$BTC 24 Hour High $42,837
$BTC 24 Hour Low $40,984
$BTC -2.6% past 24 hours; -2.6% past 7 days
Sentiment remains bearish in wake of Beijing’s crypto ban
Good morning. Markets continue to be in the doldrums as they fail to shrug off a wave of bearish news about China’s renewed crackdown on crypto since last Friday. $BTC never broke higher than the mid-B Band level yesterday and seems to be heading lower to test the 4H short-term support at 40,750. On the 1D chart, the past six sessions erased the hard work of the green candles printed last week, retracing all gains since September 22. $BTC’s RSI is hovering under 40, reaffirming the current bearish market sentiment.
With a double top on the $ETH’s 4H chart and prices on the neckline at the time of writing, $ETH is hanging on precariously but the odds are not in its favor that a recovery will take place in the current bearish climate. $ETH broke past the 0.236 Fib retracement level at 2,860 and retreated to 2,790 overnight before recovering to 2,840. This small move could be due to Asian investors’ bargain hunting. We need to see another stab at 3,000 soon to be out of the woods. The RSI is slightly ticking upwards on the 4H chart but still weak at 41.
According to the ultrasound money tracker, about $1.1B worth of ETH (circa 386.5k in coins) has been destroyed since the August 5, EIP-1559 implementation as part of the London Hard Fork. Miners used to be paid the transaction fees, but this protocol took that away and destroyed the fees through burn blocks issuance. This move has shown to be mildly deflationary at the moment, $ETH will likely see more occurrences of deflationary periods once ETH 2.0 (transforming into Proof-of-stake) during 2022.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.92T, -2.1% from yesterday
- $BTC is down 0.8% at time of writing, support / resistance – 39,600 / 44,700
- $BTC liquidations and funding: $63.15M, -0.0024% average
- $ETH is up 0.6% at time of writing, support / resistance – 2,650 / 3,180
- $ETH liquidations and funding: $53.03M, -0.0064% average
Alts and DeFi watch:
- DeFi TVL: $79.76B
- $SNX down 3.9% in the last 24 hours, up 1.7% in the past week
- $SOL down 1.1% in the last 24 hours, up 10.4% in the past week
- $DOGE down 2.7% in the last 24 hours, down 1.4% in the past week
- $LUNA down 7.4% in the last 24 hours, up 36% in the past week
More news that caught our eye:
- ETH’s Vitalik Buterin states “there’s a lot of subtleties involved” with addressing governance
- Two Fed presidents resign after embarrassing trading revelations
- Kraken faces $1.25M fine from CFTC
- U.S Senate candidate proposes Fort Nakamoto as a strategic BTC reserve
- Many exchanges in China continue to operate OTC desks despite “ban”
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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