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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 June 9, 2021 Sponsored by Bitcoin (BTC) +5.0% $34,532 Ether (ETH) +0.1% $2,501 (Price data as of June 9 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency LawTechnician's Take: Bitcoin Holds Short-Term Support; Faces Resistance At $36K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Adam Black, Blockstream CEOGreg King, Osprey Funds Founder & CEO Michael Arrington, TechCrunch and Arrington XRP Capital Founder Natalia Karayaneva, Propy CEO
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Algorand (ALGO): +18.0% NuCypher (NU): +7.7%
Losers: Filecoin (FIL): -3.0% Chainlink (LINK): -0.4% EOS (EOS): -0.3%
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.
Market Moves by Omkar Godbole Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency Law Bitcoin is in recovery mode on Wednesday amid mounting inflation concerns and hopes for mass adoption after El Salvador's parliament approved the cryptocurrency as legal tender. The cryptocurrency was changing hands near $34,000 at press time, having picked up from a bid near $31,000 late Tuesday. That was the lowest level since May 23, according to CoinDesk 20 data. Data released by China early today showed the producer price index (PPI), also known as factory-gate inflation, rose 9% last month, the biggest year-on-year increase since September 2008. China's PPI typically adds to inflationary pressures worldwide because the country is a major buyer and supplier globally.
That's bullish for bitcoin, which is widely considered an inflation hedge because the pace of expansion of its supply is reduced by half every four years. Bitcoin prices, June 8 - 9, 2021 (Source: CoinDesk) However, big gains may remain elusive for some time because of concerns that policymakers across the globe might increase interest rates or scale back liquidity-boosting asset purchase programs to contain inflation, a process known as tapering. Monetary tightening tends to dilute the appeal of the store of value assets like bitcoin and gold.
China is already sucking out liquidity from the system, as noted by Caixin Global. Meanwhile, the U.S. Federal Reserve's easy monetary policy has come under fire in recent weeks, with many experts arguing that it is not appropriate amid concerns about rising inflation.
Taper talk may escalate if the U.S. consumer price index, scheduled for release on Thursday, exceeds expectations. These concerns are here to stay, as Messari's Mira Christanto recently noted, and may keep the market from cheering other positive developments like El Salvador's bitcoin adoption.
El Salvador's parliament approved bitcoin as legal tender early Wednesday, mandating all businesses to accept bitcoin for goods and services. The move has raised hopes for widespread sovereign adoption.
Other nations, however, may choose to see how things pan out in the Latin American country before following its lead.
Read the original story here: Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency Law
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Technician's Take by Damanick Dantes, CMT Bitcoin Holds Short-Term Support; Faces Resistance At $36K Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading around $34,500 at press time.
The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. However, upside appears limited as bitcoin consolidates within a tight trading range.
Four-hour bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday which preceded a 4% price rise.Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active towards $36,000. Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening which suggests the downtrend from May is stabilizing. Read the original story here: Bitcoin Holds Short-Term Support; Faces Resistance At $36K
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BOLO Be on the look out for some of these upcoming events: 16:00 UTC (12:00 p.m. ET): House Committee on Homeland Security hearing on the Colonial Pipeline ransomware attack with CEO Joseph Blount. More details here. 18:30 UTC (2:30 p.m. ET): Senate Banking Committee Hearing on CBDCs. Witnesses:Dr. Neha Narula, Director, Digital Currency Initiative, MIT Mr. Lev Menand, Academic Fellow and Lecturer in Law, Columbia Law School The Honorable J. Christopher Giancarlo, Senior Counsel, Willkie Farr & Gallagher Dr. Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University Graduate School of Business. Watch live here.
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:
Bitcoin Suffers Steepest Drop in 10 Days, What’s Behind the New Sell-Off? Federal officials say they have recovered $2.3 million in bitcoin (BTC) Colonial Pipeline paid to a criminal outfit during a ransomware attack. How did they recover the money? CoinDesk's Nik De explains what happened. Andre Portilho of BTG Pactual joins the show with markets analysis, and Juanjo Benitez Rickmann of Bitcoin.com.py in Paraguay shares an update on bitcoin adoption in his country. And, Anchorage's Diogo Mónica on his company's new product offering, Ethereum-backed loans through BankProv.
CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
Latest Headlines El Salvador Residents Are Split on Bitcoin Adoption BillSome El Salvadoran residents are excited by the thought of bitcoin being treated as legal tender, while others are concerned it may just be a tool for corrupt officials. Paraguay May Be Next to Court Crypto Businesses With July Bill Paraguay Congressman Carlos Rejala hopes to draw crypto businesses to the South American nation with a new bill next month. Kraken Now Lets Users Back Contender Projects on Polkadot’s Kusama Platform Kraken is adding support for Kusama parachain auctions, allowing users to effectively vote for their favorite projects. Federal law "does not contain any exception" for decentralized finance markets, CFTC Commissioner Dan Berkovitz said. The U.S. Senate's massive technology bill gives a nod toward blockchain. The bill, which originally sought to freeze all “cryptocurrency mining centers” in New York for up to three years, heads to the Assembly with a more tailored focus. The IRS has outlined different ways that $32.3 million in additional funding will bolster the agency's crypto tax collection efforts. A supermajority of the El Salvadoran legislature voted to adopt bitcoin as legal tender early Wednesday morning. Blockchain Staking Firm Blockdaemon Raises $28M in Series A Funding The Series A fundraising round was led by Greenspring Associates and included Goldman Sachs. The local government of Changji in Xinjiang has instructed miners at the Zhundong Economic Technological Development Park to shut down mining activities. “You can have pretty effective self-regulation,” Peirce said in an interview with the FT. The acquisition should beef up Gemini’s custody tech. The price was not disclosed.
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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