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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 25, 2021 Sponsored by Bitcoin (BTC) -3.6% $47,503 Ether (ETH) -5.5% $3,128 (Price data as of August 25 @ 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: Technician's Take: Bitcoin in Pullback Mode; Support near $45K And check out the CoinDesk TV show "First Mover," hosted by Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Octavio Marenzi, Opimas Christine Kim, CoinDesk Research– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: None of the digital assets in the CoinDesk 20 is up in the past 24 hours.
Losers: Algorand (ALGO): -10.1% EOS (EOS): -9.3% Chainlink (LINK): -9.1% Polygon (POLY): -8.9%Dogecoin (DOGE): -8.6% XRP (XRP): -8.0% The Graph (GRT): -8.0%
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 ADA, SOL Lead the Way as Crypto Market Sees Price Pullback The crypto market is a sea of red, with Solana’s SOL, Cardano’s ADA tokens and other alternative cryptocurrencies taking a bigger hit than bitcoin (BTC) and ether (ETH). The move seems typical of a breather often observed after notable rallies.
ADA was trading at $2.67 at 10:53 UTC, representing a 7.6% drop on a 24-hour basis, and SOL was nursing a 13% loss at $68, according to data source Messari. ADA debuted on Japanese cryptocurrency exchanges today. Earlier this month, Sebastien Guillemot, CTO at dcSpark and a former executive of Cardano-founding entity EMURGO, hailed ADA’s entry to Japan as being similar to a listing on Coinbase, the U.S.-based, Nasdaq-listed crypto exchange and institutions’ preferred avenue to accumulate bitcoin. Cardano (ADA) over the past 24 hours (Source: CoinDesk) XRP, polkadot (DOT) and dogecoin (DOGE) were also down more than 8%. Meanwhile, bitcoin was changing hands at $47,500, down 3.7%, and ether traded 5.5% lower at $3,100, CoinDesk 20 data show. All sub-sectors, including decentralized finance and non-fungible tokens, were flashing red. Bitcoin (BTC) over the past 24 hours (Source: CoinDesk) According to analytics platform Laevitas, alternative cryptocurrencies were looking ripe for a pullback as holding long positions in many of the coins had become too costly. “Paying over 100% annualized for longs can’t be sustained forever,” Laevitas tweeted, adding that the price drop looks like a healthy correction.
Some of the coins like ADA and SOL looked overbought, having recently rallied to record highs and outperformed bitcoin by a significant margin. For instance, ADA had rallied 187% and SOL 272% in the past four weeks, more than twice as much as bitcoin’s 70%.
“The duo of Cardano (ADA) and Solana (SOL) has seen a meteoric rise in price and valuation lately, with both printing new all-time highs at $2.97 and $81.81 respectively,” Pavel Shkitin, CEO of the cryptocurrency exchange Nominex.io said. “Despite the superiority in both tokens’ technologies, the surge in the past days is somewhat unprecedented, and the current reversal is an expected reaction.” Cardano (ADA) over the past month (Source: CoinDesk) James Wo, founder, and CEO of the Digital Finance Group said it is normal for investors to reduce exposure and take profits to enter at a lower price since we’ve seen the market signal that a short-term top was reached.
Bitcoin, the leading cryptocurrency by market value, looked due for a pause on Wednesday, with exchanges seeing an increased inflow of coins amid renewed selling by whales.
Similar dynamics were observable in Ethereum’s ether token. According to blockchain analytics firm Santiment, exchanges received 779,880 ETH on Monday, the most since June 21st. “Judging by on-chain data, it might be a whale possibly looking to take some profits,” Santiment said in a research note published Tuesday.
Analysts remain confident of major cryptocurrencies’ long-term prospects. Laurent Kssis, managing director of exchange-traded products at 21Shares, foresees a return of institutional demand to the bitcoin market after Friday’s Jackson Hole Symposium.
Nominex.io’s Shkitin expects the so-called Ethereum killers ADA and SOL to regain their upward trajectory. “With what Cardano, through its forthcoming Alonzo upgrade, is set to usher in and Solana’s blooming fundamentals, these price drops are at best temporary, and a reversal is imminent in the near to mid-term,” he said.
Read the original story here: ADA, SOL Lead the Way as Crypto Market Sees Price Pullback
Technician's Take by Damanick Dantes, CMT Bitcoin in Pullback Mode; Support near $45K Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours. A lower support zone between $42,000-$45,000 could stabilize the pullback. 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 is approaching oversold territory similar to April 18, which preceded a price bounce.However, the RSI on the daily chart is declining from overbought levels as buyers struggled near the $50,000 resistance level. Bitcoin’s 30% rally over the past month appears to be exhausted, although support above the $42,000 breakout should hold.
Read the original story here: Bitcoin in Pullback Mode; Support near $45K
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BOLO Be on the look out for some of these upcoming events: No major data releases scheduled today
A Message from CoinDesk Our Bitcoin for Advisors event is back for the second year to equip investment advisors with the tools to best understand how bitcoin, ethereum and other digital assets can successfully impact their clients’ portfolios. CoinDesk works with the leading investment professionals in crypto, blockchain and traditional markets including Tyrone Ross, Morgen Rochard and Adam Pokornicky to design a series of keynotes, interactive roundtables and priority-driven workshops that are relevant, valuable and actionable for the advisor community. Join us for the first time in person at Bitcoin for Advisors on Oct. 6to connect with over 300 investment advisors who are leading the way toward the future of investing. For accredited advisors on an application basis. Register today.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" speaks to Blockstream CEO and crypto OG Adam Back as the Canadian miner is now joining crypto unicorns with a $3.2 billion valuation, and CoinDesk is debuting the "Crypto for Advisors" newsletter. Tyrone Ross, CEO of Onramp Invest, shares his takes on bitcoin's price momentum as it stalls near $50K and provides insights into how advisors could utilize this newsletter.
A Message from CoinDesk Introducing Crypto for Advisors, a weekly newsletter built specifically for financial advisors (FAs) and registered investment advisors (RIAs). Crypto for Advisors, delivered every Thursday, is designed to inform and educate financial professionals who seek to incorporate this rapidly moving asset class into their work. Subscribe to Crypto for Advisors today.
Latest Headlines House Moves to Consider Unamended Infrastructure Bill The House will consider the bipartisan infrastructure bill on Sept. 27. Solana’s Apricot Finance Raises $4M in ‘Party’ Funding Round Apricot said it intends to use its newly raised capital to support the roll-out of its initial flagship services. Budweiser Allegedly Buys Beer.eth Domain Name for 30 ETH Alongside NFT Budweiser has changed its Twitter profile picture to that of a rocket designed by NFT platform Rocket Factory. BIS and Hong Kong Monetary Authority to Experiment With Tokenized Green Bonds The tokenized green bonds are the Bank of International Settlements Innovation Hub's first green finance project. Philippines Looks to Tax Hit Blockchain Game Axie Infinity: Report The game's creator and its players have to pay taxes in the Philippines, authorities say. Cryptocurrency Market Will More Than Treble by 2030: Study The report by Allied Market Research projects a compound annual growth rate of 12.8% from 2021 to 2030. Facebook Is Considering NFT Support in Novi Digital Wallet Facebook is in a good position to explore supporting NFTs through its new digital wallet, according to David Marcus. Powerbridge Technologies Agrees to Buy 5,600 Bitcoin, Ethereum Mining Machines The Chinese company entered into a purchase agreement with Cryptodigital Holdings for the acquisition of the miners.
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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