$BTC 24 Hour High $30,514
$BTC 24 Hour Low $29,842
With the slide in $BTC price last week now “old news”, the talk of the town has quickly transitioned back over to traditional markets as Wall Street Bets (#WSB) followers on Reddit and other social media communities coordinated a short squeeze through $GME and $AMC to force Melvin Capital to close out their positions despite efforts to resist over the past couple of days that included multiple rounds of capital injections to maintain afloat. The power of the crowd continues to flex its might with rallies around Bed Bath & Beyond ($BBBY) and Express Inc. ($EXPR). Redditors appear to have turned to private channels ahead of possible (albeit rumored) SEC shutdowns.
Digital assets market:
- Digital asset prices slid further with $BTC testing 30K support levels throughout the past week, and largely range bound. It dipped, albeit temporarily, as low as 29K (on Jan 22nd and Jan 27th).
- $ETHBTC has slowly climbed past 0.04 levels, up 71.5% since 2021 to 0.041 as $ETH held its own while $BTC corrected from 42K to 30K
- $ETH trading at 1259 at the time of writing, trading at the middle of Bollinger bands with almost 40B in global traded volumes.
- EIP-1559, a proposal to improve gas fees via algo calculations instead of auction style and the introduction of burning $ETH tokens previously used as transaction fees is expected to be implemented this summer, which has caused mixed feedback from miners versus the future longevity of the major coin as a deflationary measure
- Gas fees have been fluctuating between 50-150 gwei , avg fees in USD to move across the ERC20 blockchain = $15 USD
Alts and DeFi watch:
- DeFi season among us as TVL still trending upwards at 24.7B, peaked at 26.16B ATH yesterday
- $AAVE has seen +218% gains since 2021 from 90 to 286 as the largest decentralised lending and borrowing protocol with over 3.6B locked
- $YFI range bound between 26K and 32K this past week with most attention on other DeFi tokens
- $LINK up 90% since the start of 2021 (11 to 21), largely from the price action this week that saw a two day increase (45%) from Jan 22-23
- $UNI up three days in a row to 15 levels as the free airdrop tokens have risen from $3 when initially released.
OSL Trader View and Weekend Digest are contributed by Stefan Chu and Santiago Nazaretti
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