OSL Daily Update-May 31, 2021

$BTC 24 Hour High $36,500
$BTC 24 Hour Low $33,333
$BTC +2.48% past 24 hours 

It was a slightly rocky weekend for Bitcoin, as it started Saturday with a 4.6% rise only to have those gains wiped clean, and then some, with an ~11% drop to the $33,300 level – where it finally bounced off just as Sunday started. After a 9.5%rise , $BTC has now cooled off and is currently consolidating in the mid $35,000s.

The weekend headlines were a tale of two halves, with diametrically opposed reports coming out of the UK and US.  In the UK, Starling Bank has temporarily banned outgoing cryptocurrency deposits, “due to what it calls suspected financial crime.” The digital bank says they’ll be reversing the ban following further investigations. Meanwhile, on the other side of the pond and the other side of market sentiment, Andreessen Horowitz, the large American venture capital firm, trying to raise $2 billion for a crypto fund. Notable previous investments from a16z include Coinbase and NFT platform OpenSea.

Digital assets market:

  • $BTC is down 3.13% on the day, support/resistance – $35,400/38,700
  • $BTC liquidations and funding: $109M, 0.013% average
  • $ETH is down 4.42% on the day, support/resistance – $1,990/$2,730
  • $ETH liquidations and funding: $85M, 0.01% average

Alts and DeFi watch:

  • DeFi TVL: $59.85 billion
  • Total crypto market capitalization down $55 billion on the day
  • $UNI down 9% in the past 24 hours
  • $THETA down 9.5% in the past 24 hours

More news that caught our eye:

OSL Trader View is 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.