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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 July 22, 2021 Sponsored by Bitcoin (BTC) +1.7% $31,832 Ether (ETH) +4.5% $1,984 (Price data as of July 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 Looks North After Biggest Single-Day Rise in More Than a Month "We are now short-term bullish to the topside against the $30,000 region triple-bottom," a trading firm said.Technician's Take: Bitcoin Stalls at Resistance; Minor Support Nearby Bitcoin buyers should remain active above $30K support. 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: Sam Bankman-Fried, FTX CEO Dan Burstein, Paxos General Counsel & Chief Compliance Officer– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Stellar (XLM): +12.0% Aave (AAVE): +8.6% Polkadot (DOT): +4.5%Losers: NuCypher (NU): -0.9% 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 Looks North After Biggest Single-Day Rise in More Than a Month Bitcoin appears to have found its footing after Wednesday’s near 10% rise, the biggest gain since July 17, and may soon challenge the upper end of its months-long trading range of $30,000 to $40,000.
“We are now short-term bullish to the topside against the $30,000 region triple-bottom with strong bullish divergence,” Singapore-based QCP Capital said. “In addition to this, the market is short gamma to the topside – a break above $35,000-$36,000 could trigger a quick short squeeze towards the $40,000-$42,000 range top.”
Bitcoin bears have failed at least three times in the past two months to establish a foothold under $30,000. While prices did close (UTC) below the key support earlier this week, Wednesday’s jump to $32,000 negated the bearish breakdown. Bitcoin triple bottom plus bullish RSI divergence (Source: QCP Capital, TradingView) The persistent defense of the $30,000 mark has taken the shape of a so-called triple bottom pattern on the daily chart, which also shows a bullish divergence of the relative strength index (RSI). The pattern occurs when the indicator prints higher lows, contradicting weakness in price, and is a signal of seller exhaustion and scope for a price bounce.
The 50-day simple moving average (SMA) at $34,500 may offer immediate resistance. According to Katie Stockton, founder and managing partner of Fairlead Strategies, a breakout above the 50-day SMA would target the 200-day SMA near $44,000.
Patrick Heusser, head of trading at Crypto Finance, also pointed to $35,000 as a critical level. “Orderbook flow looks good, but a lot of stale selling orders are coming up in the $35,000 area, which still need to be cleared,” Heusser said.
Lastly, market participants who went “short gamma” by selling call options – or insurance against bullish moves – at or above $35,000 over the past few weeks may resort to hedging, that is buying spot or futures, if prices rise above $35,000.
That, in turn, may bolster the bullish move, possibly yielding a test of $40,000-$42,000, as anticipated by QCP Capital. Being short gamma means being an option writer (seller) regardless of whether call or put. Traders typically write options when they expect the underlying asset to see low-volatility consolidation.
Bitcoin is currently trading near $31,800, representing a 1% drop on the day, according to CoinDesk 20.
The cryptocurrency rose from $29,800 to over $32,000 yesterday on a string of bullish news. The day ended with tech entrepreneur and provocateur Elon Musk saying that his aerospace company, SpaceX, holds bitcoin (BTC). Musk also said that he owns bitcoin, ether (ETH), and dogecoin (DOGE) and added that Tesla might relist bitcoin as a payments alternative. Read the original story here: Bitcoin Looks North After Biggest Single-Day Rise in More Than a Month
The CoinDesk Quarterly Review 2021 Q2
Most CoinDesk 20 assets, which constitute 99% of the crypto market by verifiable volume, ended the quarter with negative returns. Meanwhile, protocol development for the world's largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, reached new milestones. CoinDesk Research's latest Quarterly Review dives into the trends, developments and technological progress that shaped the crypto markets from April to June 2021. The full report is now available from the CoinDesk Research Hub.
Technician's Take by Damanick Dantes, CMT Bitcoin Stalls at Resistance; Minor Support Nearby Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.
Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance around $32,000-$34,000, which could limit upside price moves.
Bitcoin was trading around $31,700 at press time and is roughly flat over the past week. Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which could encourage further selling over the short-term.The daily RSI is rising from oversold levels since Tuesday and displays a bullish divergence. Higher lows on the daily RSI suggests the intermediate-term downtrend is slowing. Bitcoin remains in a tight range between $30,000 and $36,000 as the broader uptrend weakens.
Read the original story here: Bitcoin Stalls at Resistance; Minor Support Nearby
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 p.m.)Initial jobless claims (July 17). Est: 348,000
Ethereum Community Conference 4, July 20-22, 2021 Maison de la Mutualité, Paris, France The Ethereum Community Conference (EthCC) is the largest annual European Ethereum event focused on technology and community. Three intense days of conferences, networking and learning.
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" is joined by Polygon Co-founder and COO Sandeep Nailwal as the company launches "Polygon Studios" to grow blockchain gaming and NFTs. Jake Brukhman, a managing partner for CoinFund, shares his take on bitcoin's recent price movements as his company debuts an $83 million venture fund. Ethereum Co-founder Anthony Di Iorio shares his thoughts on potentially leaving crypto.
Latest Headlines Coinbase Commerce Adds Support for Dogecoin Payments The memecoin is only the sixth crypto to be integrated with Coinbase’s e-commerce platform. Robinhood Crypto Expects to Pay $30M Fine to NY State Regulatory Body Robinhood’s S-1 filings reveal its crypto arm is under fire for inadequate cybersecurity and for breaking anti-money laundering laws. Stellar Foundation Eyes Potential Acquisition of MoneyGram: Report The supporter of blockchain-based payment services is partnering with private equity firm Advent on the potential deal. China Unveils Cryptography Research Center to Support Digital Yuan The institute will be used to develop applications of the technology in boosting security for China's central bank digital currency. Mawson Infrastructure Ups Count of Bitcoin Mining Machines in US Operation Gross margins are expected to be more than 80% based on the current bitcoin price and its network difficulty. Australia’s Zip to Launch Crypto Services in a Year: Report Zip is targetting customers of its soon to be biggest markets in the U.S. and Australia marking a big step for such services offering crypto. The Korea Financial Intelligence Unit is pushing for exchanges to register in line with new anti-money laundering laws. Tokenized Securities Exchange Currency.com Joins CryptoUK CryptoUK counts firms such as Crypto.com, Ripple, eToro and Fireblocks among its 60+ members. Almost Half of Family Offices Want to Add Crypto Exposure: Report A Goldman Sachs survey of family offices found that 15% already invest in cryptocurrencies and another 45% are interested. Watford FC Signs Sponsorship Deal With Crypto Betting Platform Stake.com The partnership extends Watford's association with crypto-adjacent firms, following its prior sponsorship by Sportsbet.io. Bank of Russia Tells Stock Exchanges to Avoid Crypto-Related Funds The central bank doesn't want crypto ETFs on the country's capital markets.
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. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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