OSL Daily Update-June 11, 2021

$BTC 24 Hour High $38,334
$BTC 24 Hour Low $35,848
$BTC -1.75% past 24 hours

After a couple of bounces and attempts to move higher, $BTC has retreated 6.28% from it’s most recent peak of mid $38,000 as the day progressed. Support is looking grim but current price action does not scream all hope is lost – sellers still need to show conviction on the downside and push the price lower without much struggle. More often than not, taking a long time to make a move doesn’t really inspire confidence in the price direction. In spite of the late afternoon (Asia time) rally, $BTC did not finish strongly and the SMA/EMAs are still flashing Sell signs though the Oscillators such as the RSI/CCI sitting more neutral than before.

“The only consistency has been volatility”…simple words uttered by Baird & Co’s investment strategist underpinned the proposal by the Basel Committee where it was suggested that a 1,250% risk weight be applied to banks having exposure to cryptocurrencies. Should the proposal become regulation, this would heavily penalise banks for holding digital assets on their balance sheets, which would clearly be a major deterrent. However, Bitcoin and cryptocurrency advocates took the news in a positive light, citing that this will make crypto finally be accepted as an asset class with its own risk parameters in place, further enhancing its legitimacy within the traditional finance world.

From CoinDesk, BC Technology Group (parent company of OSL) has secured an investment of ~USD70 million from Singapore sovereign wealth fund, GIC. The investment is a major milestone for our business and big win for digital assets adoption in Asia Pacific, particularly the growing digital asset hubs of Hong Kong and Singapore

Digital assets market:

  • Total crypto market capitalization stands at $1.56T, 4.29% decrease from yesterday
  • $BTC is down 1.24% at time of writing, support/resistance – $34,265/$39,163
  • $BTC liquidations and funding: $261.27M, -0.00143% average
  • $ETH is down 1.83% at time of writing, support/resistance – $2,298/$2,626
  • $ETH liquidations and funding: $85.11M, -0.0026%% average

Alts and DeFi watch:

  • DeFi TVL: $59.96 billion
  • $REP up 1.68% in the last 24 hours,  down 14.88% over the past week
  • $MLN down 8.81% in the last 24 hours, +15.56% over the past week.
  • $HARD up 81.79% in the last 24 hours, +8.98% over the past week
  • $LUNA down 0.24% in the last 24 hours, -9.71% over the past week

More news that caught our eye:

OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes

OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

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