Market commentary, 01.03.2021

Recurring market commentary on what’s happening in the crypto markets, summarized by Crypto Finance AG Senior Trader Patrick Heusser.

Market commentary

Good Morning!

It has been a rather volatile week with a healthy correction below $50’000. The trading range registered more than 15’000 points: more than a 25% correction from high to low.

The overall situation for derivatives has eased a bit, leaving the futures trading at less premium. There was an expiry with huge open interest for 48’000 contracts, and investors finally took profit. Our desk experienced a mixed situation, as we also picked up trades on the downside.

It will be very interesting to observe the entire DeFi sector, since this sector suffered greatly during the last week of February. Of course the total locked value dropped accordingly as well, but it is still amazing that almost $37 billion are still locked in DeFi. The most dominant coins within this sector are Maker, AAVE, and Compound (Lending category). There are additional categories represented in the top 10, such as the DEXes, e.g. Uniswap, Curve Finance, Sushiswap, and Balancer. Another promising category is Derivatives, with the coin Synthetix, with over $2 bn locked in value.

Most of these correlate heavily with ETH as they are based on the Ethereum chain. The second biggest coin based on market capitalisation ($165 bn) will soon be listed as an ETF (Exchange Traded Fund) on the Toronto Stock Exchange. It is identical to the BTC ETF. The launch will be made in partnership with Mike Novogratz’s Galaxy Digital: One of the largest cryptocurrency firms in the space today.

We are definitively coming a big step closer to mass adoption of cryptocurrencies.

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About the author

Patrick Heusser

Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.