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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 June 25, 2021 Sponsored by Bitcoin (BTC) +1.3% $33,758 Ether (ETH) -3.1% $1,882 (Price data as of June 25 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Bitcoin Jumps 5% as El Salvador Braces for Crypto Law, $30 E-Wallet AirdropTechnician's Take: Bitcoin Stalls at $35K Resistance; Lower Support at $30K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Francis X. Suarez, Mayor of Miami Frances Coppola, "The Case for People's QE" Author Gavin Michael, Bakkt CEO
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Cardano (ADA): +2.9%Algorand (ALGO): +0.9% NuCypher (NU): +0.5% Losers: The Graph (GRT): -4.6% Filecoin (FIL): -4.6% Tezos (XTZ): -3.4%
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.
Market Moves by Sebastian Sinclair Bitcoin Jumps 5% as El Salvador Braces for Crypto Law, $30 E-Wallet Airdrop Bitcoin rose for a third straight day after El Salvador announced the date it would officiate the crypto as legal tender and gift every citizen $30 via an e-wallet.
The world’s most valuable crypto is currently up over 5% on a 24-hour basis and is changing hands for around $34,294, according to CoinDesk 20 data. Most other cryptocurrencies in the top 20 by market value are up between 2-17% over the same 24-hour period with dogecoin (DOGE) posting the strongest daily gains.
Despite being rangebound between $30,000 and $41,000, the jump in bitcoin (BTC)‘s price coincides with announcements made by El Salvador’s president, Nayib Bukele, who spoke during a national address on Thursday evening. Bitcoin has remained rangebound for several weeks (TradingView) Bukele told his country’s citizens they would be able to receive a gratuitous $30 in bitcoin once they sign up to the Chivo e-wallet using facial recognition. The president also said his country’s controversial bitcoin law would come into effect on Sept 7.
Though the case may be presented as a major boon for bitcoin in the short-term, long-term shadows, such as China’s anti-crypto crackdowns and the U.S. Federal Reserve’s hawkish tilt toward interest rates, continue to linger.
Meanwhile, traditional markets, which have oftentimes correlated with bitcoin’s price moves, posted stronger gains over positive news between a bipartisan Senate group, comprising five Republicans and five Democrats and U.S. President Joe Biden.
The parties reached a tentative agreement on Thursday over a $579 million infrastructure plan, after weeks of negotiations, which helped drive U.S. stocks in building and equipment companies such as Caterpillar Inc., on news of the deal.
U.S. stock markets closed in the green on Thursday while Asia’s were all posting positive results by press time on Friday with the exception of Laos and Pakistan.
Read the original story here: Bitcoin Jumps 5% as El Salvador Braces for Crypto Law, $30 E-Wallet Airdrop
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Technician's Take by Damanick Dantes, CMT Bitcoin Stalls at $35K Resistance; Lower Support at $30K Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support around $30,000 during a volatile week.
A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading around $33,700 at press time and is down about 5% over the past seven days. Bitcoin hourly chart shows support and resistance levels with RSI (Source: TradingView) Upside remains limited given the downward sloping 50-day moving average, showing added resistance around $40,000.However, the relative strength index (RSI) registered a series of higher lows, which means the two-month downtrend is slowing as buyers return. Bitcoin remains stuck in a range between $30,000 and $40,000 with no clear signs of an ultimate price low. The weekly chart is not yet oversold, meaning sellers remain in control despite short-term relief rallies. Read the original story here: Bitcoin Stalls at $35K Resistance; Lower Support at $30K
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BOLO Be on the look out for some of these upcoming events:
12:30 UTC (8:30 a.m. ET):
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" with today's top stories including: The crypto community talking about John McAfee's controversial life and death in a Spanish prison, and bitcoin remaining rangebound as analysts discuss what's next. Joining the show today are FTX CEO Sam Bankman-Fried and CoinGecko Co-founder & CEO Bobby Ong.
EIP 1559: Ethereum's Fee Market Upgrade Explained CoinDesk Research's newest report dives into the economic impacts and investment implications of Ethereum Improvement Proposal (EIP) 1559. At its core, the code change is designed to make transaction fees on Ethereum less volatile and more predictable. At the same time, EIP 1559 also poses several risks to Ethereum including risks of miner capitulation or revolt, technological risk in the form of unexpected bugs, and risk of user disappointment. In this report, CoinDesk Research gives an overview of how EIP 1559 works and its intended impact for investors, miners and users. Download the full report today.
Latest Headlines DOJ Charges Crypto Seller for Operating Unlicensed Money Transmitting Business The complaint said that Michael Yusko III used bank accounts held in the name of several companies to sell cryptocurrencies for profit. Robinhood’s Planned IPO Faces Delays From SEC Over Crypto Business: Report Robinhood had been aiming for a June listing. The goal now is to list next month ahead of the July 4 holiday season.El Salvador’s Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto El Salvador’s President Nayib Bukele made the announcement during a national address on Thursday.Rapper ‘The Game’ Stares Down $12M Joint Class Action Over Paragon ICO Taylor has been found jointly and severally liable over allegations he pursued personal profit in Paragon's unregistered ICO.Athena to Install 1,500 ATMs in El Salvador Following Bitcoin Law Crypto ATMs are seen as a way for people to interact with the physical world, particularly those who are not well-versed in cryptocurrencies.Colombia’s Capital Unveils $2.8B Blockchain Investment Plan Companies can apply to the Bogota Innovation, Technology and Creative Industries Fund for investment as of today.EU to Designate Bank of Spain, Securities Regulator for Crypto Oversight: Report Draft regulation also requires businesses offering crypto services in the EU to have a base in the bloc, Cinco Dias reports.
We've launched on Snapchat. On our debut show, "CoinDesk Breaks It Down," we distill the noise around dogecoin, the energy debate and more. Follow for original content, twice weekly.
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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