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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 March 24, 2021 Sponsored by Bitcoin (BTC) +3.1% $56,502 Ether (ETH) +1.5% $1,716 (Price data as of Mar. 24 @11:00 UTC) Good morning. Here's what we're writing about: Market Moves by Omkar Godbole: Bitcoin Rises Despite Dollar Strength as Elon Musk Adds BTC Payment Option Technician's Take by Damanick Dantes:Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Michael Casey and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Dan Held, growth lead at Kraken Antonio Juliano, founder of dYdX Pankaj Balani, co-founder & CEO of Delta Exchange
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Market Moves by OMKAR GODBOLE Bitcoin Rises Despite Dollar Strength as Elon Musk Adds BTC Payment Option
Bitcoin jumped early Wednesday after the Tesla CEO Elon Musk said the electric vehicle maker is now accepting the cryptocurrency as a payment option. Musk’s Twitter announcement overshadowed the dollar strength, helping the cryptocurrency stay bid.
“You can now buy a Tesla with Bitcoin,” Musk tweeted at 7:02 UTC, adding that the cryptocurrency received in payments won’t be converted to cash, meaning the company is adding to its already sizeable stash of bitcoin.
Bitcoin rose from $54,700 to above $56,000 following Musk’s announcement, having defended support at $53,000 on Tuesday. Tesla announced in early February it had bought bitcoin (BTC) worth $1.5 billion, validating the cryptocurrency’s appeal as a reserve asset.
While the electric vehicle maker’s acceptance of crypto as payment will undoubtedly grab the headlines, it’s something Musk had said he likely would do when he announced Tesla’s bitcoin investment earlier this year. What’s at least as significant is his statement that Tesla operates its own bitcoin nodes as it shows the company – and its CEO – are committing even further to the cryptocurrency.
“Tesla accepting Bitcoin payments and running its own Bitcoin nodes is massively bullish. Others will follow,” trader and analyst Alex Kruger tweeted.
Musk’s announcement comes two days after Federal Reserve’s Chairman Jerome Powell called bitcoin a volatile speculative asset.
At press time, bitcoin is changing hands near $55,300, representing a 3.6% gain on the day. The cryptocurrency is trading higher despite the strength of the U.S. dollar in the foreign exchange markets. The dollar index (DXY), which tracks the greenback’s value against majors, has risen to 92.52 – the highest level since Nov. 24.
The two assets have mainly moved in opposite directions since March 2020. However, the inverse correlation has weakened somewhat in recent days, with bitcoin trading steady above $50,000 amid the DXY’s rise to four-month highs.
The cryptocurrency is now fast approaching a descending trendline hurdle, as seen on the chart below.
Bitcoin hourly chart (Source: TradingView)
A breakout above the trendline hurdle would open the doors for a re-test of record highs above $61,000. On the downside, $53,000 is key support.
--Omkar Godbole
Read the original story here: Bitcoin Rises Despite Dollar Strength as Elon Musk Adds BTC Payment Option
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Technician's Take by Damanick Dantes Bitcoin Holds Support, Approaching Resistance Around $60K
The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.
Daily chart show BTC consolidating between $50K support and $60K resistance; neutral RSI (Source: Trading View) The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average. Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000. --Damanick Dantes Original story found here: Bitcoin Holds Support, Approaching Resistance Around $60K
BOLO Be on the look out for these upcoming events: 14:00 UTC (10:00 a.m. EDT): Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen speak to the The U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled “The Quarterly CARES Act Report to Congress.” Watch it livestreamed here.16:00 UTC (12:00 p.m. EDT): Circle hosts a webinar entitled "NFTs & the Next Phase of Mainstream Adoption" Coindesk's Nathaniel Whittmore will host. Panelists are Fred Wilson (Union Square Ventures), Roham Gharegozlou (Dapper Labs) and Jeremy Allaire (Circle). Registration is here.
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: 0x (ZRX): +9.5% OMG Network (OMG): +9.3% Tezos (XTZ): +8.5%
Losers: XRP (XRP): -3.7% Orchid (OXT): -3.0%
The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
ICYMI In case you missed it, here's this past Friday's episode of "First Mover" on CoinDesk TV:
Over 80% of institutional inflows to bitcoin have come via Grayscale's bitcoin trust (GBTC). Grayscale Investments CEO Michael Sonnenshein on new competition, challenges and trends. A look back and forward with Tether co-founder William Quigley, now focused on the NFT craze. Plus, the popular MetaMask cloud wallet reaches an adoption milestone. We talk to its product lead.
A message from NEM GROUP Symbol from NEM, the next-generation public blockchain, launched March 15th, marking a milestone in NEM’s vision for a new economic and digital system. Boasting enterprise-grade security and programmability, Symbol smooths business friction and increases the flow of data to supercharge the creation, exchange and protection of assets. NEM Group - comprising NEM Software, NEM Trading, and NEM Ventures - nurtures a strong and healthy ecosystem to shape the development and future of blockchain technology for generations to come.
Latest Headlines BitClout’s Alleged Leader Hit With Cease-and-Desist by Prominent Crypto Law Firm The legal letter is the latest twist in the controversial project's short history. Musk Says Teslas Can Now be Bought Using Bitcoin That Will be Stored, Not Turned Fiat The Tesla CEO said bitcoin paid to the company will stay as bitcoin and not be converted into fiat.
Russia to Track Bitcoin Cash-Outs: Report Russian anti-money laundering agency is going to identify and track down bitcoin-to-fiat sales, the government official said
Ethereum Rollup Hermez Network, to Be Used by Tether, Goes Live Tether and Hermez announced mutual support in January to address the problem of historic Ethereum transaction fees.
Blockchain.com Raises $300M at $5.2B Valuation: Report The investment into the London-headquartered firm was led by DST Global, Lightspeed Venture Partners and VY Capital, the WSJ reported Wednesday.
A message from CoinDesk.tv Introducing Community Crypto, an intimate look at digital transformation
From the world leader in crypto news and events, the all-new CoinDesk TV covers the rapidly evolving world of digital finance and its role in the global economy. On Community Crypto, “Bitcoin and Black America” author Isaiah Jackson explores how crypto is creating and impacting communities. Jackson will organize virtual meetups in the U.S. and around the world, then dive deeper into key themes, issues or questions that arise.
Watch Community Crypto Thursdays at 5 p.m. ET on YouTube or CoinDesk.com.
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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