Daily market commentary from 27.11.2020

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

There was/is a lot of discussions in various Telegram groups and forums about the tweet from Brian Armstrong, CEO of Coinbase:

It is not really “new” news. US Treasury Secretary Mnuchin talked about this topic weeks ago. But maybe with Brian’s tweet, a broader base of retail traders was reached. They are usually more leveraged, and it caused them to panic.

Anyways, as expected (and also mentioned before Thanksgiving and the upcoming weekend), the market makers who are still providing liquidity are charging you with wider spreads.

The OKEx saga is also over with their withdrawl functionality reopening yesterday. There are “only” 5,000 Bitcoins (BTC) left in their exchange, which is just over 2% of their total holdings. Hence, I think it was a non-event in terms of the price of BTC$.

Happy weekend trading!

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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.

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