An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
In terms of market moves, it wasn't really a very eventful weekend. The trading range in Bitcoin (BTC) and Ethereum (ETH) remain the same, and short option holders still have an advantage in such a calm market environment.
At the money volatility structure remains rather steep; the same applies to the skew for 25 delta options. The liquidation level of BTC positions has been very low over the weekend (with an average of $25m on a 24h basis).
Some coins saw a solid performance over the weekend: BNB and EOS, which are both constituents of the ALT Index, are up 5%. In the MID Index, DOGE and XEM performed 13%. Within the SHIT Index, LRC is up 18%, and the best performing coin out of the three FTX (exchange) indices is TOMO with +24%. There have only been a few coins performing with a minus, e.g. CKB -4%.
In addition, FTX has launched Polkadot (DOT) for trading.
Critical situation in Hong Kong
Another very important topic is the situation in and around Hong Kong as a financial centre. The question is if tax rates in HK are going to be raised as was announced, and how the political situation in HK will develop. At least our Asian partners are rethinking their businesses for the near future.
Have a great day!