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| The latest moves in crypto markets, in context Edited by Omkar Godbole November 17, 2021 Sponsored by Bitcoin (BTC) +0.20% $60,580 Ether (ETH) -0.4% $4,250 (Price data as of November 17 @ 12:50 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: Institutions Continue to Sell
Technician's Take: Bitcoin's Bullish Divergence And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.
– Omkar
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Polkadot (DOT): 2.7% Polygon (MATIC): 2.2% XRP (XRP): 1.4%Top Losers: The Graph (GRT): -1.10% Stellar (XLM): -1% Bitcoin cash (BCH): -0.8% 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, ether and other major cryptocurrencies have bounced from daily lows while heading into the U.S. hours. While prices appear to be getting support from a risk reset in stock markets and blockchain data showing long-term investors are staying resilient, over-the-counter (OTC) market flows suggest otherwise.
"Our latest data indicates a strong selling bias [in major coins] on the institutional side while retail continues to buy the dip," Joerg Schmidt, director of business development and strategy at crypto liquidity provider and over-the-counter trader B2C2, told CoinDesk in a Telegram chat. "For alternative cryptocurrencies, the buying bias on the retail investors' side after the latest sell-off is even more pronounced. Institutional investors remain huge net sellers."
According to bitcoin futures data from the Chicago Mercantile Exchange, institutional participation peaked in the last week of October, handing over the baton to retail or small investors.
"Crypto majors reached ATH about a week ago. Our data suggest that institutional investors initially fueled the rally. Retail only joined the rally in the second half while institutional investors started to take profits," Schmidt said.
The spike in the "buy the dip" mentions on social media also suggests the market may not have bottomed out. Past data shows pullbacks or downtrends typically end when social chatter leans neutral. Bitcoin's social chatter Chart showing a surge in buy the dip mentions on social media (Source: Santiment) Past data shows pullbacks or downtrends typically end when social chatter leans neutral.
Traders need to keep a close eye on the regulatory newsflow in the coming days, given the rumor that the U.S. Securities and Exchange Commission (SEC) has asked mutual funds to diversify out of trusts offering exposure to cryptocurrencies other than bitcoin.
As per Messari's Ryan Selkis, mutual funds hold a meager 0.06% of shares in Grayscale's Ethereum Trust, an investment vehicle allowing institutional investors to gain exposure to ether, the second-largest coin, without having to hold the cryptocurrency.
Still, the rumor, if confirmed, would perhaps send a negative signal to institutional investors, weighing over markets. At press time, CoinDesk was asking the SEC for a comment on this. Read the full story here: Bitcoin Crowd Appears High on ‘Hopium’ as ‘Buy The Dip’ Trends
Technician's Take by Omkar Godbole Bitcoin Recovers to $60,500 Bitcoin's hourly chart with relative strength index (Source: TradingView) Bullish divergence of the hourly chart relative strength index suggests scope for a recovery to resistance at $63,000, beyond which the focus would shift to the lower high at $66,340 created on Monday.
With the 5-, 10-day averages aligned bearish, a potential rejection at the resistance at $63,000 could prove costly, perhaps yielding another leg lower. The immediate support is seen at $58,500. Read the full story here: Bitcoin Below $60K in a ‘Funding Reset’ Move, Tests Key Support: Experts
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BOLO Be on the lookout for the following events today: 13:30 UTC (08:30 a.m. ET): U.S. Building Permits (Oct)
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts speak to Barbados Ambassador to the United Arab Emirates Gabriel Abed as the country says it will become the first sovereign nation to set up an embassy in the metaverse. Meanwhile, bitcoin dipped below $60K amid more tough talk from China and negative comments from a Twitter executive. Genesis Volatility Co-founder and CEO Greg Magadini shares his market insights. Plus, what's contributing to BitGo's rapid growth this year? BitGo CEO Mike Belshe explains.
A Message from CoinDesk Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.
Latest Headlines India to Ban Crypto As Payment Method, But Regulate As Asset: ReportThe Modi government will also ban active solicitation from crypto firms, such as ads. Kleiman v. Wright Trial: Craig Wright’s Flinty 4-Day Testimony Comes to an EndWright is known for being combative, and his time on the witness stand was no exception. LA’s Iconic Staples Center to Be Renamed to Crypto.com ArenaThe naming deal is one of the biggest in sports history, according to the L.A. Times. Some Chinese Crypto News Sites Appear to Go Dark As Crackdown ContinuesChinese crypto news sites ChainNews, Odaily, and information platform Block123, were inaccessible on Wednesday, as the Chinese government continues to crack down on the crypto industry. Indian Central Bank Governor Says Blockchain Technology Can Thrive Without Cryptocurrencies While the Indian government has recently softened its stance on cryptocurrencies, the country’s central bank, the Reserve Bank of India (RBI), remains averse.
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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