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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 June 28, 2021 Sponsored by Bitcoin (BTC) +4.3% $34,200 Ether (ETH) +9.2% $1,994 (Price data as of June 28 @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: Bitcoin Investors Sit on Sidelines ‘Licking Their Wounds’ Despite 15% Bounce on WeekendTechnician's Take: Bitcoin Meets Resistance at $35K; Support at $30K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Henri Arslanian, PwC Crypto Leader Grant Whitlock, GlobalBlock Head of TradingCharles d’Haussy, ConsenSys Director of APAC
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Ether (ETH): +9.2%Chainlink (LINK): +8.1% Aave (AAVE): +7.5% Uniswap (UNI): +7.1%Losers: None of the assets in the CoinDesk 20 is down today.
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 Sebastian Sinclair Bitcoin Investors Sit on Sidelines ‘Licking Their Wounds’ Despite 15% Bounce on Weekend Bitcoin climbed more than 15% over the weekend as prices bounced from four-day lows after a sharp sell-off last week.
Prices Monday were slightly higher, with one bitcoin (BTC) fetching around $35,000 at press time, CoinDesk 20 data show. One expert said more is needed to continue driving gains in the current climate of fear, uncertainty, and doubt (FUD).
On Friday, the world’s first cryptocurrency fell more than 8% despite rallying 5% during the Asian trading session, bolstered by news of El Salvador’s confirmed date of its bitcoin law and a $30 bitcoin e-wallet airdrop.
“An unprecedented stream of FUD has resulted in bitcoin struggling to keep above water,” Jehan Chu, managing partner at Hong Kong-based crypto-investment firm Kenetic Capital told CoinDesk via Whatsapp on Monday.
Chu also said the short-term outlook remains “choppy and uncertain,” despite the recent bounce back above $34,000. “With retail investors on the sidelines licking their wounds, volumes will struggle until the next price catalyst.” Bitcoin daily chart (Source: TradingView) Indeed, daily trading volume for bitcoin has remained low, particularly during the weekend. That’s been the trend for most of the month.
The absence of strong trading volumes points to a lack of institutional and retail interest, Chu said, citing undisclosed trading teams he has had conversations with.
Meanwhile, other notable cryptos are coasting in bitcoin’s slipstream, with ether (ETH) and internet computer both advancing over a 24-hour period.
In traditional markets, Asian equities were posting mainly green, with the exception of Japan’s Nikkei 225 Index Hong Kong’s Hang Seng Index and the Australian All Ordinaries Index, down by less than half a percent.
Read the original story here: Bitcoin Investors Sit on Sidelines ‘Licking Their Wounds’ Despite 15% Bounce on Weekend
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Technician's Take by Damanick Dantes, CMT Bitcoin Meets Resistance at $35K; Support at $30K Bitcoin (BTC) is trading lower after a brief 5% bounce on Sunday. The cryptocurrency stalled around $35,000 resistance and could find support around $30,000, which is the bottom of a month-long trading range. Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView) The relative strength index (RSI) on the four-hour chart is declining near overbought territory. This is similar to last week, which preceded a near 15% price drop.Buyers were able to defend $30,000 support last week, registering a higher low from the June 22 shakeout. This means sideways trading could persist until a decisive breakout above $40,000 or breakdown below $30,000 occurs. Bitcoin is still in relief mode following the May sell-off and is up about 7% over the past week, although upside appears limited below $40,000 given the intermediate-term downtrend. Read the original story here: Bitcoin Meets Resistance at $35K; Support at $30K
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BOLO Be on the look out for some of these upcoming events:
17:10 UTC (1:10 p.m. ET): Speech: Vice Chair for Supervision Randal K. Quarles Central Bank Digital Currency At the 2021 Utah Bankers Association Annual Convention
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
El Salvador grabs the headlines again as details of its bitcoin currency rollout are announced, with an e-wallet airdrop included. Joining "First Mover" to discuss El Salvador, crypto markets, and other news are Francis Suarez, the mayor of Miami, Frances Coppola, author of "The Case for People's QE," and Gavin Michael, the CEO of Bakkt.
EIP 1559: Ethereum's Fee Market Upgrade Explained CoinDesk Research's newest report dives into the economic impacts and investment implications of Ethereum Improvement Proposal (EIP) 1559. At its core, the code change is designed to make transaction fees on Ethereum less volatile and more predictable. At the same time, EIP 1559 also poses several risks to Ethereum including risks of miner capitulation or revolt, technological risk in the form of unexpected bugs, and risk of user disappointment. In this report, CoinDesk Research gives an overview of how EIP 1559 works and its intended impact for investors, miners and users. Download the full report today.
Latest Headlines Billionaire Salinas Says He’s Working for His Bank to Be First in Mexico to Take Bitcoin "Fiat is fraud," the billionaire said in a recent video. Iran’s Ministry of Industry Issues 30 Licenses to Crypto Mining Farms Tehran's province, which houses the country's capital and center of political power, has received only one license.China’s Longest-Running Crypto Exchange Closes Bitcoin Business Following Crackdowns The closure represents the final nail in the coffin for the crypto-trading side of BTCC's operations.Singapore’s DBS Bank Enlists Nivaura’s ‘One-Click’ Blockchain Security Issuance Nivaura is also launching the open-source GLML Foundation to help create automated tokenized securities.Polygon DeFi Protocol SafeDollar Hit by Exploit All activities on SafeDollar are paused and investigations were underway. Dogecoin Sees Uptick After Elon Musk Tweet Supporting Fee-Change Proposal The Tesla founder said it is important to support a reduction in DOGE transaction fees.
We've launched on Snapchat. On our debut show, "CoinDesk Breaks It Down," we distill the noise around dogecoin, the energy debate and more. Follow for original content, twice weekly.
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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