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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 July 21, 2021 Sponsored by Bitcoin (BTC) +5.87% $31,421 Ether (ETH) +8.3% $1,904 (Price data as of July 21 @11:00 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 Retakes $30K as Traditional Markets See Risk Reset"Bitcoin is still just chopping around," one analyst said. Technician's Take: Bitcoin Rebounds Above $30K; Resistance Seen at $34K Bitcoin buyers respond to oversold conditions. And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Sandeep Nailwal, Polygon Co-Founder & COO Anthony Di lorio, Ethereum Co-Founder & Jaxx CEO Jake Brukhman, CoinFund Managing Partner– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Aave (AAVE): +14.0% Polkadot (DOT): +13.0% Cardano (ADA): +11.9%Alogrand (ALGO): +9.6% Losers: None of the CoinDesk 20 digital 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.
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Market Moves by Omkar Godbole Bitcoin Retakes $30K as Traditional Markets See Risk Reset While bitcoin (BTC) has climbed above $30,000 alongside a gain in global equity markets, it may be too early to call a trend reversal higher.
The biggest cryptocurrency by market value was changing hands near $31,300 at press time, a 5% gain on the day, according to CoinDesk 20 data. The bounce comes a day after the cryptocurrency printed its first UTC close below $30,000 since New Year’s Day and may have caught out some traders.
There was concern in the market that put-option sellers might take short positions in the spot/futures market on a break below $30,000, amplifying the price drop. Further, fund holdings dropped in the lead up to bitcoin’s break below $30,000, signaling the absence of dip demand from large investors and higher odds of a continued sell-off.
Still, the dip below $30,000 was shallow and short-lived, possibly due to the risk reset in traditional markets. The U.S. equity market jumped over 1% on Tuesday as the focus shifted from concern about the delta coronavirus variant to growth, lifting banks and industrial stocks, according to the Financial Times. Futures tied to the S&P 500 are pointing to a positive open on Wednesday, with a 0.65% gain, according to Investing.com.
Crypto market sentiment may have received a boost from the crypto derivatives exchange FTX’s record $900 million fundraise at an $18 billion valuation. The big number highlights long-term conviction in the crypto industry despite bitcoin, the industry leader, losing more than half of its value since mid-April.
Some in the crypto community are associating the price recovery with the impending bitcoin-centered conference “The ₿ Word” scheduled for Wednesday. According to reports, Tesla’s CEO Elon Musk, one of the most famous crypto proponents, will participate in a live discussion with Square’s CEO Jack Dorsey and ARK Investment Founder Cathie Wood. Bitcoin prices, July 20-21, 2021 (Source: CoinDesk) “Bitcoin bottoming just below Elon Musk’s entry price the day before he hosts a big conference to talk about Bitcoin sounds like something that would feel very obvious in retrospect,” one popular trader tweeted.
Nevertheless, some analysts remain cautious. “Bitcoin is still just chopping around,” Joel Kruger, a currency strategist at LMAX Digital, said. “I still think there is a risk for one more decent decline, but we’d need to see a break below the June low of $28,800 to trigger such a move.”
Bitcoin still remains well below the crucial 50-day moving average (MA) resistance. “Bitcoin has been grinding lower below its down trending 50-day MA, which can be considered initial resistance near $35,000, a breakout above which would target the 200-day MA near $44,000,” Katie Stockton, founder, and managing partner of Fairlead Strategies said in the weekly research note published Monday.
On the downside, the June low of $28,800 is a key support. “Everyone is talking about $30,000 like it’s a big deal, but in reality, it’s the June low at $28,800 which is the key level to watch,” Kruger said.
A breakdown may bring a quick sell-off to the former hurdle-turned-support at $20,000. “The area between $20,000 and $30,000 is lightly traded, there is fresh air between these levels,” ByteTree Asset Management’s CIO Charlie Morris noted in a blog post published Tuesday. “Price is supposed to move slowly through the heavy areas, and quickly through the light ones.”
