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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 18, 2021 Sponsored by Bitcoin (BTC) -3.1% $45,211 Ether (ETH) -5.9% $3,036 (Price data as of August 18 @ 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 Price Rebounds After Testing Lower Supports Near $44K As Ether BoomsBitcoin continues to cool on multiple attempts at $50,000, though that may be less of a concern given demand from bigger players, some say. 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: Austin Woodward, Taxbit Michele Schneider, MarketGauge Group– 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: Aave (AAVE): -12.0% Uniswap (UNI): -11.9% Chainlink (LINK): -11.9% Dogecoin (DOGE): -10.4%
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.
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Market Moves by Sebastian Sinclair Bitcoin Price Rebounds After Testing Lower Supports Near $44K As Ether Booms Bitcoin is up over $500 on a 4-hour basis after testing lower supports near $44,000 during Asia’s late morning trading hours.
The rebound from 24-hour lows of $44,248 follows a period of profit-taking, seen Tuesday, on the back of short-term fatigue. Bitcoin is currently changing hands for around $45,000 and is down 2.9% from a 24-hour high of $47,157, CoinDesk data shows.
Bitcoin continues to cool upon multiple attempts at the $50,000 price tag, evoking moments of price action gone by, though that may be less of a concern now given demand from bigger players, according to some.
“In comparison to the bull runs in 2017 and 2018, the current movement takes a more mature trend,” said Cynthia Wu, head of sales at Singapore-based digital asset services firm Matrixport. “The market landscape has become much more institutionalized – where now you have proprietary traders in crypto hedge funds, crypto-offerings from foreign exchange brokers and institutions … that are transacting on an institutional scale.”
The ongoing price trend for bitcoin (BTC) and the fusion of retail and institutional interest are a sign that the search for yield by investors, big or small, has extended into crypto and “will be around for good,” Wu added. BTC/USD Daily Chart (Source: TradingView) Bitcoin’s daily price action remains relatively flat with the weight of the previously discussed 200-day moving average bearing down on prices near $45,500, a sign a further sell pressure could be lurking around the corner.
Though the altcoin market continues to hold firm with most in the top 20 by market cap remaining in the green when viewing over a 7-day period.
“Overall, the markets have seen a positive trend continue this week; altcoins are up while bitcoin has coasted flat, said Byron Goldberg, Australian country manager at crypto exchange Luno.” “Interestingly, we are seeing ether (ETH) slightly outperform bitcoin week-on-week.”
Over a 30-day period, ether is up 67.6% compared to bitcoin’s 46.3% over the same period, Messari data shows.
Goldberg points to Ethereum’s London hard fork as the likely catalyst for driving prices higher on the world’s second-largest crypto by market capitalization.
Indeed, futures premium on ether stands at 7.36% to bitcoin’s meagre 2.8%, meaning the crypto markets are likely anticipating ether to rise further than bitcoin over the next three months with a shift in institutional interest, Goldberg added.
All major cryptos in the top 20 posted results in the red over a 24-hour period by press time, with dogecoin (DOGE) having shed the most while uniswap (UNI), and chainlink (LINK) followed close behind. Read the original story here: Bitcoin Price Rebounds After Testing Lower Supports Near $44K As Ether Booms
Technician's Take by Damanick Dantes, CMT Bitcoin Holds Support Near $43K as Rally Pauses Bitcoin (BTC) held initial support above $43,000 during Asia hours as intraday charts appear to be oversold. The cryptocurrency was trading around $45,300 at press time and is down 3% over the past 24 hours. Buyers are taking a breather after a near 13% rally month to date and will likely defend breakout support near $42,000. Bitcoin four-hour price chart shows short-term support and resistance levels with RSI. (Source: TradingView) The relative strength index (RSI) on the four-hour chart is almost oversold, which suggests the current pullback could stabilize around support levels.Initial support is seen at the 100-period moving average on the four-hour chart near $43,000 and then at the $42,000 breakout level. Buyers will need to make a decisive move above $50,000 resistance to resume the uptrend.
Read the original story here: Bitcoin Holds Support Near $43K as Rally Pauses
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BOLO Be on the look out for some of these upcoming events: 18:00 UTC (2:00 p.m. ET):FOMC Minutes released for meeting of July 27-28, 2021.
20:00 UTC (4:00 p.m. ET):
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 Austrian crypto unicorn Bitpanda's latest funding round as the company has now tripled its valuation in five months to $4.1 billion. Bitpanda CEO and co-founder Eric Demuth shares the company's growth plan and the state of crypto in Europe. Plus, crypto markets analysis by Martin Gaspar from CrossTower as Solana leading the charge in altcoin price surge.
Latest Headlines SuperRare Drops RARE Token to Decentralize NFT Marketplace The announcement follows a wave of activity in the NFT space. NFT Trading Surges 8X as Penguins, Apes Drive New Boom Art dealers were agog at the NFT frenzy earlier this year. They should have a look now at the trading volumes on the OpenSea platform. White Hats Just Defused a Potential $350M Heist on SushiSwap “Chad af,” one Twitter user commented on the rescue action. Minneapolis Fed President Kashkari on Crypto Market: ‘Thousands of Garbage Coins’ "I've not seen any use case other than funding illicit activities like drugs and prostitution," the central banker said. Philippines’ UnionBank Taps Digital Asset Custodian Hex Trust to Pilot Custody Service The bank said it is looking to tap into a maturing digital asset space as institutional and customer interest grow. Galaxy Digital Reports Q2 Loss of $175M, Remains Buoyed by ‘Core Operating Activities’ Losses are reflected by the volatile swings of the crypto markets, which saw the price of bitcoin fall 54% from April through to July. Jamaica’s Central Bank Says Court Order Required to Track CBDC Transactions While customer transaction data may be public to wallet providers, the bank said the information could only be shared under court order. Binance Appoints Former US Treasury Enforcer to Anti-Money Laundering Role Greg Monahan joins the crypto exchange with 30 years' experience in government service, mostly as a U.S. Treasury criminal investigator. Crypto Asset-Management Market Will Exceed $9B by 2030: Study The increase equates to a compound annual growth rate of 30% from 2021 to 2030. ETC Group to List Crypto ETPs on Vienna Stock Exchange The three exchange-traded products are 100% physically backed, said the CEO. Crypto Adoption Shifts to Emerging Markets as China, US Drop in Chainalysis Global Rankings Crypto adoption has increased 23-fold globally over the past year with India, Pakistan and Ukraine driving the surge. MobileCoin Raises $66M to Build Out Privacy-Focused Payments Tech The round, joined by Alameda Research, Coinbase Ventures and others, looks to put MobileCoin in more messaging apps.
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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