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| The latest moves in crypto markets, in context February 7, 2022 Supported by 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 pushes toward $43K in broad crypto rally that also sees big gains for XRP. Also: Shiba Inu's SHIB token rockets 26%, leading memecoin gains (including DOGE).And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Steve Ehrlich, co-founder and CEO, Voyager DigitalToday's newsletter was edited by Bradley Keoun and produced by Parikshit Mishra.
Market Moves By Shaurya Malwa The crypto market extended its recovery in the European morning following a weekend bounce, with majors showing positive growth over the past 24 hours.
Bitcoin and ether, the two largest cryptocurrencies by market capitalization, advanced 3%. Some analysts said Friday's release of stronger-than-expected U.S. jobs data buoyed investor sentiment, which supported an increase in bitcoin prices.
“Despite U.S. jobs data on Friday being better than expected, global markets responded positively to the news, as investors admire the strength of the labor market,” Marcus Sotiriou, an analyst at cryptocurrency brokerage GlobalBlock, said in an email to CoinDesk.
“This positive reaction ignited a bounce for the crypto markets too. Bitcoin broke out of two similar downtrends on the RSI within the past year, which both resulted in incredible rallies, hence potentially foreshadowing a Bitcoin rally to the upside,” Sotiriou said.
The Relative Strength Index (RSI) is an indicator that measures the magnitude of price changes over a certain time period. RSI readings above 70 are considered overbought, and those below 30 indicate the asset may be oversold.
RSI levels on bitcoin reached 61 in European hours on Monday after a jump from ‘oversold’ levels of 20 in January, when the cryptocurrency traded at $35,550. Bitcoin was trading above $42,500 at the time of publication, with a possible resistance at the $46,000 level.
Sean Farrell, head of digital asset strategy at the independent investment-research firm FundStrat, wrote in a note Friday that bitcoin could reach $200,000 in the second half of this year, following a choppy start to 2022. Bitcoin broke above resistance, buoyed by several catalysts. (TradingView) Elsewhere, gains on the top 10 cryptocurrencies by market capitalization ranged from a low of 1.6% on Terra’s LUNA to as high as 9.9% on XRP.
Ripple's XRP token led gains among majors with a 16% increase to over $0.77. Prices surged amid positive sentiment around the court case in which the U.S. Securities and Exchange Commission alleges the blockchain-based payments firm sold XRP as an unlisted security to the public.
Memecoins led market moves outside of the top 10. Shiba Inu’s SHIB tokens surged to $0.000029 during Asian hours from the $0.000022 level on Sunday evening, as reported. XRP broke above consecutive resistance levels two times in the past three days. (TradingView) Full story here: XRP Leads Gains in Major Cryptos, Bitcoin Holds Above $42K
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Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Biggest Gainers:
Biggest Losers: There are no losers in CoinDesk 20 today.Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
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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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