Daily Crypto Market Update - April 15, 2020

$BTC 24 Hour High $6,958 $BTC 24 Hour Low $6,793 $BTC +0.34% The US market continued its bullish momentum to open up post-Easter trading. This after the IMF predicted that the global GDP will be ~3%, and the White House indicated it will refuse to make payments to the World Health Organization pending an investigation into the alleged “mismanagement and cover-up of the spread of the coronavirus” - a potential US$400m in savings to be deployed elsewhere. Digital assets market:

  • Digital asset markets did not follow traditional equities last night as trading remains largely range bound on the other hand have seen stagnant volumes for a fifth day. 

  • Digital asset market cap unmoved, remains at 193B

  • $BTC rejects 7,000 resistance and drops back down to 6,900 levels. 

  • $BTC dominance dropped marginally to 64.3%->64.1%

  • $BTC futures bear-bull ratio at 63/37 with overall volumes dropping by 20% from yesterday. Total 1.85B open positions across the top four exchange platforms.


Notable alt market news:

  • China creates a new blockchain innovation alliance, including major companies such as Huawei and Alibaba

  • $XRP range bound between 0.186 and 0.1969 over the past four days, failing to regain momentum to push above 0.2 range. Market sentiment has been low for Ripple in 2020 as they publicly stated that the project would not be profitable or cash flow positive without selling their tokens.  Much to the dismay of their loyal holders. 

  • On the other hand, $XRP announced a partnership with European money transfer firm Azimo that will work with SCB to integrate instant payment between Europe and Thailand. This could stimulate the digital asset adoption rate as Thailand is known for being one of the most expensive countries to send and receive money as per the World Bank.

  • $BCH traded at 224 after sliding down 4% on Monday. Large miners of the main $BCH have been seen leaving since the halving last week, dropping its hash rate by ~60% (near April 2019 levels) as it feeds a bearish sentiment towards $BTC’s upcoming halving event slated for mid next month.

  • Alt market window remains open, ever slightly, but speak to your OSL trader for the trading ideas we see on the desk.


Traditional markets:

  • VIX dropped to 37.76, its fourth day of slides from the high of 85 at the previous peak. 

  • Market researchers have noted for previous recessions/sell offs (with the exception of the 9-11 attacks) that the VIX normally drops back to acceptable levels before the “actual” anticipated market correction. 

  • S&P 500 up 3%

  • Dow up 2.4% 

  • Nasdaq up 4.3%.




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