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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 1, 2021 Sponsored by Bitcoin (BTC) +0.3% $47,547 Ether (ETH) +6.4% $3,547 (Price data as of September 1 @ 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 Stuck in Sideways Chop; Support Above $46K And check out the CoinDesk TV show "First Mover," hosted by Zack Seward and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Zach Dexter, LedgerXJoshua Goldbard, MobileCoin – Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Polkadot (DOT): +8.5% Aave (AAVE): +8.5% Uniswap (UNI): +7.3% XRP (XRP): +6.6%
Losers: None of the digital assets in the CoinDesk 20 is down in the past 24 hours.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 Ether Tops $3.5K After Record Daily Coin Burn; Bitcoin’s Rangeplay Continues Ether climbed to a 3 1/2-month high a day after Ethereum set a new record for daily coin burn. Bitcoin continues to trade sideways as August’s top performer, SOL, takes a bull breather.
Ether, the native token of Ethereum’s blockchain and the second-largest coin by market value, is trading above $3,500 for the first time since May 18, CoinDesk 20 data show.
The cryptocurrency has gained 4.5% in the past 24 hours. The advance confirms a breakout from the recent two-week trading range of $3,000 to $3,400, setting the stage for an extension of the bullish move from July lows near $1,800.
“The latest move higher represents a bullish continuation of the Ethereum Improvement Proposal (EIP) 1559-driven rally, which is probably enhanced via the ongoing non-fungible tokens (NFT) hype, which mainly happens on Ethereum,” said Simon Dedic, managing partner of Moonrock Capital, a London-based blockchain advisory and investment partnership firm. The EIP burns a portion of fees paid to miners. Ether's daily chart (Source: TradingView) Data tracked by crypto intelligence platform OKLink shows Ehereum burnt 12,000 ETH on Tuesday, a daily record for coins destroyed since the implementation of EIP 1559 on Aug. 5. Of the total coins destroyed, the NFT market OpenSea accounted for 2,000 ETH. The EIP 559 has destroyed nearly 40% of the coin issued since activation. Daily ether burn (Source: OKLink) Alex Svanevik, CEO of blockchain data company Nansen, also cited the NFT boom and the resulting decline in the net ether issuance as a bullish catalyst along with the continued rise in the amount of ether staked in the Beacon chain, which introduced proof-of-staking to Ethereum’s blockchain last December. Glassnode data show there are now more than 7 million ether worth $24.8 billion held in the deposit contract for the Ethereum 2.0 Beacon chain. As discussed yesterday, analysts expect the combination of these factors to lead to a supply crisis in the ether market.
The market sentiment may have received a boost from Offchain Lab’s rollout of Arbitrum One, an Ethereum scaling solution that uses optimistic rollups technology to process transactions at a higher speed and lower cost than the Ethereum mainnet.
Indeed, Arbitrum facilitating relatively low-cost transactions could mean ether burn. However, along with other scaling solutions such as Polygon, the project will help ease Ethereum network congestion and bring long-term value to the smart contract blockchain. Arbitrum’s mainnet went live on Tuesday.
While ether is gaining altitude, bitcoin remains locked in the narrow range of $46,000 to $50,000. According to Delphi Digital, blockchain data shows continued accumulation by holders amid the range play.
Ethereum alternative Solana’s SOL token is trading near $110, having pulled back sharply from record highs near $130 reached Tuesday. Investors could be rotating money back to ether, having bought Solana and other so-called Ethereum killers in the second half of August. SOL nearly tripled in the second half of August and ended the month with a 194% gain.
Read the original story here: Ether Tops $3.5K After Record Daily Coin Burn; Bitcoin’s Rangeplay Continues
Technician's Take by Damanick Dantes, CMT Bitcoin Stuck in Sideways Chop; Support Above $46K Bitcoin (BTC) is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.
The consolidation phase has created choppy trading conditions as upside momentum fades over the short-term. Bitcoin hourly chart with RSI. (Source: TradingView) The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks. Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.
Read the original story here: Bitcoin Stuck in Sideways Chop; Support Above $46K
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BOLO Be on the look out for some of these upcoming events: 12:15 UTC (8:15 a.m. ET):ADP employment report (Aug). Est: 600,000 Benzinga Crypto Fest Aug. 31 - Sept. 1 https://www.benzinga.com/events/crypto-fest/
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
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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 today.
Latest Headlines Inside Arbitrum’s Staggered Mainnet Launch Despite community anticipation, Arbitrum’s “beta mainnet” may take time to develop. The Postal Service’s Law Enforcement Arm Is Buckling Down on Crypto A newly released USPIS internal audit recommends a crypto training program for investigators.NFT Powerhouse Dapper Labs Hires Former Ticketmaster and PayPal Alumni Gui Karyo joins from Ticketmaster while Amanda Schwartz hails from PayPal.Coinbase to Use Polygon’s Ethereum Scaling Solution to Reduce Prices, Settlement Times An exact date for the L2 integration has not yet been made public.Chia Network Names New Head of Developer Relations Paul Ford will be responsible for launching the Chialisp Developer Program, which will offer training and education for developers to build projects on the Chia platform.BSN to Launch First Portal in S. Korea with MetaverseSociety The portal will be the Blockchain Services Network’s third in the APAC region.Singapore Grants Digital Token Payment Licenses to FOMO Pay The city-state granted an “in principle” license to Independent Reserve in August.Hex Trust Secures Custody License From Singapore’s Monetary Authority Hex Trust’s new license marks a “strategic milestone” for the Hong Kong-based custodian. Cream to Return Stolen Funds Using Protocol Fees The protocol said in excess of $33.5 million in ether and AMP was taken in the hack.4 Tips to Maximize Your Crypto Investment While buying and holding crypto assets is a popular option for beginner investors, there are other simple steps you can take to get a lot more out of your investment.Crypto Market Won’t ‘Last Long Outside’ Regulatory Framework, Gensler Says Platforms should be “asking for permission” rather than “begging for foregiveness”, the SEC chair said.Crystal Offers Free Version of Its Blockchain-Sleuthing Software The first retail version of a professional blockchain analytics tool on the market will be more limited in what it can do than Crystal’s paid product.Eastern Europe Received Over $1B of Illicit Crypto in a Year: Chainalysis The region is second highest for cryptocurrency scams, behind only Western Europe, report says.
Atari Chain’s Native Token to Trade on Fantom Blockchain About 20% of the token’s liquidity has been moved to Fantom’s decentralized finance (DeFi) platforms.
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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