Tornado Cash has been sanctioned by OFAC

OSL Trader View – August 9, 2022

$BTC 24 Hour High $24.250 / Low $23,158 | $BTC +2.4% Past 24 hours; +1.9% Past 7 days

Tornado Cash, an Ethereum-based “coin mixer”, has been sanctioned by OFAC, as it has been allegedly laundering money. For the likes of hackers in North Korea. Circle (USDC) reportedly blacklists Tornado Cash contracts and GitHub suspends Tornado Cash’s founder’s account.

Equities, Commodities & Macro

US markets wiped out intraday gains as Nvidia’s revenue missed its projection by 1 billion. Asia markets trading slightly lower. Oil rebounded above $90.

Technical Analysis

Bitcoin (Support / Resistance at $22,860 / $24,000)

  • Failed to hold above critical level $24K, reinstate our view from yesterday. A clean clear and daily close above $24K required to open a path for bulls to $30K.
  • Trading within this channel since the mid-June selloff. If we manage to break through $24K, the next key resistance level will be the upper band of the trading channel which overlays 1M EMA ($25,600).
  • Immediate support coming in at 200W MA ($22,860), losing this level might yield a downside target towards the lower band of the channel which is where 50D MA is sitting at the moment around $21,600.
  • Daily RSI and weekly RSI pointing higher but not quite in the overbought zone yet, still has room for short-term bounce.

Digital Assets Market

  • Total crypto market capitalization stands at $1.18T, +2.7% from yesterday
  • $BTC is +0.21% at time of writing; 24H liquidations and funding rates: 42.76M, +0.00521%
  • $ETH is +0.36% at time of writing; 24H liquidations and funding rates: 82.47M, +0.01850%
  • Stablecoins market dominance: USDT 43.69%; USDC 35.62%; BUSD 11.71%; DAI 4.63%

Alts and DeFi watch

  • DeFi TVL: $69.21B (+0.01% over last 24 hours)
  • $SOL ++3.5% in the last 24 hours, -0.8% in the past week
  • $SHIB +2.1% in the last 24 hours, +4.8% in the past week
  • $ADA +1.2% in the last 24 hours, +3.7% in the past week
  • $ENJ +2.5% in the last 24 hours, +14.1% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam, Kevin Lee & Charmaine Tam.

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