October 28, 2021

​​$BTC 24 Hour High $61,797
$BTC 24 Hour Low $58,179
$BTC -3.1% past 24 hours; -9.1% past 7 days

Liquidations finally taking place 

Good morning. We started to see a long-overdue shakeout in the crypto markets to remove some leverage, with $BTC dropping below 60K. $888M worth of liquidations were triggered across the crypto industry in the last 24 hours, the highest amount since September 20. Funding rates are resetting across the board, especially in the altcoin space.

58K is the current support for $BTC, from the 0.786 Fib retracement level from Jun-low to October high. It’s understandable why there are calls for a move to 53K, with Fib retracement level at 0.618. 

$ETH took a big hit, trading at around 10% lower from its peak at $4,330 yesterday afternoon. $ETH’s upward-trending support line also finally broke despite finding some initial support in the middle of the 2021 trading corridor. But, 3,900-3,950 currently acts as the main support, followed by $3,680. Based on the market fundamentals, market participants might see these support levels as ‘buy-the-dip’ opportunities.

$SHIBA hit a new ATH of $0.00008088 and has overtaken the original dog-inspired meme coin DOGE in terms of market value (9th place with $41B and 11th place with $31.6B, respectively). SHIB’s founder claimed not to hold any of its coins, and nearly 50% of SHIB’s supply is locked in the Uniswap DEX. Supporters argue that its ecosystem includes smart contract capabilities, NFTs and opportunities for liquidating mining whilst mainstream investors agree that its success is community-driven rather than from its utility.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.58T, -3.7% from yesterday
  • $BTC is down -2.64.% at time of writing; 24H liquidations and funding rates: $137.67M, +0.0135% average
  • $ETH is down -4.07% at time of writing; 24H liquidations and funding rates: $288.96M, +0.0075% average
  • Stablecoins Market Cap: USDT 53.57%; USDC 24.68%; BUSD 9.70%; DAI 4.91%

Alts and DeFi watch:

  • DeFi TVL: $100.65B
  • $AAVE down -0.3% in the last 24 hours, up +8.4% in the past week 
  • $LINK down -10.2% in the last 24 hours, up +12.3% in the past week
  • $UNI down -8.1% in the last 24 hours, down -6.4% in the past week
  • $SHIB up +66.2% in the last 24 hours, up +181.6% in the past week

More news that caught our eye:

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

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