  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 9, 2021 Sponsored by  (Price data as of June 9 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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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:
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers:
Losers:
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 Omkar Godbole  Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency Law Bitcoin is in recovery mode on Wednesday amid mounting inflation concerns and hopes for mass adoption after El Salvador's parliament approved the cryptocurrency as legal tender. The cryptocurrency was changing hands near $34,000 at press time, having picked up from a bid near $31,000 late Tuesday. That was the lowest level since May 23, according to CoinDesk 20 data. Data released by China early today showed the producer price index (PPI), also known as factory-gate inflation, rose 9% last month, the biggest year-on-year increase since September 2008. China's PPI typically adds to inflationary pressures worldwide because the country is a major buyer and supplier globally.
That's bullish for bitcoin, which is widely considered an inflation hedge because the pace of expansion of its supply is reduced by half every four years.  Bitcoin prices, June 8 - 9, 2021 (Source: CoinDesk) However, big gains may remain elusive for some time because of concerns that policymakers across the globe might increase interest rates or scale back liquidity-boosting asset purchase programs to contain inflation, a process known as tapering. Monetary tightening tends to dilute the appeal of the store of value assets like bitcoin and gold.
China is already sucking out liquidity from the system, as noted by Caixin Global. Meanwhile, the U.S. Federal Reserve's easy monetary policy has come under fire in recent weeks, with many experts arguing that it is not appropriate amid concerns about rising inflation.
Taper talk may escalate if the U.S. consumer price index, scheduled for release on Thursday, exceeds expectations. These concerns are here to stay, as Messari's Mira Christanto recently noted, and may keep the market from cheering other positive developments like El Salvador's bitcoin adoption.
El Salvador's parliament approved bitcoin as legal tender early Wednesday, mandating all businesses to accept bitcoin for goods and services. The move has raised hopes for widespread sovereign adoption.
Other nations, however, may choose to see how things pan out in the Latin American country before following its lead.
Read the original story here: Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency Law
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Technician's Take by Damanick Dantes, CMT Bitcoin Holds Short-Term Support; Faces Resistance At $36K Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading around $34,500 at press time.
The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. However, upside appears limited as bitcoin consolidates within a tight trading range. 
Four-hour bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView)
Read the original story here: Bitcoin Holds Short-Term Support; Faces Resistance At $36K
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Bitcoin Suffers Steepest Drop in 10 Days, What’s Behind the New Sell-Off? Federal officials say they have recovered $2.3 million in bitcoin (BTC) Colonial Pipeline paid to a criminal outfit during a ransomware attack. How did they recover the money? CoinDesk's Nik De explains what happened. Andre Portilho of BTG Pactual joins the show with markets analysis, and Juanjo Benitez Rickmann of Bitcoin.com.py in Paraguay shares an update on bitcoin adoption in his country. And, Anchorage's Diogo Mónica on his company's new product offering, Ethereum-backed loans through BankProv.
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