OSL Daily Update - January 13, 2021
$BTC 24 Hour High $36,633.02
$BTC 24 Hour Low $32,622.72
More emphasis and capital markets’ attention is being focused on Washington as there is increasing corporate backlash piling up towards President Trump, as he faces yet another impeachment with only a week left before his term ends and the official transition takes place. Deutsche Bank, one with known direct dealings, is the latest to cut off ties. However, Vice President Pence has said he has no plans to invoke the 25th Amendment and assist the House Democrats.
The investment community has also been watching the doors on Capitol Hill, less for those foolish enough to rush in and create havoc, but for those that are seen leaving and what it may mean for markets:
- Brian Brooks - U.S. Office of the Comptroller of the Currency (OCC) -The acting head of the U.S. federal banking regulator is reportedly stepping down this week with President-Elect Biden to nominate a replacement.
- Marc P. Berger - SEC Enforcement Director led high-profile enforcement actions against cryptocurrency ICOs, namely behind the $1.3B Ripple lawsuit will be stepping down this month.
Digital assets market:
- Digital assets fell for a third day, down from its 1.1T market cap peak, currently sitting at 900B to what would optically seem “low” however still remains encouraging considering overall market cap was range bound between 500-600B throughout November and December, prior to the 2021 bull run.
- Markets are still trying to bounce back after the most recent sell-off was triggered in part by over-leveraged long positions (in the past 24h we have seen 659M positions liquidated with the largest $BTC liquidation on Bitmex was worth 5.95M)
- $BTC finding support at 32,300 with increasing sell pressure, currently trending down over the past 8 hours, MTD still up 41% amidst the sell off on Jan 9, physical traded volumes at 66B, seeing 40:60 long short ratio amongst the top exchanges. Looking to challenge local resistance at 34,000.
- $ETH trading at 1022 currently after briefly dipping below 1k yesterday for 7 hours. Traded volume at 36B, with ETHBTC at 0.0311, with highs of 0.034 at the peak of the bull run from 2021.
Alts and DeFi watch:
- Several large cap alts have seen minimal gains up between 2% to 4%
- $LTC dropped 2% from 184 highs to 130 over the past three days,
- $ADA however jumped 4%, up 8% over the past seven days and up 54% for 2021.
- DeFi sector continues to slump as well, TVL dropping from its ATH at 23B to 20.35B today
- $AAVE up 11% yesterday to 126 levels
- $SNX up 16% yesterday to 15 levels from 13.
- $YFI down 4 consecutive days from 38k to 29k (-27%)
OSL Trader View and Weekend Digest are contributed by Stefan Chu and Santiago Nazaretti
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