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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor September 29, 2021 Sponsored by Bitcoin (BTC) +1.5% $42,403 Ether (ETH) +0.7% $2,922 (Price data as of September 29 @ 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 Eyes Biggest Monthly Price Loss Since May Technician's Take: Bitcoin Consolidates Above $40K Support; Resistance at $45K And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Emily Parker at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: BT, musician and creator of the NFT album Metaversal. Frederik Gregaard, Cardano Foundation– Bradley Keoun
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Binance coin (BNB): +8.6% Polygon (MATIC): +1.7%Stellar (XLM): +2.2% Aave (AAVE): +1.2% Losers: Uniswap (UNI): -1.9% XRP (XRP): -0.2%
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 Omkar Godbole Bitcoin Eyes Biggest Monthly Price Loss Since May Bitcoin appeared set to end the seasonally bearish month of September on a negative note, thanks to instability in global financial markets, regulatory concerns and China’s decision to blanket ban crypto businesses.
Despite trading 2.8% higher on the day at $42,200 on Wednesday, the leading cryptocurrency was nursing a 10% monthly decline, the most since May, according to CoinDesk 20 data.
The positive market sentiment seen at the start of the month was bogged down by renewed regulatory fears stemming from the U.S. Securities and Exchange Commission’s (SEC) attempts to stop the Nasdaq-listed crypto exchange Coinbase from launching its lending program offering 4% annualized yields. SEC Chairman Gary Gensler doubled down on his call for crypto regulation and compared stablecoins to poker chips. Meanwhile, China’s decision to declare all virtual currency-related businesses illegal and the turmoil in its property market added to the pain.
However, according to analysts, much of the selling pressure came through new investors.
Large traders appear to have bought the dip, keeping hopes of a year-end rally alive. The supply controlled by entities holding at least 1,000 BTC to 10,000 BTC has gone up 60,000 BTC this month, according to blockchain data firm Glassnode. Entities are clusters of addresses controlled by the same network entity. This would include both businesses like exchanges and custodians and individuals.
Analysts told CoinDesk last week that China’s stricter ban may have a limited negative impact at worst, and the cryptocurrency is likely to remain resilient to the Federal Reserve taper (scaling back of stimulus) expected to begin next quarter.
Historically, bitcoin has charted the biggest quarterly gains in the October to December period. Read the original story here: Bitcoin Eyes Biggest Monthly Price Loss Since May
Technician's Take by Damanick Dantes, CMT Bitcoin Consolidates Above $40K Support; Resistance at $45K Bitcoin is attempting to break above a series of lower price highs over the past few days, although upside appears to be limited toward the $45,000 resistance level.
Buyers continue to defend support at $40,000, suggesting pullbacks are limited over the short-term. Bitcoin's hourly price chart shows short-term momentum. (TradingView, CoinDesk) The relative strength index (RSI) on the hourly chart is not yet overbought, which could encourage short-term buying within the $40,000-$45,000 price range.On the daily and weekly charts, the RSI is near neutral territory as upside momentum significantly slowed over the past month. Indicators show a period of consolidation could persist in the intermediate term given strong resistance beyond $45,000. Read the original story here: Bitcoin Consolidates Above $40K Support; Resistance at $45K
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BOLO Be on the lookout for the following events today: Federal Reserve Chair Jerome Powell speaks on a policy panel discussion at the European Central Bank Forum on Central Banking (ECB website)
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV: Author Familiar With Ethereum Developer Virgil Griffith Sheds Light on the Conspiracy Case "First Mover" host Christine Lee and co-host Emily Parker talk to Ethan Lou, author of "Once a Bitcoin Miner," who was with Virgil Griffith in North Korea. He sheds light on that fateful trip, the state of crypto in North Korea, and insights into Griffith's guilty plea. Ben McMillan, chief investment officer (CIO) at IDX Digital Assets, provides insights into market movements in the past 24 hours. Plus, 26 women are launching a networking group, "Crypto Connect," to help people navigate the industry. One of them, Hailey Lennon, a partner at Anderson Kill Law Firm in California, is here to provide more details about the launch.
A Message from CoinDesk Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
Latest Headlines
Ahead of Crackdown, Huobi Scrambled to Move Staff Out of China, Insiders Say Interviews with former and current employees shine new light on the crypto exchange’s complicated relationship with its home country. Thailand’s Tourism Authority Floats Idea of Utility Token to Attract Crypto Holders: Report If developed, the token’s utility could facilitate the transfer of vouchers into TAT Coin, boosting liquidity among tourism operators. Crypto Exchange CoinJar Secures UK FCA Registration, Advocates For License in Australia CoinJar UK joins a growing list of 10 other registered “cryptoasset firms,” including Gemini Europe Ltd. Switzerland’s SEBA Bank Snags First FINMA License for Liquid Crypto Funds Easy in, easy out. SEBA Bank CEO Guido Buehler thinks the license will attract more investment.
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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