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 16, 2021

Sponsored by

Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: Cryptocurrency Market Tops $2T for First Time Since May
- Bitcoin climbed to its highest level since May 17, taking the total crypto market above $2 trillion.
Technician's Take: Bitcoin Holds Support; Approaching $50K Resistance
- Bitcoin's uptrend improves despite brief pullbacks.

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:

Fred Thiel, Marathon Digital Holdings
Alexander Blum, Two Prime
Sumit Gupta, CoinDCX

– Lawrence Lewitinn

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Dogecoin (DOGE): +16.0%
Chainlink (LINK): +13.8%
Polkadot (DOT): +12.3%
EOS (EOS): +11.8%

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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Cryptocurrency Market Tops $2T for First Time Since May

The crypto market cap surpassed $2 trillion for the first time since mid-May as bitcoin (BTC) led the rally, according to CoinMarketCap data.

Bitcoin prices over the past year (Source: CoinDesk)

Bitcoin climbed up to $48,048 early Monday, the highest level since May 17, CoinDesk data show.
The world's largest cryptocurrency is joined by ether and cardano, which have surged 11% and 53% in the last seven days respectively.
The crypto market cap sank as low as $1.19 trillion on July 20, according to data from CoinMarketCap, meaning the sector has almost doubled in value in less than a month.
After a touching a peak of more than $2.5 trillion on May 12, crypto pulled back and saw a couple of months of downward pressure as the mining crackdown in China took hold.

Read the original story here:

Cryptocurrency Market Tops $2T for First Time Since May

Bitcoin Holds Support; Approaching $50K Resistance

Bitcoin (BTC) is holding support above $42,000 and could face resistance near $50,000 as short-term momentum behind the short-squeeze rally fades. The cryptocurrency was trading around $47,400 at press time and is up 3% over the past 24 hours.

The short-term uptrend remains intact despite several overbought pullbacks that were resolved to the upside. Bitcoin remains in breakout mode after rallying past $42,000, which marked the completion of a two-month consolidation phase.

Bitcoin four-hour price chart shows short-term support and resistance levels. (Source: TradingView)

The relative strength index (RSI) on the four-hour chart is near overbought levels, which typically precede brief pullbacks. The last extreme overbought reading on July 26 occurred before a 10% pullback.
Bitcoin has maintained a series of higher price highs since the August 6 breakout above $42,000. This means buyers continue to defend support levels as the broader uptrend improves.
The weekly chart has positive momentum signals similar to the start of a crypto rally around November 2020.

Read the original story here:

Bitcoin Holds Support; Approaching $50K Resistance

A Message from ErisX

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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.

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

What’s Driving the Shift for Institutions Warming Up to Crypto? FalconX’s Valuation Quintuples to $3.75B After Latest Funding Round

"First Mover" examines the surge of institutional interests in crypto as record crypto and blockchain investments in 2021 have already exceeded last year's total, according to a KPMG report. FalconX CEO Raghu Yarlagadda explains its business model and the latest funding round. Osprey Funds Founder & CEO Greg King shares his analysis on crypto markets, and former Utah legislator and Blue Castle Holdings President & CEO Aaron Tilton shares insights on the impact of the $1 trillion infrastructure bill.

Retail Giant Walmart Seeking to Hire Digital, Cryptocurrency Lead

The company is looking for someone to develop its digital currency strategy and product roadmap.
Singapore Crypto Owners Are More Likely to Hold Ether Than Bitcoin

More than a third of Singaporeans who don't hold any cryptocurrencies plan to invest in digital assets in the next year.
Biden Administration to Pick Acting Chairman Rostin Behnam to Head CFTC: Report

The regulator is charged with overseeing derivatives market activity, including cryptocurrency derivatives.
Huobi Revenue Took a Hit in July, Burn Rate Suggests

The lower burn rate is a "natural response" to last month's market trends, a spokesperson said.

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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