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The Market Steadies Out...

OTC Weekly Trading Insights - Nov 11, 2022
2022-11-18 16:08
  • The past two weeks have been devastating for the crypto space. The events that have unfolded sent prices to new yearly lows.
  • The market for the most part of this week has been relatively stable, trading rangebound, as coins across our convert portal have seen a significant drop in trading volume.
  • TWT, a popular cold storage platform, has outperformed the market this week with trading volume currently up over 2000% with a subsequent price increase of 106.3%! It is no surprise with the amount of FUD surrounding the industry, HODLers are looking to move assets to trusted cold storage solutions.
  • FTT continues to fall as it is now trading at $1.64, currently down over 25% in the last 7 days. The contagion effect is now widespread as many popular platforms have implemented restrictions, following on from last week!
Trade our top 5 weekly coins of interest here!
What is the Binance Convert Portal?
The Binance Convert Portal is a way for users to simply exchange one coin to another without working the order book. There are zero fees, slippage or risk of getting filled providing many benefits to both day traders and long term investors.
We break down the convert portal transactions to gauge where the market is each week. We notice a pattern with the top 3 consisting of; stable coin swaps, crypto-to-stablecoin and stablecoin-to-crypto. When the market is quieter and seeing extended movements, stablecoin swaps usually top the list with users transacting between BUSD and USDT with tight spreads. On the flipside, when the market has seen a period of expansion (up or down) we will usually see crypto-to-stablecoin or stablecoin-to-crypto transactions top the list as users will enter and exit positions.
Convert Portal Volume Breakdown
  • This week we have seen a significant increase in stablecoin swaps, coming in with a value of 40.41%. There has been a lot of attention on stablecoins this week as the uncertainty continues, therefore investors will be looking to ensure their stable funds are stored safely.
  • Second on the list was crypto-to-stablecoin transactions. A familiar pattern we have seen in the past following large sell offs: once price settles and forms a range, investors and traders exit positions to prevent any further drawdown.
  • Thirdly was stablecoin-to-crypto. Looking from the longer-term perspective, price can be viewed as trading at a deep discount so investors will look to average into position sizes, patiently waiting for a bull run to make a return.

Overall market technicals

BTC

  • Following the recent crash, BTC has shown signs of slowing down this week as we have been trading range bound after the new yearly low was formed at $15,555
  • Whilst volatility has taken a backseat, BTC is certainly not out of the woods yet as there is still large amounts of FUD and uncertainty surrounding the industry.
  • At current prices, the total market cap is now sitting under $800b, a level that has not been seen since January 2021. Read more here.
  • Looking at the charts, BTC is trading in what appears to look like a wedge pattern, with a clear short term range defined.
  • Speaking from a short term perspective, the bulls will need to see a break and hold above the downtrend line where the next target would be the previous range low around $17,600.
  • Alternatively, BTC is likely to stay trading range bound between the downtrend line and yearly low, making its way closer to the apex before gearing up for another move.
  • One level to keep an eye on would be the 2020 resistance at $12,500 as if these ‘black swan' events continue to unfold, price is likely to retest previous levels of support / resistance.

SOL

  • SOL, the coin that was once dubbed the "ETH killer" has taken a huge beating in the midst of this crash, as the coin had heavy backing from Alameda research.
  • Since Monday the 7th of November, its price is currently down over 58% as investors were quick to exit positions leading to a huge sell off.
  • Currently, SOL is trading in a short range with the low being $12, a level that has not been seen since early 2020.
  • It would be safe to assume that SOL will hold this range, unless further news is announced about the unstaking of coins which was delayed last week.
  • Again, another level to bear in mind would be the 2020 resistance sitting at $4.70, as if we get another leg down, price has a tendency to revisit previous levels!


Why trade OTC?
Binance offers clients two potential ways to trade OTC, the first being through Binance Convert which can be found here! Binance Convert offers a quick and simple way to execute crypto trades across 1500+ trading pairs, with more added every week!
To start, simply navigate to the Convert webpage, select the coins you wish to trade, preview and confirm the quote, settlement is completed instantly and you can refresh the quote as many times as you’d like!
Alternatively for larger block trades >$200k, voice trading is available with 24/7 coverage! Our expert team is available round the clock to help suit your trading needs offering tight, competitive spreads and the best in class service! Get in touch with the Binance OTC team for trade requests, advice and any other questions you may have! From start to finish our team is with you every step of the way!
Experience the main benefits of Binance Convert and OTC Trading:
  • Fast & Competitive Pricing
  • Instant settlement
  • Widest availability of coins
  • Bespoke service with unique market insights
  • Zero fees and slippage
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