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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 May 26, 2021 Sponsored by Bitcoin (BTC) +6.6% $39,730 Ether (ETH) +14.9% $2,828 (Price data as of May 26 @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 Briefly Above $40KTechnician's Take: Bitcoin Rises from Oversold Levels; Faces Resistance Near $40K-$45K
Check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Lawrence Lewitinn at 7:30 a.m. U.S. Eastern time. Today the show will feature guests: Zee Zheng, SpaceChain CEO Michael Nasser, Satstreet Co-Founder Christian Cattalini, Diem Co-CreatorThen be sure to catch a special edition of First Mover at 11:00 a.m. ET, when Emily Parker will also host, and featuring guests: Brian Brooks, Binance.us CEO Marta Belcher, Filecoin General Counsel & Head of Policy Carlos Domingo, Securitize CEO Eric Anziani, Crypto.com COO Moe Ghashim, Entrepreneur
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Chainlink (LINK): +28.0% EOS (EOS): +20.1%Uniswap (UNI): +19.2% Cardano (ADA): +17.5%Losers: None of the CoinDesk 20 assets is down today.
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 Briefly Above $40K Bitcoin’s recovery gathered steam on Wednesday with prices topping $40,000 to hit the highest level in nearly a week. Bitcoin prices since March with 200-day moving average (Source: Tradingview) The leading cryptocurrency by market value rose to $40,800 during the early European trading, a level last seen on May 21. Prices hit lows near $31,000 on May 23 and have been rising ever since.At press time, bitcoin (BTC, +6.53%) was trading at $40,272, according to CoinDesk's Bitcoin Price Index. The cryptocurrency is yet to pass through the widely tracked 200-day simple moving average hurdle at $40,639. Major alternative cryptocurrencies (altcoins) are also gaining ground and flashing relatively bigger returns. Names including MATIC, LINK and BNB have gained 10% to 14%, while ether (ETH), the second-largest cryptocurrency, is trading 6% higher. Altcoins suffered sharp losses last week as bitcoin crashed. Ether fell by over 40%, registering its biggest weekly decline on record. The latest uptick in bitcoin and other coins comes on the heels of the Bitcoin Mining Council's plans to address concerns regarding the negative environmental impact of cryptocurrency mining.
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Technician's Take by Damanick Dantes Bitcoin Rises from Oversold Levels; Faces Resistance Near $40K-$45K Bitcoin (BTC) made a brief move above $40,000 resistance on Tuesday but buyers were unable to sustain upside momentum. The cryptocurrency was trading around $39,700 at the time of writing and could see another attempt towards $40,000 to $45,000.
The recovery from the May 19 low is improving which could stabilize selling pressure over the short term.
Four-hour bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) is not yet overbought on the four-hour chart which suggests further buying strength, albeit briefly.Bitcoin is now above the 50-period volume weighted moving average on the four-hour chart but faces resistance near the 100-period moving average – a more reliable gauge of the intraday downtrend. Bitcoin is up about 8% over the past seven days after a successful re-test around $30,000 support on Sunday. The daily price chart is improving, although a decisive break above $40,000 is needed to maintain a bullish posture. For now, price recoveries appear counter-trend and limited to nearby resistance levels.
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BOLO Be on the look out for some of these upcoming events at Consensus 2021. More events can be found here. State of Central Bank Digital Currencies CBDC development is moving ahead at a furious pace as governments around the world look to stake their claim in the digital monetary future. PwC's crypto lead Henri Arslanian shares an update on 2021's key trends and clues us in on what to watch for the rest of the year.
14:05 UTC (10:05 a.m. ET) Six Months In: An Update on the Sand Dollar from Gov. John Rolle The Bahamian Sand Dollar made history when it became the first full fledged CBDC to launch in late 2020. Governor John Rolle of the Bahamas Central Bank joins to discuss how the project has fared thus far, what his team has learned and what's next. 16:00 UTC (12:00 p.m. ET) School of Hard Knocks: 1:1 with Brad Garlinghouse Whether he's fighting off haters on Twitter, bringing payments services to 55 countries or dealing with a public legal battle with the SEC, Brad Garlinghouse isn't one to shy away from a fight. Ripple's outspoken CEO joins CoinDesk's Nikhilesh De to discuss Ripple's cross-border payments efforts and what its SEC entanglement means for crypto at large. 17:00 UTC (1:00 p.m. ET) 392 Million Users: What PayPal's Foray into Crypto Means for Global Payments In the last half-year, PayPal - and Venmo - launched crypto buys and sells on its platform, enabled crypto purchases at select merchants, acquired digital asset security startup Curv, and has plans to expand internationally and explore CBDCs. PayPal's head of crypto joins to discuss the company's broader ambitions and shed light on how all of these pieces might come together. 20:00 UTC (4:00 p.m. ET) What You Hear vs What You See? Bitcoin, the Federal Reserve and the "Two Percent" Inflation Doctrine At the moment, the bitcoin echo chamber is fixated on the Federal Reserve’s two percent inflation target. Former Treasury Secretary Larry Summers, Bloomberg’s Joe Weisenthal and CoinDesk’s Noelle Acheson assess the legitimacy of the inflation threat and how much that matters to the current crypto narrative.
A message from CoinDesk Will bitcoin continue to pump? Is a pullback around the corner? Is ether a better way to position? This week at Consensus by CoinDesk, our virtual big-tent conference, we help investors hone their skill sets with trading and yield generation strategies. investment theses and market intelligence and get up to speed on crypto market developments. Join our Explorations track "Trade Secrets," sponsored by Bitstamp, with Philip Gradwell of Chainalysis, Matthew Roszak of Bloq, Darius Sit of QCP Capital and more at Consensus by CoinDesk, running to May 27. Register today.
ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:
Musk-Saylor Bitcoin ‘Green Mining’ Collaboration, Crypto Markets, Consensus 2021 in Full Swing "First Mover" hosts break down the hot topics from Day 2 of Consensus 2021 by CoinDesk, including reaction to crypto pioneer Bobby Lee's speech on the state of crypto regulations in China. Marathon Digital's CEO Fred Thiel joins the show to discuss "green bitcoin mining" and the Bitcoin Mining Council. Dfinity Founder Dominic Williams on an ambitious project, "The Internet Computer." Plus, FTX CEO Sam Bankman-Fried on the recent market movement and China regulations.
Latest Headlines Dapper Labs’ NBA Top Shot Has Crossed the Million-User Mark Steady user numbers and a strong base of small-dollar sales could keep Dapper Labs’ darling humming even if NFTs cool off. Ontario Regulatory Agency Alleges Poloniex Violated Securities Law The Ontario Securities Commission says that the Seychelle Islands-based trading platform did not register as an exchange. Avivah Litan, a distinguished analyst at Gartner Research, meets Dan Kuhn to discuss how enterprises can (and won't) use blockchain tech. Many interventions to combat global warming need better data sources, Sergey Nazarov argues. "I'd love to set that up," the blockchain-friendly governor said at Consensus 2021. Associated Press Auctions 10 NFTs Celebrating 175 Years of Photojournalism A representation of Joe Rosenthal’s famous shot of U.S. soldiers raising the American flag on Iwo Jima in 1945 is the first NFT to be auctioned. Even authorized miners will have to halt operations until late September. Customers of BankDhofar will be able to use its mobile app to send real-time payments to IndusInd accounts.
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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