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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 April 27, 2021 Sponsored by Bitcoin (BTC) +2.7% $54,754 Ether (ETH) +2.7% $2,548 (Price data as of April 27 @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 Options Market Eyes $4.2B Expiry on FridayTechnician's Take: Bitcoin Rallies From Oversold Levels; Resistance Around $56K
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: XRP (XPR): +20.5% NuCypher (NU): +15.2% Stellar (XLM): +12.3%
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 Options Market Eyes $4.2B Expiry on Friday
Bitcoin has begun the monthly options expiry week on a positive note, rising from $48,000 to over $54,000.
Further gains may remain elusive for a while or unfold at a slower pace, as the max pain point for Friday’s $4.2 billion options expiry is $54,000.
Call and put sellers, typically institutions with ample capital supply, often push prices of the underlying toward the max pain point while heading into the expiry.
Doing so means that maximum amount of options expire worthless. Thus buyers lose maximum money (that is, the premium paid) while purchasing options, while sellers (the recipients of premium) make the most.
In other words, buyers of call and put options expiring on April 30 will suffer maximum loss if bitcoin (BTC) settles at $54,000 on Friday. Meanwhile, sellers would make the highest profit. Therefore, it's in the interest of most option writers (sellers) to keep prices around $54,000. Bitcoin options: Max pain point as per Deribit, the largest crypto options exchange by volumes and open interest (Source: Deribit)
It is difficult to prove whether max pain pinning is real or coincidental, as bitcoin’s options market is still relatively small for the expiry to have a sizeable impact on the spot price.
At press time, the total number of outstanding bitcoin options contracts – or open interest – is around $13 billion or 1.3% of bitcoin’s total market capitalization of $1.03 trillion, according to data source Skew.
Further, only 77,000 contracts worth $4.2 billion are set to expire this Friday. That’s 0.3% of bitcoin’s market capitalization.
Nevertheless, traders can benefit from keeping an eye on the max pain, especially as expiry nears.
Read the original story here: Bitcoin Options Market Eyes $4.2B Expiry on Friday
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Technician's Take by Damanick Dantes Bitcoin Rallies From Oversold Levels; Resistance Around $56K
Bitcoin (BTC) is roughly 16% higher off the weekend low around $47,000 as buyers responded to oversold conditions. The cryptocurrency was trading around $54,700 at the time of writing. The next level of resistance is around $56,000.
Hourly BTC chart shows support and resistance levels with overbought RSI (Source: TradingView) The relative strength index (RSI) on the hourly chart is now the most overbought since the April 14 when BTC reached an all-time high around $64,800.BTC is approaching resistance around $56,000 which is roughly a 50% retracement of the prior two-week downtrend. Initial support on the hourly chart is at the 50-period volume weighted moving average around $51,800. The weekly RSI shows considerable loss of upside momentum similar to June 2019 which preceded a corrective phase. For now, short-term oversold conditions should support brief price recoveries, albeit vulnerable to sharp swings. “Bitcoin’s corrective phase should run its course within 2-3 months. Support is near $42,000 as a gauge of downside risk within the long-term uptrend,” wrote Katie Stockton of Fairlead Strategies who also points to sell signals on the weekly BTC chart. Original story found here: Bitcoin Rallies From Oversold Levels; Resistance Around $56K
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BOLO Be on the look out for these upcoming events: 14:00 UTC (10:00 a.m. ET): U.S. Consumer Confindence Idex Forecast: 112.5
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ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV: Big Banks Moving Toward Crypto, Crypto Firms Moving Toward Banking U.S. investors wake up to the news that JPMorgan will reportedly allow clients to invest in a bitcoin fund. Reaction from Dan Burstein of Paxos, the blockchain startup and PayPal partner that last week scored a federal trust charter to become a "crypto bank." And, what possible explanations are there for the rebound in bitcoin and altcoin markets today? CrossTower's Kapil Rathi with crypto markets analysis. Plus, Howard Wu of Aleo on next-generation privacy blockchains.
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Latest Headlines Iran Central Bank to Allow Money Changers, Banks to Pay for Imports Using Mined Crypto The bank had previously stipulated only digital assets for import funding could be used by itself and no one else. Five More Italian Teams Launch NFTs on Digital Soccer Collectibles Platform Sorare The platform now features more than half the teams in Serie A as well as world-famous clubs such as Liverpool, Real Madrid and Bayern Munich. Young Koreans Turning to Crypto as Alternative for Creating Wealth Young employees in their 20's and 30's are reportedly leaving the workforce to pursue riches in crypto trading. Taxing Crypto Trading Gains ‘Inevitable,’ Says South Korea Finance Minister: Report Crypto traders’ gains will be subject to 20% tax on profits over 2.5 million won (~$2,250) from January 2022. Binance to Launch NFT Marketplace in June The marketplace will run on the Binance Smart Chain “mainly,” with the Ethereum network also supported. Mastercard Revealed as Partner on Gemini Crypto Credit Card Credit card holders will be able access offers using DoorDash, HelloFresh, Lyft and ShopRunner.
CoinDesk Research: Does Bitcoin Have an Energy Problem? Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production.
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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