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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 4, 2021 Sponsored by Bitcoin (BTC) -6.6% $36,666 Ether (ETH) -8.8% $2,626 (Price data as of June 4 @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 Drops After Musk Tweets of BreakupTechnician's Take: Bitcoin Runs into Offers Above Price Hurdle Ahead of US Nonfarm Payrolls 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: Kathleen Breitman, Tezos Co-Founder Jeffrey Wang, Amber Group Head of Americas Ray Youssef, Paxful CEO
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: NuCypher (NU): +19.3%Filecoin (FIL): +13.5%
Losers: Chainlink (LINK): -13.3%Polkadot (DOT): -12.8% Aave (AAVE): -12.1%
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 Drops After Musk Tweets of Breakup Bitcoin fell Friday after Tesla CEO Elon Musk put out a cryptic tweet hinting at a breakup with the largest cryptocurrency. Bitcoin daily chart (Source: TradingView) Musk tweeted a broken heart with the bitcoin logo and a picture showing a couple in the midst of a breakup during the Asian hours.The crypto community took it as a sign of the billionaire distancing himself from bitcoin and offered the cryptocurrency, leading to price losses. Bitcoin fell nearly 7%, hitting lows under $36,500 and reversing Thursday's rally to $39,200. Other cryptocurrencies including ether, cardano, polkadot, and dogecoin followed suit, suffering relatively bigger losses. The pullback poured cold water over the optimism generated by the symmetrical-triangle breakout confirmed on Thursday. "The failed breakout is not a good sign," Delta Exchange CEO Pankaj Balani said. "We could see deeper losses if the recent range is breached to the downside." Bitcoin daily chart (Source: TradingView) Bitcoin is currently down more than 70% from the record-high $64,801 reached on April 14.The cryptocurrency fell by 35% last month after Tesla delisted bitcoin as means of payment, citing environmental concerns. The move quashed hopes for widespread corporate adoption. Musk's latest tweet may further amplify those fears. Data provided by Skew shows the options market is biased bearish, with long put trades accounting for 29% of the flows seen today and short call trades accounting for 30%. Investors typically buy puts and sell calls when the market is expected to drop. Read the original story here: Bitcoin Drops After Musk Tweets of Breakup
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Technician's Take by Omkar Godbole Bitcoin Runs into Offers Above Price Hurdle Ahead of US Nonfarm Payrolls Bitcoin has retreated to the sub-$37,000 region, having failed to keep gains above the 20-day simple moving average (SMA) early Friday. Bitcoin's 4-hour chart (Source: TradingView) The cryptocurrency was priced near $36,800 at press time – down 6% on the day. The 20-day SMA was seen at $38,400.The 4-hour chart shows the cryptocurrency has dived below the uptrend line rising from lows near $33,000while the relative strength index (RSI) has dipped into a bearish territory below 50. That shows scope for a deeper decline, which will likely materialize if the U.S. Nonfarm payrolls figure due at 18:00 UTC blows past expectations. A substantially higher-than-expected payroll number could boost the probability of an early scaling back of stimulus by the Federal Reserve. The data is expected to show the economy added 664,000 jobs in May, far above 266,000 initially reported for April, according to FXStreet. Likewise, bitcoin may see recovery if the jobs data disappoints expectations by a big margin. That said, the outlook will remain bearish while prices are held under the 200-day SMA at $41,576.
Read the original story here: Bitcoin Runs into Offers Above Price Hurdle Ahead of US Nonfarm Payrolls
A message from Farsite Ever dreamed of owning a spaceship? It is possible in Farsite - upcoming DeFi powered MMO RTS, where NFTs acquired a new meaning.
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.
BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET): Unemployment rate (May). Est: 5.9% Nonfarm payroll (May). Est: 671,000 Average hourly earnings (May). Est: 0.2%
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
How Big a Hurdle Is $40K Resistance for Bitcoin? Comptroller of the Currency’s Crypto Concerns "First Mover" with crypto markets analysis: Is bitcoin still in a bull market? What are institutional investors doing? Raghu Yarlagadda of FalconX joins our markets discussion. World-renowned photographer Platon and Michael Blu, co-founder of NFT platform LGND, discuss what NFTs mean to artists and the art industry. Plus, highlights of Platon's NFT series of extreme eye close-ups of his subjects.
CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
Latest Headlines Top US Lawmaker Presses Big Companies on Ransomware Crypto Payments Paying international criminals to unlock data “will put an even bigger target on the back of critical infrastructure,” says U.S. Rep. Carolyn Maloney. Coinbase Makes Dogecoin Available to Retail Investors The exchange will try to boost interest in the meme-based cryptocurrency through a $1.2 million giveaway promotion. Anti-Virus Service Provider Norton Rolls Out Ether Mining Feature Miners are subject to a 15% fee of the total crypto sent to their wallets for use of Norton's service.
DeFi Project Impossible Finance Raises $7M in Seed Round IF will use the funding to develop its DeFi offerings and to build a multi-chain ecosystem. Philippines Leading Mobile Wallet Explores Possible Crypto Offering GCash would join such other major payment firms as PayPal and Square in addressing growing demand for cryptocurrency services. Nasdaq-Listed The9 to Buy Control of Mining Company Montcrypto Montcrypto aims for a carbon-neutral infrastructure for cryptocurrency mining through the use of natural gas. Koreans will be required to pay tax when balances held with foreign virtual-asset businesses exceed 500 million won ($450,000).
Ghana at ‘Advanced Stages’ With Digital Cedi, Central Bank Governor Says Bank of Ghana Gov. Ernest Addison also warned against against “unregulated” cryptocurrencies. Open Positions in CME-Based Bitcoin Futures Slump to 5 1/2-Month Low Open interest in the CME's standard bitcoin futures contract has hit the lowest since mid-December.
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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