse
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.