OSL Daily Update-June 1, 2021

$BTC 24 Hour High $37,918
$BTC 24 Hour Low $34,183
$BTC +2.48% past 24 hours 

Monday finally wrapped up for $BTC, trading within a 10.84% range from low to high, a rather fluid day as it dipped from the start then made its way up towards the $38,000 level on a rather smooth trajectory. $ETH saw heightened volatility as the low to high range virtually doubled that of $BTC. Liquidations on derivatives exchanges confirm this volatility, as they’re the highest they’ve been for a few days. 

In a rare event we saw possible negative news not having much of an impact on markets, it was reported that local Indian banks told clients to avoid dealing with cryptocurrencies or their bank accounts could be compromised. Surprisingly, the threats took no toll on the market (a first in a while). The Central Bank of India shut down the announcement within 2 hours, ordering local banks to stop as the warnings were from last year. The circular being cited by the local lenders was from 2020, and no longer valid. Hopefully other regions don’t make this mistake going forward, and the market stays relatively calm like it did today. 

Digital assets market:

  • $BTC is down 0.90% on the day, support/resistance – $35,200/38,700
  • $BTC liquidations and funding: $142M, 0.013% average
  • $ETH is down 2.56% on the day, support/resistance – $2,385/$2,740
  • $ETH liquidations and funding: $120M, 0.01% average

Alts and DeFi watch:

  • DeFi TVL: $66.4 billion
  • Total crypto market capitalization down $27 billion on the day
  • $BAND surged over 40% in the last 24 hours, tapering slightly in Asian hours
  • $XRP up almost 25% in the last 24 hours

More news that caught our eye:

OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes

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