An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
We experienced some market correction in the late afternoon and mainly evening session.
Bitcoin (BTC) traded to a low of approx. 11’100 and high of 11940 in the early morning session. Even due to a trading range of 840 points the future premium traded down a few points in the front month. In general the over stretched derivatives premium relaxed a bit over the entire trading day. The short term Bitcoin (BTC) support level of 10’500 and resistance of 12’000 remains the same. Traded volume in Bitcoin (BTC) and Ethereum (ETH) increased as we have seen profit taking during the day. The overall implied volatility has not changed a great deal and the term structure stays steep. Alt- and MID Index performed similar to Bitcoin (BTC), whereas the SHIT Index underperformed Bitcoin (BTC) a little.
The DeFi Index noted an impressive bull run of over 7% yesterday as this space still is in vogue. Another noteworthy performance has been realized in the SRM coin on the FTX exchange. As mentioned in the market comment beginning of the week, SRM had it’s first listing yesterday and performed believe it or not from $0.11 to $1.52 (+1’380%). Beside the overbought scenario in some spaces we believe yesterday’s consolidation in Bitcoin (BTC) is healthy and gives more potential for a solid bull run.