OSL Daily Update – March 18, 2021

$BTC 24 Hour High $59,600
$BTC 24 Hour Low $54,120
$BTC + 9%

$BTC rose more than 9% from its 24 hour low, seemingly thanks to the buying sparked by two major events: (i) news stating Morgan Stanley will be offering its wealth management clients access to bitcoin funds. The bank will be able to offer this exposure to bitcoin thanks to its newly announced partnership with Mike Novogratz’ Galaxy Digital and Stone Ridge’s bitcoin subsidiary, the NYDIG; and (ii) the FOMC conference, where Jerome Powell, chair of the Federal Reserve, made a few peculiar remarks – alluding that the Fed will keep providing economic support until stated otherwise, and that some of the worst economic outcomes have been averted. Given the most recent $1.9T relief plan signed into law by President Biden, it looks to signal Powell is signaling almost indefinite economic support.

Digital assets market:

  • BTC: Support – $57,500, Resistance – $60,000
  • ETH: Support – $1,750, Resistance – $1,880

Alts and DeFi watch:

  • DeFi TVL: $44.65bn
  • Exchange reserves decreasing for: $YFI, $MKR, $LINK
  • Exchange reserves increasing for: $SNX, $BAT, $UMA

News that caught our eye:

OSL Trader View and Weekend Digest are contributed by Santiago Nazaretti 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.

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 TwitterLinkedinFacebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.