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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 11, 2021 Sponsored by Bitcoin (BTC) +0.7% $46,247 Ether (ETH) +2.3% $3,226 (Price data as of August 11 @ 9:30 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 Rests Above Key Indicator Amid ‘Return of Retail Investors’ Wallets with balances between 0.1 and 1 BTC have continued to increase Technician's Take: Bitcoin Avoids Bear Market; Long-term Uptrend Intact Resistance near $50,000 to $55,000 could stall the recovery given short-term overbought signals.
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: Fred Thiel, Marathon Digital Holdings Vanessa Grellet, CoinFund Guy Gotslak, My Digital Money Nate DiCamillo, CoinDesk– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Cardano (ADA): +19.4% Polygon (MATIC): +12.8%XRP (XRP): +9.7% Stellar (XLM): +7.0% The Graph (GRT): +6.1%Losers: None of the assets in the CoinDesk 20 is down over the past 24 hours. 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 Rests Above Key Indicator Amid ‘Return of Retail Investors’ Despite pulling back from recent highs, the world’s largest crypto by market cap remains above a key long-term indicator, reflective of bullish market conditions.
Prices are currently changing hands for around $46,350 after topping out $46,453 in the last 24-hours, CoinDesk data shows. The crypto is still up 57% year-to-date and is making headway toward its all-time high of $64,829, witnessed April 14.
“After a quiet July, we’re seeing a return of retail investors,” said Caroline Bowler, CEO of Australian crypto exchange BTC Markets. “Market wisdom draws a line between the retreat of Chinese bitcoin miners and the recentering of trading activity in the U.S. and Europe.”
Indeed, Tuesday’s on-chain analysis by blockchain data firm Kaiko suggests trading activity is continuing to shift from China to the U.S. and EU amid the crackdown against crypto mining in the Communist state. BTC/USD Daily Chart Bitstamp Exchange (Source: TradingView) The 200-day moving average now appears to be holding prices above $45,117, according to Bitstamp exchange data. Price action is considered bullish above (red line) and bearish below, per technical analysis.
“Despite July being a quieter month, we experienced a significantly larger number of accounts trading over $1 million per month,” Bowler said. Bitcoin wallets with betweet 0.1 BTC and 1 BTC (Source: Glassnode) Data from provider Glassnode shows the total supply of bitcoin held by entities with a balance of 0.1-1 BTC has continued to increase alongside bitcoin’s price suggesting retail is buying up alongside institutional investors.
Bitcoin isn’t the only crypto whose experiencing an uptick in trading activity for the month of August.
“Ether (ETH) and other assets are representing the majority in trading volume and not bitcoin,” said Daniel Kim, head of capital markets at Maple Finance. “This shows that individuals and institutions are feeling a lot more comfortable holding other cryptos and are no longer 'diversifying' their portfolios by just holding bitcoin.”
Other notable altcoins in the top 20 by market capitalization are also riding high over a 24-hour period with the cardano (ADA), XRP, binance coin, polygon (MATIC) and stellar (XLM) having posted the highest gains.
Read the original story here: Bitcoin Price Rests Above Key Indicator Amid ‘Return of Retail Investors’
Technician's Take by Damanick Dantes, CMT Bitcoin Avoids Bear Market; Long-term Uptrend Intact Bitcoin (BTC) remains in a long-term uptrend despite the sharp 50% correction from the all-time high around $63,000 in April. Buyers were able to defend support around $30,000 after a two-month consolidation phase, which resolved to the upside. Bitcoin faces resistance near $50,000 to $55,000, which could stall the recovery given short-term overbought signals.
The chart below shows an ascending channel, which is formed from the 2017 price high near $16,000 and the 2021 price high around $63,000. The 2019 and 2020 price lows formed rising support as buyers reacted to oversold conditions. Bitcoin weekly price chart on Coinbase (Source: TradingView) Unlike the 2018 bear market, bitcoin is currently holding above the 40-week moving average, which reflects renewed upside momentum. Bitcoin will need to form a decisive break above $55,000 to fully resolve the selling pressure from May.
Read the original story here: Bitcoin Avoids Bear Market; Long-term Uptrend Intact
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET): Consumer price index (CPI, July). Est: +0.5% Core CPI Est: +0.4%
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: Senate Rejects Compromise Crypto Tax Amendment in $1T Infrastructure Bill; What Happens Next? "First Mover" digs into the details of the bipartisan infrastructure bill as the Senate is poised to pass it before the House of Representatives pick it up later this year. Nikhilesh De, CoinDesk Global Policy & Regulation Managing Editor and Perianne Boring, Chamber of Digital Commerce Founder & President, weigh in on the discussion. Plus, Octavio Marenzi, Opimas CEO and Founder gives his analysis of bitcoin’s price.
Latest Headlines PNC Bank Is Planning a Crypto Offering With Coinbase A source said PNC, the fifth-largest bank in the U.S., plans to offer crypto investment services to clients. Changing Crypto Trading Patterns Reveal the Market’s Power Shift to the West Blockchain data firm Kaiko analyzed trading activity on centralized exchanges from different days and time zones. Investment Research Firm Says Coinbase Revenue to Decline Despite Beating Estimates New Constructs CEO says Coinbase investors should be wary, predicting it won't maintain "blowout earnings" going forward. Top South Korean Money Transfer Firm Joins RippleNet to Further Remittances to Thailand Ripple is focusing on Asia, which the company has said is its fastest growing region. Poly Network Prepares for Hacker to Return Millions in Stolen Crypto The hacker who stole potentially $600 million from Poly Network asked for a multisig wallet to return the funds. US Senate Passes $3.5T Budget Plan Senators voted along party lines to support a blueprint for President Joe Biden's agenda. Poly Network Hacker Starts to Return Funds The hacker said earlier today they will return the funds.
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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