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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 10, 2021 Sponsored by Bitcoin (BTC) +0.3% $46,239 Ether (ETH) -1.8% $3,404 (Price data as of September 10 @ 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 Coasts Long-Term Moving Average as Investor Holdings Increase Technician's Take: Bitcoin Stalls at Support; Resistance at $50K
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and me at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Brian Quintenz, a16z and ex-CFTC Kris Marszalek, Crypto.com Mario Gomez Lozada, PowerTrade – Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Algorand (ALGO): +13.8% Polkadot (DOT): +9.2% Stellar (XLM): +1.4% Chainlink (LINK): +0.9%Losers: Aave (AAVE): -3.5%Cardano (ADA): -3.0% The Graph (GRT): -2.6% Filecoin (FIL): -2.3% 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 Coasts Long-Term Moving Average as Investor Holdings Increase Bitcoin is coasting on its road to recovery from Tuesday’s rocky sell-off.
The crypto is currently changing hands for around $46,840 after reaching a 24-hour top of $47,396, CoinDesk data shows. Bitcoin is up over 9% from the weekly low of $42,900 and over 61% in year-to-date terms.
“This week we saw one of crypto’s classic leverage shakeouts,” said Asher Tan, CEO of Australian cryptocurrency exchange CoinJar. “A quick 20-30% haircut across the board as over-leveraged longs were flushed out of their positions.”
Prices have since bounced from bitcoin’s 200-day moving average (yellow line below) which has roughly acted as support around the $46,000 mark for almost three weeks, beginning Aug. 20.
“The market has stabilized after the large selloff on Tuesday, said Jon de Wet, CIO at digital asset firm Zerocap. “Relative strength and other short-term oscillators are moving into oversold territory, and the bullish market structure is intact for the short-term.” Bitcoin prices over the past two months (Source: TradingView) While the crash took most people by surprise, the damage appears to have been limited to the derivative markets as long-term BTC holdings only increased during the downturn, Tan added.
Data by provider Glassnode shows wallet addresses holding 10 BTC rose by 154 from Tuesday’s dip to Friday. Smaller retail investors also increased their bitcoin holdings with wallet addresses containing exactly 1 BTC rising by 566 over the same period, including those holding 0.1 BTC or less. Wallet addresses containing 100 BTC or more fell sharply over the same time frame but could also be attributed to “short-term investors given the large wallet movements during the sell-off,” said de Wet.
Spent output ratios that look at profitability and losses taken over a particular time frame show long-term holders have largely maintained their positions indicating the larger wallet moves were on-balance active short-term traders.
Meanwhile, bullish daily spot exchange volume on Bistamp rose to its highest point since August 20 hinting at greater buying fervor around lower support levels and a temporary stay in short-term selling.
“We are seeing strong bids at these levels from the big players, which should buoy price coming into the weekend,” said de Wet.
Other notable cryptos in the top 20 by market capitalization were also trending in the green with DOT, LINK, and AVAX clocking the highest gains over a 24-hour period.
“While Bitcoin’s price is chopping around right now, the continued outperformance of certain altcoins – SOL and ALGO chief among of them – makes us cautiously hopeful that this is simply a speed bump on the path to higher prices,” Tan said. Read the original story here: Bitcoin Coasts Long-Term Moving Average as Investor Holdings Increase
Technician's Take by Damanick Dantes, CMT Bitcoin Stalls at Support; Resistance at $50K Bitcoin (BTC) is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.
The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July. Bitcoin daily chart. (TradingView, CoinDesk) The relative strength index (RSI) on the daily chart continues to decline from overbought levels over the past month.The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase. Resistance remains strong between $50,000 and $55,000 as the near 70% price rally from $30,000 in July appears to be exhausted.
Read the original story here: Bitcoin Stalls at Support; Resistance at $50K
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BOLO Be on the lookout for the following events today:
No major economic data to be released today.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Chris Giancarlo on His New Book: “#Crypto Dad: The Fight For the Future of Money” "First Mover" talks to Chris Giancarlo, Former CFTC Chairman, Willkie Farr & Gallagher Senior Counsel, aka "Crypto Dad" about his upcoming book, and on the latest cases of crypto regulations. Plus, Coindesk Global Policy & Regulation Managing Editor Nikhilesh De provides his insights into Coinbase's fight to gain regulatory clarity.
Latest Headlines What Is a Bitcoin Futures ETF? A bitcoin futures ETF is another type of regulated financial product that allows investors to indirectly participate in the bitcoin market.
European Finance Regulator Calls Crypto ‘Volatile,’ but Innovative The European Securities and Markets Authority published a report on financial trends and risks last week.
Soccer Powerhouse Paris Saint-Germain Names Crypto.com First Cryptocurrency Partner The exchange will pay a large part of its sponsorship fee with its CRO token.DEX Aggregator ParaSwap Deploys on Avalanche It’s already on Ethereum, Polygon and Binance Smart Chain. Now ParaSwap is expanding to Avalanche – with incentivized products in the works. Argo Blockchain Secures $25M Bitcoin-Backed Loan From Galaxy Digital The loan will be used to fund continued expansion of the company’s data center in West Texas.
UK Post Office to Offer Crypto Purchases to Some Customers Starting Next Week Users of the Post Office’s EasyID identity-verification app will be able to buy crypto using a voucher system from Swarm Markets.Three More Grayscale Trusts Become SEC Reporting Companies: Report They join three other trusts that will be regulated in a similar way to companies with share listings.
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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