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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 August 19, 2021 Sponsored by Bitcoin (BTC) -1.7% $44,395 Ether (ETH) -1.5% $2,984 (Price data as of August 19 @ 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 Price Is Little Changed Above $44K Despite Hack of Japan’s Liquid Exchange"We still have support at $44,000 and $42,000, which is the line in the sand for short-term momentum," said Zerocap's CIO. Technician's Take: Bitcoin Declines; Approaching Lower Support at $42KSupport at $42K-$44K could stabilize the pullback.
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: Ryan Selkis, Messari Joseph McGill, TRM Labs– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Algorand (ALGO): +9.3% Cardano (ADA): +5.5% The Graph (GRT): +5.5%Losers: Chainlink (LINK): -3.1%Uniswap (UNI): -2.8% Litecoin (LTC): -2.6%
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 Sebastian Sinclair Bitcoin Price Is Little Changed Above $44K Despite Hack of Japan’s Liquid Exchange Bitcoin held its ground above $44,000 even after Japan’s Liquid exchange said a hacker had taken off with millions of dollars in crypto during Asia’s trading hours.
The world’s largest cryptocurrency by market capitalization is down 2% on the day after reaching a 24-hour high of around $45,986, CoinDesk data show. At press time, bitcoin was changing hands for around $44,400.
Bitcoin has fallen squarely back below the 200-day moving average, invalidating a prior break out, witnessed Aug. 13.
“We still have support at $44,000 and $42,000, which is the line in the sand for short-term momentum,” Jon de Wet, CIO at digital asset firm Zerocap, told CoinDesk via Telegram. BTC/USD Daily Chart (Source: TradingView) The firm points toward safe-haven flows being bolstered by the instability in Afghanistan sparked by the exit of the U.S. military as well as concerns over the COVID-19 delta variant.
While headwinds in China, with a slowing economy and tech sector crackdown, are also impacting the crypto markets, the Liquid hack is so far having little impact. That’s a sign of continuing bullish sentiment, the firm noted.
“A daily break below $42,000 would place some confidence in the bears, but on balance, we believe [the] price will hold above this level over the coming week,” De Wet said.
On-chain indicators point to bitcoin holding above that level, at least in the short-term, as so-called smart-money flows out of exchanges continue to reign supreme, Glassnode data show. BTC/USD Daily Chart (Source: TradingView) Generally, “smart money” dominates exchange flows, according to Zerocap. If bitcoin is leaving exchanges, it can indicate an intention to hold. Conversely, when bitcoin moves onto exchanges, it can indicate an intention to sell.
“Ethereum even more so, with exchange balances hitting an all-time low this week,” de Wet said. “Leverage is not excessive in this market right now – all very supportive of a buoyant week ahead, despite the macroeconomic landscape.”
Other notable cryptocurrencies in the top 20 by market cap were mixed on a 24-hour basis with cardano, terra, and internet computer posting the highest gains while uniswap, polygon and chainlink were deep in the red.
Read the original story here: Bitcoin Price Is Little Changed Above $44K Despite Hack of Japan’s Liquid Exchange
Technician's Take by Damanick Dantes, CMT Bitcoin Declines; Approaching Lower Support at $42K Bitcoin (BTC) sellers were active over the past few days as short-term overbought signals appeared on the charts. The world’s largest cryptocurrency was trading around $44,000 support at press time and is down about 2% over the past 24 hours.
The next level of support is seen at the $42,000 breakout level, which could stabilize the pullback. Bitcoin four-hour price chart shows short-term support and resistance levels with RSI. (Source: TradingView) The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to August 3, which preceded a price bounce.On the daily chart, the RSI is neutral after reaching overbought levels over the past two weeks. Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
Read the original story here: Bitcoin Declines; Approaching Lower Support at $42K
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET):Initial jobless claims (Aug 14). Est: 365,000
A Message from CoinDesk The CoinDesk DeFi Index (DFX), measuring the investable DeFi market, is now available for investors watching decentralized finance.
It is the latest index by CoinDesk Indexes, the market standard for crypto assets since 2014. The DFX provides a market-cap-weighted index for a representative basket of DeFi-sector cryptocurrencies that is designed to be investable and replicable for professional investors.
Find out more at coindesk.com/indexes/dfx, or email indexes@coindesk.com.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
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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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