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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets August 10, 2021 Sponsored by Bitcoin (BTC) -0.7% $45,421 Ether (ETH) +0.5% $3,124 (Price data as of August 10 @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 Breaks Key Resistance“There seems to be a shift in the sentiment in the market compared to a few months back." Technician's Take: Bitcoin Upside Stalls; Lower Support at $38K-$40K Bitcoin's rally pauses given short-term overbought signals.
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Rep. Tom Emmer (R-MN) Perianne Boring, Chamber of Digital Commerce Octavio Marenzi, Opimas– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Cardano (ADA): +6.1% Litecoin (LTC): +5.5% Uniswap (UNI): +4.2% The Graph (GRT): +3.4%Losers: Dogecoin (DOGE): -2.4% Ethereum Classic (ETC): -2.3%XRP (XRP): -1.2% 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 Sebastian Sinclair Bitcoin Breaks Key Resistance as Market Health Improves on Institutional Demand Bitcoin’s jump above a long-term moving average, posing as resistance around $45,000, has been broken for the first time in over two months.
The world’s largest cryptocurrency by market capitalization is currently changing hands for around $45,712 after peaking at $46,691 over the last 24 hours, CoinDesk data shows. Prices have continued to drive higher and are now up 59% from July 21 lows of $29,500.
“There seems to be a shift in the sentiment in the market compared to a few months back,” Ulrik Lykke, executive director at crypto hedge fund ARK36 told CoinDesk via email. “We’ve recently seen some seemingly negative news coming out about Binance facing regulatory scrutiny that did not seem to influence the price a lot.”
BTC/USD Daily Chart Bitstamp Exchange (Source: TradingView) Monday saw bitcoin break above the 200-day moving average, a long-term indicator of market health with price action being determined bearish below (red line) and bullish above. Tuesday’s daily candle marks the first time bitcoin has closed above the long-term indicator since May 20.
Daily spot volume for August is also at its highest in over two weeks given the recent flurry of trading activity backed by strong demand.
“There was buying pressure from Coinbase, and I think the demand was from institutional investors,” said Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant. Ju also noted that based on the Kimichi Premium and other on-chain indicators, retail investors were mostly absent from bitcoin’s recent run.
And while negative news has slowed, tensions over the crypto tax provision in the U.S. infrastructure bill appear to remain high.
“The bill result so far is not great, but it is going to be followed by months of united crypto lobbying,” Kyle Davies, co-founder of Three Arrows Capital, told CoinDesk on Tuesday. “The U.S. has seen prominent senior government officials fight on their behalf for crypto. I expect we’ll look back on this process as a great unifier that galvanized the industry.”
Other notable cryptos in the top 20 by market capitalization also rose over a 24-hour period with uniswap, ether, and litecoin having clocked the highest gains. Read the original story here: Bitcoin Breaks Key Resistance as Market Health Improves on Institutional Demand
Technician's Take by Damanick Dantes, CMT Bitcoin Upside Stalls; Lower Support at $38K-$40K Bitcoin (BTC) is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone.
Bitcoin is up about 20% over the past week, compared to a 25% rise in ether, the world’s second largest cryptocurrency. Bitcoin four-hour price chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) on the four-hour chart registered lower highs and is declining from overbought territory. Typically, short-term overbought signals precede price declines of about 5% to 10%.Initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside. Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April.
Read the original story here: Bitcoin Upside Stalls; Lower Support at $38K-$40K
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET):Retail sales (July). Est: +0.6% Ex-autos Est: +1.3%20:00 UTC (4:00 p.m. ET) Earnings Coinbase (COIN) EPS Est: $2.30
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" discusses the potential impact of the $1 trillion infrastructure bill on crypto with Managing Editor of Global Policy & Regulation Nikhilesh De and FTX CEO Sam Bankman-Fried. Senators are also getting ready for a final vote on the bipartisan bill this week, which could mean more regulatory scrutiny on digital assets. Meanwhile, bitcoin is ignoring the regulatory worries and blasts through $45K. What's behind the rally? Bitwise president Teddy Fusaro shares his take.
The dynamic crypto mining industry has been even more active following China's crackdown. The global hashrate has largely shifted to North America, making the U.S. a key mining hub where institutions now take central stage. In this sponsored webinar on Aug. 10, Foundry CEO Mike Coyler explains how this new demographic of miners have special requirements, which the company has been catering to through its rapidly growing Foundry USA Pool and other services. Register for free.
Latest Headlines NFTs Over DeFi: OpenSea Just Overtook Uniswap on Ethereum Usage Since last year, Uniswap has usually commanded the top spot. Congress’s Misstep on Crypto Reporting Shows the Dangerous Allure of Surveillance The visceral pushback to Sen. Rob Portman's reporting requirements isn't about avoiding taxes – it's about protecting digital liberties. AMC to Accept Bitcoin for Tickets and Concessions Later This Year America’s largest theater chain is leaning into crypto but did not specify what technology it would use to accept payments. Despite US Crypto Tax Plans, Institutional Investors Return to Bitcoin: Blockchain Data Increased institutional on-chain activities have accompanied bitcoin's latest price rally. Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report Funding will go toward hiring efforts including doubling the exchange business's team in the next six months to around 400 people. Ether Held on Centralized Exchanges Hits Three-Year Low Only 9.4% of Ether is held in centralized exchanges, the least since 2018.
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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