OSL Daily Update - March 19, 2020
$BTC 24 Hour High $5,384
$BTC 24 Hour Low $5,069
Digital asset markets came out of the American trading session relatively unscathed as the US benchmarks dropped yet another 5% on average on the day that Italy announced its largest death toll attributed to the COVID-19; Europe eclipsed China in number of confirmed cases, and all 50 states recorded cases in the US.
Digital asset markets:
- $BTC traded relatively horizontally around 5,200 and 5,400 largely with a couple swings that challenged the 5,000 support line early in the morning of the American session;
- $BTC volume decreased by 100M, the overall market cap increased by 1.18B overnight, with $BTC dominance dropping to -0.2% to 63.6%;
- As per glassnode, wallets with 1+ BTC have reached an all-time-high with 795,630 wallets, breaking its previous record on March 10th by ~330 wallets;
- $USDT currently trading around 33bp premium, noticing the arb window closing between Asia and the US yesterday (near the Asia's afternoon session). Desk saw mainly $USDT sell flow as the arb was around 3.5-3.9%, flowing back into Asia.
- Massive +97% uptick for $STEEM as the community fights back the hostile take-over initiated by Justin Sun last month with a hard fork, currently trading at 0.25c. With continued momentum and positive sentiment we expect it to pierce through 0.31c with its next move.
Other notable large-cap coins action:
- $BSV up 2.5% to 120 levels after dropping from 200 during the massive Friday the 13th sell-off where it traded as low as 85.
- $ETH saw one of its largest drops from 194 to 116, where $ETHBTC sliding down 8% since last week, currently trading at 0.022; $BCHBTC seeing the inverse trend, up 13% from last week to trade at 0.033.
All hands on deck as countries all over the world are proposing their own stimulus plans; Spain announced $220B USD to prevent companies from going bankrupt, Germany dedicated $550B and UK dedicating $400B in loans.
- S&P dropped as much as -9.8% before closing the day at -5% (-131pts)
- Dow broke 20k levels after dropping 6% (1,338pts to 19,898) triggering circuit breakers again;
- Crude dropped below $25 for the first time since 2003:
- Gold prices continued its downtrend towards its next support line at 1,473 after reaching 1,704 levels at the height.
- VIX currently at 76.
With gold prices dropping, along with traditional markets reporting futures contracts closing left, right and center, liquidity is of the utmost importance as all trends are leading towards a cash-strapped economy.
May the trend be your friend!
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