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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 26, 2021 Sponsored by Bitcoin (BTC) +11.9% $38,552 Ether (ETH) +8.8% $2,355 (Price data as of July 26 @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 Perpetual Futures Hit $48K on BinanceThe gap over the spot market price widened to more than $8,000. Technician's Take: Bitcoin Rallies from Oversold Levels; Resistance NearbyBitcoin is attempting to reverse an intermediate-term downtrend. And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Mila Kunis, Entrepreneur & Actress Ben Slavin, BNY Mellon Asset Servicing Global Head of ETFs– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Aave (AAVE): +16.8% Chainlink (LINK): +14.5% Bitcoin Cash (BCH): +12.8%Losers: None of the assets in the CoinDesk 20 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 Perpetual Futures Hit $48K on Binance Binance-based bitcoin (BTC) perpetual futures denominated in dollar-backed stablecoin tether (USDT) spiked early Monday, widening the spread over the spot market price to more than $8,000.
The BTC/USDT perpetual contract hit a high of $48,168 at around 01:00 UTC, Binance data show. Around the same time, bitcoin jumped almost $3,000 in the spot market, reaching a 1 1/2-month high of $39,544, according to CoinDesk 20 data. The cryptocurrency looked poised for a rally, having toppled the widely-tracked 50-day moving average (MA) resistance at $35,000 during overnight trading.
The exaggerated bullish move in the perpetual contract probably resulted from a big trade.
“A user placed a large number of [buy] orders for BTCUSDT perpetual futures during the market upswing, resulting in a candlewick of 48,168 USDT,” Binance’s spokesperson told CoinDesk in a Telegram chat. “We reviewed and did not detect any system issues. No other users were affected as we utilize mark price for liquidation,” the spokesperson said. BTCUSDT perpetual (Source: Binance) Binance is the world’s largest bitcoin futures exchange, contributing $3.5 billion or nearly 10% of the global open interest of $13.9 billion, according to data provided by Skew. Open interest refers to the number of futures contracts traded but not matched by an offsetting position.
Aside from large buy orders, short liquidations or forced closure of sell positions due to margin shortage may have added upward pressure on prices. Bitcoin: Green bars represent short liquidations and red bars shows long liquidations (Source: Coinalyze) According to data source Coinalyze, major exchanges including Binance have liquidated futures positions worth more than $650 million today. Of that, short liquidations account for almost 85%, or $550 million. The data show that futures market positioning was skewed bearish. The number of open futures contracts rose steadily since late May to hit a two-month high last week as traders took short positions.
The crypto derivatives market has seen explosive growth since the March 2020 crash. One effect of that is price volatility caused by long-short liquidations. “We would like to take this opportunity to remind the community that the crypto market can be volatile and all trading carries risks. We advise all users to trade responsibly and only trade within their means,” Binance’s spokesperson said.
The situation may improve going forward as Binance and FTX, two of the biggest exchanges, have imposed limits on leverage. Binance CEO Changpeng Zhao, announced early today that it had imposed a 20x leverage limit for new users starting from July 19, down from the original 100x leverage. Zhao said the new limit would be applied to existing users progressively over the next few weeks.
At press time, bitcoin was changing hands near $38,200, representing a 10% gain on the day. Meanwhile, the Binance-based BTC/USDT perpetual contract was trading at a slight discount of $38,100. Read the original story here: Bitcoin Perpetual Futures Hit $48K on Binance
The CoinDesk DeFi Index (DFX), benchmarking the investable DeFi sector, is now available for investors watching decentralized finance, the first true "sector" in cryptocurrencies. It is the latest index by CoinDesk Indexes, the market standard for crypto assets since 2014. The DFX provides a market-cap-weighted benchmark for a representative basket of DeFi-sector cryptocurrencies, composed of assets suitable for long-term holding. Find out more at coindesk.com/indexes/dfx, or email indexes@coindesk.com.
Technician's Take by Damanick Dantes, CMT Bitcoin Rallies from Oversold Levels; Resistance Nearby Bitcoin (BTC) buyers were active over the weekend as the cryptocurrency broke above the 50-day moving average near $34,000. The intermediate-term downtrend is reversing, although resistance near $40,000 could trigger some profit taking.
Upside momentum is improving after several months of consolidation and multiple oversold readings on the charts. Bitcoin was trading around $38,000 at press time and is up 10% over the past 24 hours. Early Monday, the price climbed to about $39,500. Bitcoin daily price chart shows support and resistance levels with momentum/RSI measures (Source: TradingView) The relative strength index (RSI) on the daily chart is approaching overbought levels for the first time since April. This could precede a brief period of profit-taking near the 100-day moving average at $40,000.The weekly RSI is not yet oversold, although selling pressure from May is starting to slow. Price action is consistent with previous rallies from $30,000 support, albeit more persistent given the break above the 50-day moving average. Bitcoin remains in a consolidation phase until price moves above $40,000, which is the top of a two-month range. Initial support is seen around $34,000, which could stabilize a pull-back.
Read the original story here: Bitcoin Rallies from Oversold Levels; Resistance Nearby
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BOLO Be on the look out for some of these upcoming events: 20:00 UTC (4:00 p.m. ET): Tesla (TSLA) earnings. Est. EPS: $0.98
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" takes a look at the market recovery as cryptocurrencies rebound from sell-off. MyEtherWallet COO Brian Norton joins the discussion as he shares his short-term and long-term outlook. Thesis CEO Matt Luongo on the company's $21 million Series A funding round and his plans for the money. Apollo 11 lands in Decentraland to commemorate the 52nd anniversary of the moon landing. Banquet Co-founder Matt Bond shares insights into this launch in the Metaverse from behind the scenes.
Latest Headlines What a Gory New Horror Film Teaches Us About Financial Censorship Much like the deranged lead of "Censor," financial regulators are deluding themselves that centralized control will lead to a crime-free utopia. FTX Cuts Leverage Limit to 20x From 100x as Criticism of Margin Trading in Crypto Grows "It's time, we think, to move on from it," CEO Sam Bankman-Fried said in a tweet. Crypto Long & Short: Why Ethereum’s ‘London’ Upgrade Matters Plus: The risks and rewards of Ethereum Improvement Proposal (EIP) 1559. Vitalik Buterin Joins Cast of ‘Stoner Cats,’ Mila Kunis’ New Animated NFT Show Ethereum’s founder will voice a taxidermied cat named Catsington. Bitcoin Breaks Back Above $39K in Largest Single Daily Gain in 6 Weeks Blockchain Australia Recommends Safe Harbor Provision for Crypto Providers Binance Starts Cutting Leverage Limit to 20x Following Similar Move by FTX "We didn't want to make this a thingy," Binance CEO Changpeng Zhao posted Monday on Twitter, a week after making the change.
‘Tulip Bulb’ Crypto Has ‘No Inherent Worth,’ Man Group CEO Says The hedge-fund company nevertheless trades crypto, using quantitative analysis to sniff out price anomalies that can prove profitable. Binance to Cease Crypto Margin Trading on Sterling, Euro, Australian Dollar The announcement comes hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures contracts.
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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