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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 20, 2021 Sponsored by Bitcoin (BTC) +6.2% $47,218 Ether (ETH) +7.6% $3,217 (Price data as of August 20 @ 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 Jumps 6%, Edges Above $47K Hourly spot volume across multiple exchanges clocked the highest point since August 13. Technician's Take: Bitcoin Holds Support at $45K; Faces Resistance at $50KAnd 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: Camila Russo, The Defiant Brett Harrison, FTX.US– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Cardano (ADA): +19.5% The Graph (GRT): +18.9% Polkadot (DOT): +17.2% Polygon (MATIC): +13.9%Algorand (ALGO): +13.6%
Losers: None of the CoinDesk 20 assets is down in 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 Jumps 6%, Edges Above $47K Bitcoin is up more than 6% on the day after breaching $47,000 on the back of strong buyer demand.
The world’s largest crypto has hit a 24-hour high of $47,359 and is now posting a 62.2% year-to-date return, CoinDesk data shows. Current prices are resting just above the $47,000 price tag with one BTC fetching roughly $47,100.
“What we’re seeing are market participants testing this level and reacting to the positive news from Coinbase,” said Daniel Kim, head of capital markets at Australia-based decentralized lending company Maple Finance. BTC/USD Daily Chart (Source: TradingView) Hourly spot volume across multiple exchanges also clocked the highest point in a week (Aug. 13), meanwhile, daily volume on Thursday registered higher volume than the day prior confirming the upward momentum.
“We’ve been hearing commentary that hedge funds were viewing $45,000-$50,000 as a key level for it to be a ‘bitcoin market,’ Kim said. “Over the past 2 weeks, we’ve seen our institutional USDC borrowing demand significantly grow.”
Other cryptos in the top 20 by market cap have also jumped considerably with cardano (ADA), ether (ETH), polkadot (DOT), uniswap (UNI), and polygon (MATIC) having clocked the largest gains over a 24-hour period.
Read the original story here: Bitcoin Jumps 6% Edging Above $47K on Strong Buyer Demand
Technician's Take by Damanick Dantes, CMT Bitcoin Holds Support at $45K; Faces Resistance at $50K Bitcoin (BTC) rose about 6% over the past 24 hours as buyers defended support at the 200-day moving average around $45,000. The cryptocurrency was trading around $47,200 at press time and faces initial resistance near $50,000.
The breakout above $42,000 earlier this month stalled as short-term overbought conditions appeared on the charts. Buyers will likely remain active on pullbacks into the weekend. 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. The slight divergence between RSI and bitcoin’s price preceded a brief pullback towards the $42,000 breakout level.The weekly RSI is neutral, although momentum has significantly improved over the past two months. Initial signs of upside exhaustion appeared on the charts last week, which is typically seen as warning sign for higher volatility.
Read the original story here: Bitcoin Holds Support at $45K; Faces Resistance at $50K
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BOLO Be on the look out for some of these upcoming events: Earnings:Riot Blockchain (RIOT). EPS Est: $0.05
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" looks into the DeFi hack and the latest attack on the Japanese exchange Liquid. Joseph McGill of TRM Labs' Global Investigations Team shares insight into crypto hacks. Plus, markets analysis from Messari Founder and CEO Ryan Selkis.
Latest Headlines Cardano Nears All-Time High as Investors Await Smart Contracts Expectations are rising for the blockchain to implement smart contract functionality by next month. Compass Mining Says Chase Shut Down Bank Accounts Without Warning The accounts held approximately 7% of the company's cash, which Compass has now been able to access. Solana’s Luna Yield Goes Dark With Some Fearing a ‘Rug Pull’ Involving $6.7M SolPad had listed Luna Yield just two days prior to the incident. 35 Chinese Banks Add Digital Yuan to Apps as Lenders Prepare for Adoption: Report Cardano Price Hits All-Time High, Overtakes Binance Coin as Third Most Valuable Crypto ADA's price is up a staggering 19% on the day and has unseated BNB as third move valuable crypto by market cap. Binance Tightens Customer Verification Requirements New customers will have to supply government ID and pass facial verification to meet Binance's "Intermediate" verification. BlackRock Has Almost $400M Invested in Bitcoin Mining Stocks: Report SEC filings dated June 30 show BlackRock with stakes in Marathon Digital Holdings and Riot Blockchain. Argo Blockchain Files for Nasdaq Share Listing Details of the proposed offering, such as the price range and number of shares on offer, have yet to be determined. OKEx Establishes $10M Fund for GameFi Projects The cash will come from the exchange's $100 million OKEx BlockDream Ventures fund, which invests in blockchain projects. A Beginner’s Guide to Atomic Swaps Atomic swaps are often regarded as being one of the few truly peer-to-peer methods for trading crypto tokens. Sweden’s Government Forced to Return $1.5M in Bitcoin to Drug Dealer: Report That's the difference in value since the time of the dealer's prosecution while he was in jail.
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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