First Mover: Institutional Bitcoin B uying Spiked Around Wednesday’s Crash

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

May 21, 2021

Sponsored by

Bitcoin (BTC)

+0.9% $40,827

Ether (ETH)

-0.9% $2,697

(Price data as of May 21 @11:00 UTC)

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Good morning. Here's what we're writing about:

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests:

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Algorand (ALGO): +5.6%

NuCypher (NU): +1.1%

Losers:

XRP (XRP): -5.0%

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 Omkar Godbole

Institutional Bitcoin Buying Spiked Around Wednesday’s Crash

Daily transfer volume from OTC desk wallets (Source: Glassnode)

Bitcoin: Seven-day average of daily transfer volume from OTC desks (Source: Glassnode)

Read the original story here:

Institutional Bitcoin Buying Spiked Around Wednesday’s Crash

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Technician's Take

by Damanick Dantes

Bitcoin Stabilizes at Support; Faces Resistance at $45K

Daily bitcoin chart shows support and resistance levels with oversold RSI (Source: TradingView)

Original story found here:

Bitcoin Stabilizes at Support; Faces Resistance at $45K

A message from Farsite

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BOLO

Be on the look out for these upcoming events:

A message from CoinDesk

Countdown to #Consensus2021

Will bitcoin pump? Is a pullback around the corner? Is ether a better way to position?

Next week at Consensus by CoinDesk, our virtual big-tent conference, we help investors hone their skill sets with trading and yield generation strategies. investment theses and market intelligence and get up to speed on crypto market developments.

Join our Explorations track "Trade Secrets" with Philip Gradwell of Chainalysis, Matthew Roszak of Bloq, Darius Sit of QCP Capital and more at Consensus by CoinDesk, May 24-27. Register today.

ICYMI

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

Voyager’s CEO on Bitcoin Price Reversal, Exchange Challenges, Crypto Outlook

Bitcoin and ether prices are climbing back up as traders look for direction. Voyager CEO Stephen Ehrlich discusses what happened in markets this week and what's next. Grant Whitlock of crypto-asset broker GlobalBlock in London also joins "First Mover" to give his analysis. Plus, Jaime Leverton of Canadian mining firm Hut 8 in Toronto weighs in on the bitcoin mining energy debate.

Latest Headlines

Gensler Says SEC Should Be ‘Ready to Bring Cases’ Involving Crypto

The SEC chair continued to highlight investor protection as he previewed the regulator’s cryptocurrency enforcement efforts.

Iran Enlists Its Intelligence Agency to Crack Down on Illegal Crypto Mining

The Iranian government is attempting to trace illegal crypto-mining operations to reduce the strain on the country’s electricity supply.

Elon Musk Says Lightning Network ‘Needed’ to Scale Bitcoin for Now

A single-layer network like Bitcoin's could carry all humans transactions in the future, the Tesla CEO tweeted Friday.

Commerzbank Tests Blockchain for Managing Corporate Supply Chains

The German bank partnered with chemical companies Evonik and BASF to test blockchain’s use in managing supply-chain processes.

Crypto Derivatives Exchange BitMEX Pledges to Become Carbon Neutral

The firm said it would pay a small percentage of fees to start offsetting carbon emissions.

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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