Read the original story here: Bitcoin Retakes $30K as Traditional Markets See Risk Reset
The CoinDesk Quarterly Review 2021 Q2
Most CoinDesk 20 assets, which constitute 99% of the crypto market by verifiable volume, ended the quarter with negative returns. Meanwhile, protocol development for the world's largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, reached new milestones. CoinDesk Research's latest Quarterly Review dives into the trends, developments and technological progress that shaped the crypto markets from April to June 2021. The full report is now available from the CoinDesk Research Hub.
Technician's Take by Damanick Dantes, CMT Bitcoin Rebounds Above $30K; Resistance Seen at $34K Bitcoin (BTC) returned above $30,000 support during Asia hours as buyers reacted to oversold conditions. The next level of resistance is seen around $32,000 and $34,000 given the intermediate-term downtrend.
The quick rebound above $30,000 is similar to the June 22 shakeout which preceded a brief price rally. Bitcoin was trading around $31,400 at press time and is up about 6% over the past 24-hours. Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active towards $34,000 resistance.The 100-period moving average on the four-hour chart is sloping downwards as buyers have been quick to take profits on rallies. Short-term momentum is improving as bitcoin returns to a month-long range. The rebound above $30,000 suggests selling pressure from June is starting to slow.
Read the original story here: Bitcoin Rebounds Above $30K; Resistance Seen at $34K
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BOLO Be on the look out for some of these upcoming events: 16:00 UTC (12:00 p.m.) The ₿ Word Event featuring Elon Musk, Cathie Wood and Jack DorseyThe B Word will launch at 9AM PDT (16:00 UTC) on July 21, 2021, offering a live experience and a library of content to the investor community, enabling a more informed discussion about the role Bitcoin can serve for institutions across the globe. https://www.thebword.org/c/the-b-word Ethereum Community Conference 4, July 20-22, 2021 Maison de la Mutualité, Paris, France The Ethereum Community Conference (EthCC) is the largest annual European Ethereum event focused on technology and community. Three intense days of conferences, networking and learning.Mining Disrupt Conference, Miami 7/20-7/21 Mining Disrupt Conference, the world's largest mining conference. The conference will be held in Miami at the Miami Airport Convention Center on July 20th and 21st.
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" is joined by Tether co-founder and WAX co-founder William Quigley to look at the risks and opportunities in stablecoins. This comes as Treasury Secretary Janet Yellen urges top U.S. regulators to "act quickly" on stablecoin regulations. Bitcoin is sinking below $30K for the first time in four weeks. Mukaya (Tai) Panich, CIO of SCB 10X, shares her take on the sudden drop and state of crypto in Thailand. A new crypto social network is here—MINDS.com CEO Bill Ottman on the future of decentralized social media.
Latest Headlines Virgil Griffith Remanded in Custody in the US It is unclear whether Griffith is being remanded based on his violation of bail conditions or something else. Canada CBDC ‘Probably Necessary’ for Competition, Central Bank Says in Paper The authors argue a central bank digital currency will likely be positive for Canadians, breaking monopolies in big tech and traditional finance. Pingan Issues Digital Yuan COVID-19 Insurance Policies for Medical Staff: Report Purchasers who pay for their coronavirus coverage with e-CNY can receive discounts. US Patent Granted to Stablecoin Concept Backed by Government Debt Unlike fiat currency-pegged stablecoins, Yuga Coin intends to be solely pegged to government debt such as bonds and treasury notes. Argo Blockchain Plans ADS Listing in Q3 2021 The bitcoin mining firm said it submitted a draft registration statement to the SEC. Bitstamp Adds Support for Euro-Backed Tether Stablecoin Amid Increasing Demand Access to EURT will save Bitstamp's Euro users time and money without losing their overall purchasing power, an exchange executive said. BNY Mellon Follows State Street in Backing New Crypto Trading Platform: Report BNY Mellon and State Street join four other firms in backing the soon-to-start platform.
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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