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The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun September 22, 2021 Sponsored by Bitcoin (BTC) -2.8% $42,172 Ether (ETH) -4.6% $2,931 (Price data as of September 22 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Eyes $3B September Options Expiry After a Drop to $40K Technician's Take: Bitcoin Oversold at Support; Resistance at $47K And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Emily Parker at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Steven McClurg, Valkyrie Investments Zach Bruch and Trevor George, Recur– Bradley Keoun
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: None of the digital assets in the CoinDesk 20 were up on Wednesday.Losers: Algorand (ALGO): -6.8% Filecoin (FIL): -6.8% Aave (AAVE): -5.5% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Omkar Godbole Bitcoin Eyes $3B September Options Expiry After a Drop to $40K Major crypto options exchanges, including industry leader Deribit, are due to settle billions of dollars worth of bitcoin options contracts this Friday. Analysts do not expect the monthly expiration to have a notable impact on bitcoin, which is under pressure this week due to several macro risks and regulatory concerns.
Data provided by Skew shows a total of 73,700 options contracts worth $3.14 billion due for expiry Friday, of which nearly 50,000 are call options and the rest are puts. Deribit alone will be settling more than 85% of the total open interest.
“I’m not expecting much fireworks unless we run through $50,000," Shiliang Tang, chief investment officer of crypto hedge fund LedgerPrime told CoinDesk in a Telegram chat. "There’s some concentrated open interest there.” Chart of options contracts, measured by the number of underlying bitcoin, shows big slug of expirations concentrated on Friday. (Skew.) Read the original story here: Bitcoin Eyes $3B September Options Expiry After a Drop to $40K
Technician's Take by Damanick Dantes, CMT Bitcoin Oversold at Support; Resistance at $47K Bitcoin (BTC) is holding support above $40,000, which could stabilize the pullback and encourage short-term buyers to return. However, upside appears to be limited given strong resistance around $47,000-$50,000.
The cryptocurrency was trading around $42,000 at press time and is down 2% over the past 24 hours. The relative strength index (RSI) is the most oversold since July 20, which preceded a near 60% short-squeeze rally from the $30,000 support level. On the weekly chart, however, the RSI is neutral, suggesting price could consolidate for a few more days. For now, BTC found support at the 100-day moving average, currently around $40,000. If broken, lower support is seen around $37,500, which is the middle of a four-month price range. Bitcoin daily price chart shows the cryptocurrency finding support around its 100-day moving price average. (TradingView, CoinDesk) Read the original story here: Bitcoin Oversold at Support; Resistance at $47K
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BOLO Be on the lookout for the following events today: Statement due out at 2:00 p.m.; press conference with Chair Jerome Powell at 2:30 p.m. EU Blockchain Week 2021: Blockchain & AI for European Green Deal (Sept. 20 - 24)
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" is joined by Messari CEO Ryan Selkis as he shares insights into the current state of DeFi regulations and its impact on crypto firms. Gavin Wood, the creator of Polkadot and Kusama and co-founder of Ethereum, shares his view on Web 3.0. Plus, Star Atlas CEO Michael Wagner explains how his Solana-based metaverse gaming platform is making a difference in the "play-to-earn" gaming space.
A Message from CoinDesk Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
Latest Headlines Bitcoin Flash Crashed to $5K on Pyth Network’s Data FeedThe Pyth BTC/UDC aggregate price had several sharp dips below $40,000 on Monday and the confidence levels became extremely wide. Crypto Companies Continue ETF Proposal Spree With Bitcoin, DeFi Filings Tuesday regulatory filings show Amplify, Invesco and Galaxy Digital submitting a pair of crypto ETF bids to the SEC. Kraken’s App Adds Support for Apple, Google Pay The move is designed to make it easier to buy spot crypto via the exchange’s app.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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