Bitcoin Dips Below $60K

The latest moves in crypto markets, in context

Edited by Omkar Godbole

November 16, 2021

Sponsored by

Bitcoin (BTC)

-8% $60,230

Ether (ETH)

-11% $4,230

(Price data as of November 16 @ 12:50 UTC)

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

Market Moves: Bitcoin's Blockchain Data Leans Bullish

Technician's Take: Bitcoin Eyes Support at $57,600

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:

There are no gainers in CoinDesk 20 today.

Top Losers:

The Graph (GRT): -14.8%

Algorand (ALGO): 14.7%

Litecoin (LTC): -14.5%

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

Bybit is one of the fastest growing cryptocurrency exchanges, with more than 2 million registered users.

You can buy and sell crypto instantly, or trade popular coins across different contract types as you’d like.

Market Moves

by Omkar Godbole

Major cryptocurrencies ran into sell orders early Tuesday after Wall Street Journal quoted Twitter's CFO Ned Segal saying that investing cash holdings into crypto assets like bitcoin “doesn’t make sense” right now.

While there was never any expectation of Twitter announcing crypto investments, Segal’s comments likely provided a reason for traders to take some risk off the table in the wake of the rising dollar and controversial crypto tax reporting requirement introduced by the $1 trillion bipartisan infrastructure bill signed by the U.S. President Joe Biden on Monday.

Bitcoin fell to its 50-day moving average (MA) support under $60,000 and ether dived out fo a narrowing price range, hitting lows near $4,100 for the first time in two weeks.

The meme cryptocurrency shiba inu (SHIB) also suffered losses as macro weakness overshadowed AMC Theatres' decision to accept the self-proclaimed dogecoin killer as a payments alternative.

The U.S. retail sales scheduled for release at 13:30 GMT are likely to show consumer spending in the world’s largest economy rose 0.7% month-on-month in October.

Atlanta Fed President Raphael Bostic, Richmond Fed President Thomas Barkin, Philadelphia Fed President Patrick Harker, and San Francisco President Mary Daly are scheduled to speak during U.S. hours.

Blockchain Data Leans Bullish

Bitcoin's price and the 90-day moving average of net exchange inflows (Source: Glassnode)

Bitcoin is down but not out. The 90-day moving average of the daily net exchange flows remains entrenched in the negative territory. In plain English, the broader trend of coins leaving exchanges remains intact, indicating persistent holding sentiment.

Historically, the indicator's crossovers above/below the zero line have marked significant price tops and bottoms.

Read the full story here:

Bitcoin, Ether Lose Ground as Twitter CFO Rules Out Crypto Investment, Dollar Index Hits 16-Month High

Technician's Take

by Omkar Godbole

Bitcoin Eyes Support at $57,600

Bitcoin's daily chart with the MACD histogram (Source: TradingView)

Bitcoin looks south after several failed breakouts above the April high of $64,899. The MACD histogram shows the downward momentum is gathering strength.

The cryptocurrency risks falling to the horizontal support line at $57,600. A violation there would expose $54,000. A recovery to $62,500 or higher by day's end would negate the bearish bias.

Read the full story here:

Bitcoin Below $60K in a ‘Funding Reset’ Move, Tests Key Support: Experts

A Message from Oasis

Are you interested in DeFi?

Oasis is the leading privacy-enabled, layer-1 blockchain network. Ideal for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection and defense against MEV. Oasis has many key backers including a16z, Polychain, Pantera, Dragonfly and more and an established partner ecosystem with companies like Genetica, Nebula, BMW, Binance and more.

YuzuSwap, the first DEX built on Oasis will launch soon with major benefits. Stay tuned to learn more here

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:

Bitcoin Taproot Upgrade Activated, Opening Door to New Features, Animoca Brands Joins Forces With K-pop Agency and More

"First Mover" hosts get an insider analysis from CoinDesk Managing Editor for Technology Christie Harkin as Bitcoin's taproot upgrade is now officially activated. Could this upgrade improve the blockchain's privacy, scalability, and security? Bitcoin's move suggests more upside. Gritt Trakulhoon, an analyst for Titan, gives his market analysis. Plus, Hong Kong-based prominent NFT investor Animoca Brands joins forces with a K-pop agency to launch NFTs featuring artists. Animoca Brands CEO Robby Yung shares more details.

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

Ned Segal cited volatility as to why the company doesn’t want to invest in crypto.

Sen. Cynthia Lummis and others are now attempting to narrow the scope of the law’s crypto broker clause with a separate bill.

The largest movie theater chain in the U.S. already accepts bitcoin, ether, and other cryptos.

The central government called on provinces to “take responsibility” of their jurisdictions.

Tether, Bitcoin and Chinese Commercial Paper at Scale

For critics of Tether, the new economy of digital assets is based on the world’s oldest profession: real estate speculation.

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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