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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 23, 2021 Sponsored by Bitcoin (BTC) -8.1% $49,428 Ether (ETH) -9.2% $2,275 (Price data as of April 23 @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 Price Drops on Biden’s Tax PlansTechnician's Take: Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term Trend
Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Zac Prince, BlockFi Founder & CEOKyle Samani, Multicoin Capital Founder and Managing Partner Gil Hilderbrand, Gilded Founder & CEO
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: None of the CoinDesk 20 assets is up today.
Losers: Ethereum Classic (ETC): -18.3% EOS (EOS): -17.7% OMG Network (OMG): -17.0%Kyber Network (KNC): -16.0%
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.
Market Moves by Omkar Godbole Bitcoin Price Drops on Biden’s Tax Plans
Bitcoin (BTC) slipped on Friday as reports of U.S. President Joe Biden mulling a tax hike on wealthy Americans drew stronger selling pressure in the spot market.
The biggest cryptocurrency traded well below the 100-day simple moving average support of $49,470 during the European hours, marking the first breakdown of the widely tracked technical line in six months and extending the recent sell-off from record highs above $64,000.
Bitcoin prices breaking below its 50-day and 100-day movkng averages (Source: TradingView)
As per The New York Times, President Biden is planning to roughly double the tax on capital gains or proceeds earned from selling assets to 39.6% from 20%. The new rate will be applicable for people earning more than $1 million a year.
The news hit the wires late Thursday and tanked the U.S. equity markets, aggravating the weakness in bitcoin.
Bitcoin had dropped sharply from $60,000 to $52,148 early Sunday, taking the cryptocurrency below the 50-day SMA for the first time since October. While that move was largely derivatives-driven, the latest drop below $50,000 is likely a result of selling in the spot market. Bitcoin trades on major exchanges (Source: CoinMetrics)
The U.S.-based Coinbase exchange has seen big offers (blue) in the past 24 hours. Bitfinex sellers (green) appear to have played a role as well, according to data provided by Coin Metrics.
Bitcoin: Exchange inflows (Source: Glassnode)
Further, exchanges witnessed a net inflow of 20,370 BTC on Wednesday, the highest since March 20, according to data source Glassnode. Investors typically move coins to exchanges when they want to liquidate their holdings.
According to Delta Exchange’s Pankaj Balani, the market is likely to remain choppy till the end of June, and rallies could be short-lived. “It’s a sell on the rise market for now,” Balani said, a convincing move above $60,000 would revive the bullish bias.
Renewed whale buying may be needed to revive the animal spirits in the bitcoin market.
Bitcoin whale entities (Source: Glassnode)
Bitcoin’s bullish momentum has steadily weakened over the past two months alongside the near 10% drop in the whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin
For now, short-term technical studies appear to have rolled over in favor of the bears, and the negative bias would strengthen if prices find acceptance under the 100-day SMA.
Read the original story here: Bitcoin Price Drops Below 100-Day MA as Selling Picks Up on Biden’s Tax Plans
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Technician's Take by Damanick Dantes Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term Trend Bitcoin (BTC) broke below short-term support around $50,000 during Asia hours. The cryptocurrency was trading around $49,500 at press time and is now oversold on intraday charts, which could stabilize the decline. The four-hour BTC chart shows resistance levels with oversold RSI (Source: TradingView) BTC’s April 17 price low just below $51,000 was taken out, which triggered oversold readings on the four-hour relative strength index (RSI).The daily RSI is also approaching oversold territory, which could attract short-term buyers. However, there is strong resistance around $54,000-$55,000, which could limit price recoveries. BTC is now roughly 27% below the April 14 all-time high just below $65,000. This suggests the short-term trend is weakening as BTC approaches stronger support around the $42,000 level. Original story found here: Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term Trend
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BOLO Be on the look out for these upcoming events: No significant data releases scheduled.
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ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV: Ether Hits New All-Time High, Voyager Digital; Crypto Miners Observe Earth Day "First Mover" with markets analysis as Ether breaks another record. Steven McClurg of Valkyrie Investments joins the markets discussion. Voyager Digital CEO Steve Ehrlich on his company's fast growth and customer service questions. Also, in honor of Earth Day, Jesse Phillips of Binance Mining Pool explains how crypto mining practices can be more environmentally friendly.
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Latest Headlines Bitcoin Price Decline Deepens, Heads for Worst Week Since February Just as technical charts suggested a weakening trend, with altcoins rallying, bitcoin slides toward $50,000. Jackson, Tennessee, in ‘Prime Position’ to Be a Bitcoin Leader, Says Mayor Mayor Scott Conger told CoinDesk that the city is exploring paying its employees in bitcoin and adding bitcoin mining to its balance sheet. Newly Public Coinbase Lists Tether’s Controversial USDT for Pro Traders The move by an ever-regulated Coinbase could be read as vindication for Tether, long criticized as less-than-forthright about its financials. Bitcoin Breaks Below $50K as Market Sell-Off Continues Bitcoin's price fell about $4,300 in the last 24 hours. Schwab Waiting for Regulatory Clarity Before Deciding on Crypto Services: Report Schwab’s CEO says the firm will be “highly competitive” and “disruptive” should it decide to participate. Turkish Police Detain 62 People in Thodex Probe, State News Agency Says: Report The crypto exchange reportedly has been subject to a legal complaint by its users alleging that hundreds of millions of dollars had been stolen. Boerse Stuttgart Group Crypto Trading App Volume Reaches $2.4B The exchange's crypto trading app, Bison, has seen a doubling of trade volumes and active users since last year. Bitcoin’s Drop From Biden’s Proposed Tax Hikes Not Likely to Last, BCB CEO Says "While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip," Landsberg-Sadie told CoinDesk on Friday. Bitcoin’s ‘Kimchi Premium’ Evaporates as Crackdown, Price Sell-Off Cool Retail Fervor The premium measures the spread between bitcoin's price on Korean exchanges and other venues.
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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