Cryptomarket Bounced After CPI Data Released

2022-08-13 09:26 View 15

OSL Trader View – August 11, 2022

$BTC 24 Hour High $24,220 / Low $22.669 | $BTC +4% Past 24 hours; +5.1% Past 7 days

Cryptomarket Bounced After CPI Data Released

Cryptomarket bounced after lower than expected CPI data (+8.5% YoY vs est +8.7% YoY). NEAR pumps after Coinbase adds it to the listing roadmap. CFTC and SEC propose amending reporting rules for large hedge funds on crypto exposure, private funds with at least $500M might be required to disclose crypto holdings.

Equities, Commodities & Macro

Asian stocks set to rally boosted by strong US overnights with S&P 500 hitting a 3M high and Nasdaq 100 jumped nearly 3% . Futures in AU and HK are pointing at over 1% higher. DXY retreated while short-term Treasury yields dropped as well. China is said to have ended military drills around Taiwan.

Technical Analysis

Ethereum (Support / Resistance at $1,700 / $2,308)

  • ETH is continuing to outperform. ETHBTC pair on the verge of breaking crucial resistance 0.077. Break this and upside target 0.082.
  • Broke through $1,731 crucial resistance, moved into a new trading range $1,700 – $2,308. Would wait to see price tag pscyhologically important $2,000 mark, coincidentally the 50% level between the predefined top and bottom of the corridor.
  • Overlaying the 2018 market bottom fractal on current price action, we continue to see similarities. ETH looking bullish at the moment, but do have your risk hedged to the downside, as the market has a nasty habit of punishing those who enter late.

Learn more from today’s Trader View video.

Digital Assets Market

  • Total crypto market capitalization stands at $1.19T, +4.1% from yesterday
  • $BTC is +0.25% at time of writing; 24H liquidations and funding rates: 103.67M, +0.00129%
  • $ETH is +0.24% at time of writing; 24H liquidations and funding rates: 200.56M, +0.02656%
  • Stablecoins market dominance: USDT 43.74%; USDC 35.46%; BUSD 11.69%; DAI 4.68%

Alts and DeFi watch

  • DeFi TVL: $69.45B (+1.21% over last 24 hours)
  • $SOL +5.4% in the last 24 hours, +10% in the past week
  • $SHIB +9.9% in the last 24 hours, +4.7% in the past week
  • $ADA +4.9% in the last 24 hours, +7.6% in the past week
  • $ENJ +4.1% in the last 24 hours, +11% in the past week

More news that caught our eye

  • Bitcoin Rallies as U.S. Inflation Cools to 8.5%
  • Coinbase Exchange Faces SEC Probe Over Crypto Yield, Staking Products
  • LongHash Ventures Launches a $100 Million Web 3 Investment Fund
  • Cardano Aggressively Priced Ahead of Vasil, Claims Messari’s Report
  • ETH POW Excludes EIP-1559 from Upcoming Ethereum Chain

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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