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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor, Markets September 16, 2021 Sponsored by Bitcoin (BTC) +0.5% $47,866 Ether (ETH) +5.1% $3,600 (Price data as of September 16 @ 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’s Blockchain Data Indicates Renewed Institutional Appetite but Macro Risks Prevail Technician's Take: Bitcoin Pulls Back Ahead of $50K Resistance; Support at $46K
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Bill Barhydt, Abra Ahmed Shabana, Parkpine Capital Jalak Jobanputra, Future Perfect VC– Bradley Keoun
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Polygon (MATIC): +5.1% Algorand (ALGO): +6.8% Uniswap (UNI): +7.6%
Chainlink (LINK): -0.5% 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’s latest breakout above key resistance is backed by renewed interest from large investors, blockchain metrics show.
Per data tracked by analytics firm IntoTheBlock, aggregated daily volume measured in U.S. dollars from on-chain transactions, where each transaction was greater than $100,000, surged to a record $480 billion on Wednesday. In bitcoin terms, the so-called large transaction volume hit a two-year high of over 10 million BTC.
“Institutional activity for bitcoin is picking up momentum as the volume in transactions over $100,000 is setting new highs,” Lucas Outumuro, head of research at analytics firm IntoTheBlock, told CoinDesk in a Telegram chat.
While every large transaction does not necessarily represent purchases by institutions or high net worth individuals, the steady uptrend in volume since early August, coupled with the uptick in the balance held by whales and the price recovery, suggests renewed adoption by large investors.
Data tracked by Glassnode and tweeted by William Clemente, lead insights analyst at Blockware Solutions, shows whales or entities holding at least 1,000 BTC have accumulated more than 50,000 BTC this month.
Meanwhile, data shared by Santiment shows the supply held by millionaires list or addresses owning 10,000 to 100,000 coins has gone up 60,000 BTC in the past three days alone. IntoTheBlock’s Outumoru also confirmed a pick up in whale demand, saying “addresses with over 1,000 BTC are accumulating.”
With strong hands backing the recent rise above the 200-day moving average at $46,000, the path of least resistance appears to be on the higher side. Large transactions on the Bitcoin blockchain surged to a record on Wednesday. (Source: IntoTheBlock) Read the original story here: Bitcoin’s Blockchain Data Indicates Renewed Institutional Appetite But Macro Risks Prevail
Technician's Take by Damanick Dantes, CMT
Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short-term. The cryptocurrency was trading around $47,000 at press time and support is nearby around the $46,000 price level.
There is strong resistance near $50,000, which can limit upside moves. However, buyers will likely defend lower support levels as BTC consolidates. The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. This could encourage brief selling towards $46,000 support.The RSI on the daily chart is around neutral levels, indicating a period of price consolidation could persist around the 200-day moving average, currently at $45,800. Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited. Bitcoin four-hour chart. (TradingView, CoinDesk) Read the original story here: Bitcoin Pulls Back Ahead of $50K Resistance; Support at $46K
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BOLO Be on the lookout for the following events today: Speakers list 12:30 UTC (8:30 a.m. ET) Initial jobless claims (Sept. 11): 318,000 Retail sales (Aug.): -0.7% Ex-autos (Aug.): +0.2%
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
What Does Ethereum Challenger Algorand’s Explosive Growth Mean for the Markets? "First Mover" is live for a third consecutive day from the 2021 SALT Conference. Host Christine Lee talks to Algorand COO Sean Ford about the network's explosive growth as the token is up 555% YTD. Viridi Funds CEO Wes Fulford analyzes the current crypto markets, and LMAX Group CEO David Mercer shares insights into his latest $300 million raise at a $1 billion valuation.
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 Coinbase Applies to List Crypto Futures ProductsThe company filed to become a member of the National Futures Association. Coinbase Lists Privacy Token Horizen (ZEN), Causing It to Soar 22%The increase in price is almost certainly related to the well-known “Coinbase Effect.” Anti-Bitcoin Demonstrations Rage in El Salvador During Nation’s Independence Day Protesters set fire to a bitcoin ATM in defiance of the country’s president and its adoption of bitcoin as legal tender. MIT Spin-Out Floating Point Group Closes $10M Series A RoundThe startup is creating key trading services for institutional crypto market participants. Top Australian Crypto Exchanges Say They Aren’t Threatened by the Bigger PlayersWhile total app downloads across both iOS and Google platforms show a rise in popularity among outside players, local incumbents remain unfazed.
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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