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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 17, 2021 Sponsored by Bitcoin (BTC) -1.4% $46,678 Ether (ETH) -1.8% $3,227 (Price data as of August 17 @ 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 Showing Signs of ‘Short-Term Fatigue’ Near $50K Ahead of Possible ContinuationLow levels of daily trading volume persist as bitcoin struggles to edge higher while short positions build. Technician's Take: Bitcoin Rangebound Near $50K Resistance; Support at $40K Bitcoin is stalling ahead of $50K resistance. 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: Eric Demuth, Bitpanda Martin Gaspar, CrossTower– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Polkadot (DOT): +4.7% The Graph (GRT): +0.9%Losers: EOS (EOS): -7.1% XRP (XRP): -7.0% Ethereum Classic (ETC): -5.7%
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 Showing Signs of ‘Short-Term Fatigue’ Near $50K Ahead of Possible Continuation Bitcoin failed to break the $50,000 price tag during weekend trading and is beginning to flag signs of profit-taking in the short term.
Still, bitcoin (BTC) is up 56% in year-to-date returns courtesy of a strong showing by bullish traders throughout the first half of August which saw prices rise from $38,000 on Aug. 4 to around $48,190 on Saturday.
“The price has rebounded strongly now, but this upward move is showing some signs of short-term fatigue,” said Simon Peters, market analyst at trading platform eToro. “We could see a small retracement down to lower prices before the prevailing trend reasserts itself.” BTC/USD Daily Chart (Source: TradingView) Low levels of daily trading volume persist as bitcoin struggles to edge higher while short positions are building, according to Datamish data, pointing toward a return to lower supports near $44,000.
“Even though the trend has flipped bullish, a pullback is to be expected before continuation,” said Marcus Sotiriou, sales trader at U.K.-based digital asset brokerage firm GlobalBlock. “This is because there has been declining volume with an increase in price, as well as a bearish divergence in the RSI indicator on the daily time frame.”
Other notable cryptos in the top 20 by market capitalization over a 24-hour period are mixed with polkadot (DOT), solana and terra posting the highest gains while ether (ETH), XRP, and stellar (XLM) have shed the most over the same period. Read the original story here: Bitcoin Showing Signs of ‘Short-Term Fatigue’ Near $50K Ahead of Possible Continuation
Technician's Take by Damanick Dantes, CMT Bitcoin Rangebound Near $50K Resistance; Support at $40K Bitcoin (BTC) is stuck in a sideways range as the short-squeeze rally takes a breather. Buyers could start to take profits ahead of the $50,000 resistance level, although support around $40,000-$42,000 could stabilize a pullback.
The world’s largest cryptocurrency was trading around $46,900 at press time and is roughly flat over the past week. Bitcoin daily price chart shows support and resistance levels with RSI. (Source: TradingView) The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede price pullbacks. The RSI has a slight negative divergence with price as upside momentum wanes.Bitcoin is trading around the 200-day moving average and will need to breakout of a short-term range to resume the uptrend. Support is seen around the top of the prior two-month consolidation phase between $40,000 and $42,000. A successful re-test of these levels could yield further upside towards $50,000 and $55,000.
Read the original story here: Bitcoin Rangebound Near $50K Resistance; Support at $40K
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET):Retail sales (July). Est: -0.2% Ex-auto Est: +0.2% 19:30 UTC (1:30 p.m. ET): Federal Reserve Chair Jerome Powell speaks: Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country. The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.
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:
"First Mover" digs into the impact on crypto miners with Marathon Digital Holdings CEO Fred Thiel. What's moving the market as the crypto total market cap passes $2 trillion again? Alexander Blum, a managing partner at Two Prime, shares his insights, along with the company's new report on institutional crypto and DeFi. Plus, Neeraj Khandelwal, the co-founder of CoinDCX, updates the company's latest status as India's first crypto unicorn.
Latest Headlines Bitfarms Increases Revenues by Almost 400% in Q2 The crackdown on crypto mining in China has helped the results and outlook for the Canadian bitcoin mining firm. LINE’s Crypto Exchange to Cease Activity in South Korea Ahead of Regulatory Deadline The development shows potential for many foreign exchanges to pull or limit services within the country ahead of tougher regulations. Spanish Securities Watchdog Warns 12 Firms Including Huobi, Bybit for Non-Registration The watchdog isn't banning the exchanges. Shenzhen PBoC Launches Crypto Trading ‘Clean-Up’ China's central bank vowed earlier in August to keep high pressure on crypto trading. Operator of South Korea’s Largest Exchange Rolls Out ‘Travel Rule’ Solution in Singapore The blockchain research arm of Upbit's operator has launched its VerifyVASP in Singapore, a solution for combating crypto money laundering. Crypto Exchange Bitpanda Raises $263M at $4.1B Valuation Crowned Austria’s first tech unicorn in March, the firm is now worth even more. Binance Wants Former Abu Dhabi Global Market Head as Asia CEO: Report Richard Teng has been approached by the world's largest crypto exchange about the CEO role of its Asian operations. Eqonex Launches Peer-to-Peer Crypto Lending Marketplace for Institutions The platform will avoid rehypothecation and automate lending to offer an application that can compete with both over-the-counter desks and DeFi lending protocols.
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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