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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 17, 2021 Sponsored by Bitcoin (BTC) -0.8% $47,441 Ether (ETH) -3.8% $3,458 (Price data as of September 17 @ 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 Continues to Chop Around $48K as Ether’s Exchange Outflows Spike Technician's Take: Bitcoin Consolidates Above $45K support; Resistance at $50K
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and me at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Nathan McCauley, Anchorage Sam Bankman-Fried, FTX and Alameda Research Charles Allen, BTCS– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: EOS (EOS): +2.0%
Polygon (MATIC): -8.8% Chainlink (LINK): -8.4% Uniswap (UNI): -7.8% Aave (AAVE): -7.1%
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.
A message from ByBit $600 Welcome Rewards
Market Moves by Omkar Godbole Bitcoin Continues to Chop Around $48K as Ether’s Exchange Outflows Spike Bitcoin is in stasis as lingering macroeconomic risks keep gains in check. Ether, the native token of Ethereum’s blockchain, is seeing little action in the wake of supposedly bullish record daily outflows from exchanges.
Bitcoin, the largest cryptocurrency by market value, is trading around $48,000 for a second day. The upside momentum ran out of steam after the U.S. posted unexpectedly strong August retail sales figure on Thursday, reviving concerns of an early scaling back of Federal Reserve stimulus. Speculation about a so-called taper had subsided earlier this week following a weaker-than-estimated U.S. core inflation number.
Analysts at Standard Chartered expect the Fed to announce the taper next week after the Federal Open Market Committee meets. “The 22 September FOMC will likely signal a tapering decision at the next meeting, providing few details. The [interest rate] dots will likely signal one 2022 hike, and two added hikes in both 2023 and 2024. The risk skew is for more rather than less hikes; the added hawkish lean in not fully priced, in our view,” the bank’s analysts noted, according to efxnews.com.
Meanwhile, some observers are worried that Chinese property giant Evergrande’s debt problems may roil financial markets, including cryptocurrencies. Market activity in bitcoin futures and options suggests investors are cautiously bullish.
The bullish bias is evident from the mildly positive funding rates, or the cost of holding long positions, in the perpetual futures market, as Glassnode founders Jan Happel and Jann Allemann pointed out. The cautious stance is apparent from the positive one-week and one-month put-call skews, which measure the cost of puts – or bearish bets – relative to calls, which are bullish bets. The positive values imply that traders are seeking short-term downside protection. Bitcoin 25-day skews. (Source: Skew) Record Ether exchange outflows
According to data analytics firm IntoTheBlock, centralized exchanges registered an outflow of more than 360,000 ETH worth $1.2 billion on Wednesday. That was the largest single-day net outflow in dollar terms on record. Ether exchange net flows. (Source: IntoTheBlock) Exchange outflows are typically considered bullish as they represent a decline in the coins available for sale in the market. Ether rallied by 60% within 30 days after centralized exchanges registered a single-day outflow of $1 billion on April 16.
As such, the crypto community is cheering the latest outflow. However, drawing definite conclusions based on blockchain metrics can be risky because not every outflow represents a withdrawal by investors. It could be an exchange’s internal transfer.
That said, ether’s exchange balance has been falling for over a year and reached a 2 1/2-year low of 15 million at the end of August. Meanwhile, the amount held in the ETH2 deposit contract continues to rise and currently sits at over 7 million, data source Glassnode shows.
Furthermore, in excess of 311,000 ETH – worth over $1 billion – has been burned or permanently taken out of supply since the activation of the Ethereum Improvement Proposal (EIP) 1559 on Aug. 9.
Combining these factors with Ethereum’s increased usage in decentralized finance suggests the path of least resistance for ether is to the higher side. Delphi Digital foresees a renewed rally in the ether-bitcoin exchange rate. At press time, ether is changing hands near $3,530, representing a 1% drop on the day. Read the original story here: Bitcoin Continues to Chop Around $48K as Ether’s Exchange Outflows Spike
Technician's Take by Damanick Dantes, CMT Bitcoin Consolidates Above $45K support; Resistance at $50K Bitcoin (BTC) is trading sideways, indicating a period of consolidation as buyers and sellers appear to be at a stalemate. Resistance is seen around $50,000, which could limit upside into the weekend. The cryptocurrency is holding support above the 200-day moving average, currently near $45,800. BTC is up 5% over the past week as upside momentum improves. Bitcoin daily price chart. (TradingView, CoinDesk) The relative strength index (RSI) on the daily chart is neutral as price consolidates within a tight range.Bitcoin remains in breakout mode after re-testing the $42,000 support level last week, suggesting buyers could remain active over the short-term. Read the original story here: Bitcoin Consolidates Above $45K support; Resistance at $50K
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BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Crypto Wealth Management Startup Abra Raises $55M to Grow Globally "First Mover" is joined by Abra CEO Bill Barhydt as the company just raised $55 million to grow globally. Parkpine Capital Managing Director Ahmed Shabana shares markets insights. Plus, over $1 billion worth of Ethereum (ETH) now burned after EIP 1559 update so far. Future Perfect Ventures Founder & Managing Partner Jalak Jobanputra gives his hot take.
A Message from CoinDesk Our Bitcoin for Advisors 2021 event is now fully virtual. Join from anywhere on Oct. 6 to connect with over 300 investment advisors and learn how bitcoin, ethereum and other digital assets can successfully impact your clients’ portfolios. Apply today.
Latest Headlines Katy Perry, Chainsmokers, Pusha T Plow $5M Into Music Streaming Platform Audius The leading blockchain-based music platform is getting attention from the stars.Polychain Capital, Three Arrows Lead $230M Investment in Avalanche Ecosystem The major funding will be used to inject liquidity into Avalanche-based DeFi platforms.El Salvador Bitcoin Law Has ‘Immediate Negative Implications,’ Credit Rating Agency Says S&P Global said that the risks of the country’s decision to make bitcoin legal tender outweighed its potential benefits.Kyber DEX Launches on Avalanche With $5.8M Liquidity Mining Program “We’re going after the users,” said Kyber Network co-founder Loi Luu.South Korea’s Ruling Party Looks to Defer Next Year’s Crypto Taxation in Amendment: Report Noh Woong-rae of the Democratic Party of Korea has proposed legislation to delay crypto taxation.El Salvador Watchdog to Investigate Government Bitcoin Purchases, ATMs The Court of Accounts received a complaint on Sept. 10 from the regional human rights and transparency organization Cristosal.$3M in Ether Stolen from SushiSwap’s MISO Launchpad An auction on the DeFi exchange’s launchpad was attacked on Thursday.Bybit to End Korean Language Support on Official Platforms, Social Media The exchange also said it is discontinuing its official Korean community support on social media channels.Shanghai to Pilot Offshore Use of Digital Yuan on Conflux Blockchain China is using restricted-access blockchains across a vast array of industries, including tests for its central bank digital currency.Babel Finance Sets Up Shop in Singapore The financial-services firm is looking to expand its presence in the city-state.
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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