ZEC, ELGD Rally Amid Weak Tone in Bitcoin

The latest moves in crypto markets, in context

Edited by Omkar Godbole

November 22, 2021

Sponsored by

Bitcoin (BTC)

-3.2% $57,250

Ether (ETH)

-3.8% $4,180

(Price data as of November 22 @ 12:50 UTC)

If you were forwarded this newsletter and would like to receive it, sign up here.

Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: ZEC, EGLD Hit New Highs

Technician's Take: Bitcoin Sees Bear Continuation Pattern

And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.

– Omkar

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Top Gainers:

Top Losers:

Polkadot (DOT): -4.4%

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.

A Message from Bybit

Did you know that you can claim up to $200 in bonuses on Bybit’s Rewards Hub for completing certain tasks? If you are a new user:
1. Tap on the ‘A Big Deal’ promo and make a first time deposit of selected asset(s) to receive up to $50 in bonuses; and
2. Start trading Inverse Contracts to keep the momentum going!
Here are the details on Inverse Contracts — Bybit’s Inverse Perpetual Contracts use BTC/ETH/EOS/XRP/BIT/DOT as the base currency. For instance, if you are looking to trade a BTCUSD Inverse Contract, you must hold and use BTC as your base currency. It’s easy and fuss-free to start trading Inverse Perpetual Contracts on Bybit!
Get Started Here!

Market Moves

by Omkar Godbole

Bitcoin continues to drift below $60,000 amid positive action in U.S. stock futures. El Salvador's announcement of plans to issue bitcoin-backed bonds to fund the construction of the world's first Bitcoin City along the Gulf of Fonseca near a volcano failed to inspire buying over the weekend.

Privacy-focused cryptocurrency ZEC clocked a six-month high of $235 early Monday, extending a three-day winning run that began after Zcash developer Electric Coin Company discussed the prospect of moving the network to a proof-of-stake mechanism.

EGLD, the native token of high-speed smart contract blockchain Elrond, set a new lifetime high of $490, drawing bids from Friday's announcement of a $1.29 billion liquidity incentive program for its Maiar DEX DeFi platform. "This is perhaps the largest DeFI incentive program to date, and represents a massive step toward pushing DeFi adoption beyond the current boundaries of the crypto space, into the mainstream," Elrond's chief executive Beniamin Mincu said in a blog post.

Dog-themed cryptocurrency SHIB lacked a clear directional bias amid signs of speculative fervor subsiding. The token accounted for 6.72% of the total turnover on the Nasdaq-listed crypto exchange Coinbase during the week ended Nov. 19, slipping to the third position behind bitcoin and ether for the first time in three weeks. With retail frenzy cooling, market focus may shift back to top cryptocurrencies.

Also read:

Shiba Inu Slips in Coinbase Volume Rankings After Topping the List for 2 Weeks

Technician's Take

by Omkar Godbole

Bitcoin's Bear Flag Breakdown

BTC's 4-hour chart (Source: TradingView)

A Message from Rocket Dollar

Crypto in your IRA?!

To put it bluntly, the heyday of the 60/40 retirement portfolio is long behind us. Take your retirement account to the next level with Rocket Dollar.

With a Rocket Dollar IRA, you can invest in alternative assets like private equity, real estate, and cryptocurrency directly from your tax-preferred retirement accounts (à la Peter Thiel).

Sign up with code COINDESK for $50 off your Rocket Dollar account and start investing today.

BOLO

Be on the lookout for the following events today:

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

ConstitutionDAO Contributor on the Crypto Group’s Auction Loss, Why Are Crypto Prices Dropping?

"First Mover" hosts speak to Metaversal CEO Yossi Hasson, who is a member of ConstitutionDAO, for an insider look into Sotheby's historic auction of an original copy of the U.S. Constitution. Haohan Xu, Apifiny CEO, shares markets insights. Plus, ConsenSys Global Fintech Co-Head Lex Sokolin outlines the expansion plan after raising $200 million.

A Message from CoinDesk

Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.

Latest Headlines

The issuance of the tokenized bond, which was developed by Blockstream, will be processed by Bitfinex.

The latest decline in bitcoin prices may be due not to deleveraging so much as just a lack of demand for leveraged-long positions.

The longtime ruler’s unhinged monetary policy follows a familiar pattern – and it’s pushing some Turks toward bitcoin.

French Fintech Lydia Taps Bitpanda to Let 5.5M Users Trade Crypto

Users of French payments app Lydia will now be able to trade over 170 crypto assets.

The investment was made to expand its bitcoin mining hash rate and power capacity in North America, CEO Alex Mashinsky said.

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.

First Mover

A newsletter from CoinDesk

Copyright © 2021 CoinDesk, All rights reserved.

250 Park Avenue South New York, NY 10003, USA

Manage your newsletter subscriptions | Unsubscribe from all CoinDesk email