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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 May 25, 2021 Sponsored by Bitcoin (BTC) +2.2% $37,155 Ether (ETH) +8.6% $2,439 (Price data as of May 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: Number of Bitcoin Holders Shoots to Record High, Data ShowTechnician's Take: Bitcoin Struggles at Resistance; Support at $35K
Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 8:30 a.m. U.S. Eastern time. Today the show will feature guests: Dr. Leemon Baird, Hedera Hashgraph Founder & Chief Scientist Teddy Fusaro, Bitwise PresidentThen be sure to catch a special edition of First Mover at 11:00 a.m. ET featuring guests: Dominic Williams, Dfinity Founder and Chief Scientist Sam Bankman-Fried, FTX CEO Joe Conyers, Crypto.com Executive Vice President Global Head of NFTs Brett Tejpaul, Coinbase Head of Institutional Sales
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Yearn Finance (YFI): +20.2% Uniswap (UNI): +16.9% Bitcoin Cash (BCH): +11.8%Losers: Algorand (ALGO): -2.9% NuCypher (NU): -0.3%
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 Number of Bitcoin Holders Shoots to Record High, Data Show The number of bitcoin (BTC) addresses in accumulation has risen to a record high as investors with long-term horizons take advantage of the recent price drop to boost their coin stashes. Bitcoin: number of accumulation addresses vs. balance held in accumulation addresses (Source: Glassnode) The count of accumulation addresses climbed to a record for the seventh consecutive day on Monday, taking the total to 545,115, according to Glassnode data.The number has increased by 16,445 since May 8 – a sign of persistent bargain hunting by long-term holders during bitcoin's slide from $58,000 to $30,000. The balance held in accumulation addresses has jumped by 30,000 during the same time frame, hitting a two-month high of 2.79 million BTC. Glassnode defines accumulation addresses as ones that have at least two incoming non-dust (tiny amounts of bitcoin) transfers and have never spent funds. Essentially, these are long-term holder addresses. Over-the-counter (OTC) desks have also seen substantial outflows over the past two weeks, signifying dip-demand from institutional investors. On Monday, OTC desks tracked by Glassnode registered an outflow of 11,883, the most since early September. However, inflows to OTC desks wallet also spiked to a 5.5-month high of 12,392 on Monday. Inflows indicate an intention to sell but do not imply immediate liquidation.
Read the original story here: Number of Bitcoin Holders Shoots to Record High, Data Show
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Technician's Take by Damanick Dantes Bitcoin Struggles at Resistance; Support at $35K Bitcoin (BTC) approached resistance just below $40,000 on Monday as sellers were quick to return. The near 20% price rise from Sunday’s low around $31,000 was short-lived as intraday charts registered overbought signals.
Bitcoin could find initial support around $35,000, although upside remains limited toward $40,000 resistance.
Four-hour bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) is not yet oversold on the hourly chart which suggests further downside in bitcoin over the short-term.The long-term uptrend is weakening, although the daily chart appears oversold for the first time since September 2020. A decisive break above $40,000 is needed to resume the uptrend. For now, bitcoin remains in a corrective phase and does not appear exhausted on daily and weekly price charts. The cryptocurrency was trading around $37,000 at the time of writing and is down about 13% over the past seven days. Original story found here: Bitcoin Struggles at Resistance; Support at $35K
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BOLO Be on the look out for some of these upcoming events at Consensus 2021. More events can be found here. Prepping Your Practice for Crypto with Hester Peirce The SEC published a risk alert for investment advisors earlier this year focused on digital asset custody, portfolio management and more. SEC Commissioner Hester Peirce (aka "Crypto Mom") joins Tyrone Ross to highlight the best practices advisors need to know when building bitcoin and digital assets into their practice.
20:00 UTC (2:00 p.m. ET) Gavin Wood’s Virtual Machine Powers Web 3.0 - But Is It Built To Last? It's been nearly a decade since Gavin Wood invented the Ethereum Virtual Machine in the project’s ground-breaking Yellow Paper. Now, Ethereum and most major smart contract platforms rely on the EVM under the hood. With Polkadot, however, Wood has evolved beyond his creation, instead pushing WebAssembly - which he argues is more suitable for production-grade Web 3.0 infrastructure. Wood joins Will Foxley to discuss the story behind the EVM, how it became prevalent and why he's moving on. 00:00 UTC (8:00 p.m. ET) Unlocked: Number Go Up? Charting Bitcoin with Technical Analysis Will Bitcoin continue to pump? Is a pullback around the corner? Is Ether a better way to position? Those questions can be answered with technical indicators like MACD and stochastics for readings on momentum, overbought/oversold conditions, and relative strength. Still with us? Join Katie Stockton, CMT, as she describes how to use technical indicators to analyze crypto and lets you in on some of the trading psychology that'll help you take advantage of price trends in crypto.
A message from CoinDesk Will bitcoin continue to pump? Is a pullback around the corner? Is ether a better way to position? This 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," sponsored by Bitstamp, with Philip Gradwell of Chainalysis, Matthew Roszak of Bloq, Darius Sit of QCP Capital and more at Consensus by CoinDesk, running to May 27. Register today.
ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:
"First Mover" hosts unpack the keynote speech by Bridgewater Associates founder Ray Dalio at Consensus by CoinDesk 2021, where Dalio says, “Personally, I’d rather have bitcoin than a bond” during an inflationary scenario. Wyoming Governor Mark Gordon talks regulation from a local standpoint, and Tommaso Mancini - Griffoli of the IMF takes that conversation one step further and looks at crypto regulation across borders. Tom Kysar, Director of Operations at Augur Turbo, discusses decentralized sports betting.
Latest Headlines 3 Things You Need to Know About China’s Crypto Crackdown The crackdown notice from the State Council has sent shockwaves across the crypto industry in China. Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma China's assault on Bitcoin is part of a broader struggle to foster innovation while maintaining control, says our columnist. From Ray Dalio on bitcoin to a Federal Reserve chair indicating the need for CBDC research. Here's what you need to know from Consensus Day 1. DeFi Is Rising in Chicago In the wake of regulatory issues elsewhere, Chicago’s crypto industry has been thriving, particularly in DeFi. The Saylor- and Musk-led group won't mess with Bitcoin's code or fungibility, says Argo Blockchain CEO Peter Wall. In all seriousness, the TRON founder says he's "grateful" to Tesla's CEO for bringing people into crypto.
CEO of Upbit Parent Dunamu Says Exchange Eyeing Further Overseas Expansion Speaking at CoinDesk's Consensus, the CEO of Upbit's parent company, Dunamu, said the exchange was looking to expand into Southeast Asia. HSBC CEO Says Bank ‘Not Into Bitcoin’ Due to Concerns Over Volatility: Report The CEO of one of Europe's largest banks points to bitcoin's volatility as the primary reason for not pursuing a digital asset trading desk. OnePlus Founder’s Twitter Account Hacked to Promote Crypto Scam Carl Pei seemed be tweeting that his new company Nothing was launching a crypto and that would-be investors could participate by sending ether to a designated address.
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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