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| The latest moves in crypto markets, in context Edited by Omkar Godbole November 23, 2021 Sponsored by Bitcoin (BTC) -1.7% $56,280 Ether (ETH) -1.2% $4,130 (Price data as of November 23 @ 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: Bitcoin Awaits Bullish Catalyst
Technician's Take: Potential Double Bottom in Bitcoin 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: Aave (AAVE): 2.45% Polygon (MATIC): 1.2%Top Losers: Stellar (XLM): -4.7% The Graph (GRT): -3.6% Litecoin (LTC): -3.1%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.
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Market Moves by Omkar Godbole Bitcoin was trading weak early Tuesday, having penetrated support at $57,653, the Oct. 23 low. The leading cryptocurrency by market value has been losing ground since reaching record highs near $69,000 on Nov. 10.
“There hasn’t been any strong catalyst to propel bitcoin’s price forward, and whales [large investors] have not been accumulating like they did in previous bull runs – which paints how global macro uncertainties have kept prices muted,” Stack Funds' head of research Lennard Neo said.
Stack Funds’ COO and co-founder Matthew Dibb said the pullback represents a typical bull market correction and may be extended further. “There is mounting concern that inflationary pressures will cause a drop in risk assets, including bitcoin. We believe it will happen at some point, but it is not exactly imminent,” Dibb said.
Action in traditional markets indicates potential for a deeper drawdown. The reappointment of Jerome Powell as Chairman of the Federal Reserve, by U.S. President Joe Biden on Monday, reinforced bets that the central bank would hike rates faster to control inflation. U.S. stocks erased early gains, while gold and silver fell after Powell’s reappointment. The dollar index hit a 16-month high of 96.60 early Tuesday and the U.S. two-year yields rose to 0.63%, the highest since March 20. Also read: Bitcoin Still Trading in Bullish Channel Despite Price Support Break: Analysts
Technician's Take by Omkar Godbole Potential Double Bottom in Bitcoin BTC's 4-hour chart (Source: TradingView) Bitcoin's 4-hour chart shows a potential bullish double bottom at $55,499 – the 161.8% Fibonacci extension of the pullback from record highs reached on Nov. 10. A break below the key level may bring more pain.
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BOLO Be on the lookout for the following events today: 14:45 UTC (09:45 a.m. ET): U.S. Market Manufacturing PMI (Nov)
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts speak to Minnesota Congressman Tom Emmer (R) as he joins other lawmakers to introduce the "Keep Innovation In America Act" bill to modify crypto tax provision in the infrastructure law. Bitcoin continues trading below $60K as investors eye inflation numbers and Biden's Fed Chair nomination. Arca Chief Investment Officer Jeff Dorman shares his market insights.
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Latest Headlines Binance Seeks Investments From Sovereign Wealth FundsThe cryptocurrency exchange’s global entity is looking to ameliorate its relationships with governments, CEO Changpeng “CZ” Zhao tells the Financial Times. ProShares Bitcoin Futures ETF Wins ‘First Mover Advantage’ as VanEck Launch Falls FlatVanEck investments’ newly listed bitcoin futures exchange-traded fund (ETF) saw limited uptake when it launched last week. NFT Music Platform Royal Closes $55M Funding Round Led by A16zElectronic music performers The Chainsmokers and the rapper Nas also provided funding, which comes less than three months after the Justin “3LAU” Blau venture closed a $16 million round. Brazil’s Central Bank Plans to Launch a CBDC Pilot in 2022: Report The monetary authority of the Latin American country has said it expects to launch a final version of its central bank digital currency by 2024. South China Morning Post Releases White Paper for NFT Standard Built on Flow BlockchainThe 118-year-old newspaper has launched its own inaugural NFT collection using the new Artifact standard.
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.
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