OSL Daily Update-May 28, 2021

$BTC 24 Hour High $40,440
$BTC 24 Hour Low $37,191
$BTC -2.71% past 24 hours 

Another dull day for the market, an almost identical repeat of yesterday – up after daily open, then a retrace by daily close, with the only difference being a slightly less aggressive retrace today. Derivative exchange liquidations were very low coupled with the upcoming large options expiration (mentioned in yesterday’s note) may point to the calm before the storm.  

In today’s news, we have further evidence of some regulatory progress – the SEC has now started a review of both the Bitcoin ETF applications from financial giants Skybridge and Fidelity. These two are now in the queue alongside VanEck’s and Kryptoin’s ETF applications. It is worth noting, the SEC has 45 days to make a decision on these applications, with the ability to extend to 245 days if required.   

Another headline being the SEC’s Garry Gensler, who reinforced his previous opinion on crypto exchanges and consumer protection during a hearing May 26th. He stated that working on these exchange regulations may help to remove them from being in the regulatory gray area. Genlser further stated this will require working with congress, and a possibly larger SEC budget – presently only about 16% of the SEC’s budget is allocated towards new technology. 

Digital assets market:

  • $BTC is down 0.85% on the day, support/resistance – $35,000/40,800
  • $BTC liquidations and funding: $158M, 0.005% average
  • $ETH is down 1.25% on the day, support/resistance – $2,520/$3,000
  • $ETH liquidations and funding: $85M, 0.016% average

Alts and DeFi watch:

  • DeFi TVL: $65.19 billion
  • $KAVA, $THETA up 18% on the day
  • Total crypto market capitalization dropped around $108 dollars today

More news that caught our eye:

OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes

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