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

April 14, 2021

Sponsored by

(Price data as of April 14 @11:00 UTC)

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Good morning. Here's what we're writing about:

• Market Moves: Bitcoin, Ether Scale New Heights Hours Before Coinbase’s Historic Trading Debut; BTC Analysts Set Sights on $70K (Even $80K) After All-Time High
  
  
• Technician's Take: Bitcoin Pauses After Breakout to All-Time High; Support Around $62K
  

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests:

• Barry Silbert, Digital Capital Group Founder & CEO

• Muneeb Ali, Hiro Systems Co-Founder & CEO

• Michael Terpin, Transform Group Founder & CEO

Biggest Movers

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

Gainers:

• Bitcoin Cash (BCH): +15.1%
• EOS (EOS): +14.1%
• Chainlink (LINK): +11.6%

Losers: 

• Orchid (OXT): -3.4%

• 0x (ZRX): -3.1%

• Kyber Network (KNC): -0.9%

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 Kevin Reynolds and Damanick Dantes

Bitcoin, Ether Scale New Heights Hours Before Coinbase’s Historic Trading Debut

Bitcoin and ether, the two biggest cryptocurrencies, surged to new all-time high prices on Tuesday, hours before the shares of crypto exchange Coinbase are due to start trading on Nasdaq.

• The price for bitcoin (BTC), the oldest cryptocurrency and the largest by market value, set a new record of $64,829.14.
  
  
• Ether, the native cryptocurrency of the Ethereum blockchain and the second-largest overall, set a new high water mark of $2,399.61.
  
  
• The new marks continue a two-day surge by the two cryptocurrencies in the leadup to Coinbase's direct listing, a seminal moment in the history of crypto. Analysts said the extra publicity and investor-relations chatter surrounding the listing might lead to an uptick in the pace of cryptocurrency adoption, or at the very least, speculation.

—Kevin Reynolds

Bitcoin prices on April 13-14, 2021 (Source: CoinDesk)

Bitcoin Analysts Set Sights on $70K (Even $80K) After All-Time High

Bitcoin’s (BTC) break to an all-time high above $63,000 has several analysts feeling bullish, with price targets at $70,000 or higher by next month.

Risks remain, as some analysts choose to wait for confirmation of the breakout in price charts, especially with bullish positioning reaches extreme levels in the futures market.

CoinDesk rounded up several cryptocurrency analysts for their bitcoin forecasts.

Alex Blum, managing director at Two Prime:

• “After several weeks of healthy consolidation below $60,000, bitcoin has continued to align with stock-to-flow model projections.”
  
  
• Blum also noted that heavy options buying behavior suggests the $72,00 price mark is a good estimate for end-of-month price targets.
  
  

Joe DiPasquale, CEO of BitBull Capital:

• “Each time bitcoin tested a lower value, the price went back above $60,000. Now that it has broken out past the resistance at $652,000, I expect it to reach $70,000 by end of May.”
  
  

Garrick Hileman, head of research at Blockchain.com:

• “The visibility brought to Coinbase direct public market listing on Wednesday and its strong financial performance is also helping to drive new all-time crypto highs.”
  
  
• “We see significant upside from these levels.”

Justin Chuh, trader at Wave Financial, a digital asset management firm:

• “As we enter unchartered territory, I continue to look at calendar and perpetual futures as price discovery tools. It feels like spot is getting dragged and yanked around by futures traders.”
  
  
• Previous strong resistance has turned into weak support at $61,000, according to Chuh.
  
  
• “We have not added risk at or around these levels and are still determining if and how much to reduce.”

Matt Blom, head of sales and trading at Equos:

• "If Bitcoin carries on trading within its trend channel, then May's all-time high has the potential to register north of $80,000."
  
  
• "Bitcoin dances to its own drum. A push up to $70,000 will very likely be met with another 'Bitcoin just crashed 20%' moment that draws Peter Schiff out from his gold-plated coffin. Until then, it would appear that things are about to heat up."
  
  
• "If profit-takers and bears (are they a thing anymore?) fail to take Bitcoin back down below $61,700, then we will be free to focus on price discovery on the upside. $65,000 is the first hurdle, and then it's all-eyes on the next big target: $70,000."

Edward Moya, senior market analyst, Oanda:

• "If Bitcoin can hang onto the $60,000 level after the Coinbase debut, bullish momentum could target the $75,000 level."

—Damanick Dantes

Read the original story here:

Bitcoin Analysts Set Sights on $70K (Even $80K) After All-Time High

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Technician's Take

by Damanick Dantes

Bitcoin Pauses After Breakout to All-Time High; Support Around $62K

Bitcoin (BTC) is taking a breather after breaking out to a fresh all-time high, and the cryptocurrency is now trading above $64,000 for the first time. Buyers have taken some profit during Asia hours after overbought conditions appeared on intraday charts, but support is nearby around $62,000.

Hourly chart shows breakout support and the RSI (Source: TradingView)

• BTC continues to hold above its 50-period volume weighted moving average on the hourly chart. Prior resistance around $61,000-$62,000 is now support.
  
  
• The relative strength index (RSI) on the hourly chart reached overbought levels yesterday and failed to make a new high despite an additional 3% rise in the BTC price. This indicates slowing upside momentum which typically precedes brief pullbacks.
  
  
• The broader uptrend remains intact and “we might quickly be looking at $65,000 as the next pocket of sell liquidity,” wrote Chad Steinglass, head of trading at CrossTower in an email to CoinDesk.
  
  
• For now, consecutive daily closes above $61,742 could result in further upside towards $69,121 over the short-term, according to Katie Stockton of Fairlead Strategies. However, if the breakout is left unconfirmed, BTC could see a setback towards lower support around the 50-day moving average.

Original story found here:

Bitcoin Pauses After Breakout to All-Time High; Support Around $62K

A message from FBG Capital

FBG is a leading digital asset manager and investment firm focused on blockchain and cryptocurrency. Founded in 2017, FBG has supported hundreds of innovative global blockchain projects and is one of the largest liquidity providers on major Crypto exchanges in Asia/World.

BOLO

Be on the look out for these upcoming events:

• ~11:00 - 13:30 UTC (7:00 - 9:30 a.m. ET):
  Goldman Sachs (GS) earnings. EPS est: $10.22
• 13:30 - 20:00 UTC (9:30 a.m. - 4:00 p.m. ET): Coinbase (COIN) begins trading on the NASDAQ.

A message from CoinDesk

CoinDesk's Quarterly Review Webinar Series

The suits are here to stay, but retail isn’t going away. While Q1 saw the emergence of retail investors as a market driver, crypto caught explosive interest through non-fungible tokens from investors, celebrities and the general public.

Every Monday at 11:30 a.m. ET, crypto analysts Noelle Acheson and Christine Kim will discuss the performance and milestones of bitcoin and ether compared to macro and other crypto assets, along with important developments in the emerging DeFi and NFT sectors.

Each episode in this four-part series will reference key findings from the latest CoinDesk Quarterly Review report and a live Q&A.

Sign up for CoinDesk's Quarterly Review Webinar Series, every Monday from April 12.

ICYMI

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

Bitcoin, Ether Hit All-Time Highs; What Happens After Coinbase Listing Wednesday?

Coinbase's much-anticipated listing on Nasdaq Wednesday is fueling excitement in the crypto markets, sending bitcoin through $63,000 and ether past $2,200 Tuesday morning. But Coinbase isn't the only cryptocurrency-focused business growing by leaps and bounds in the emerging blockchain era. Is decentralized finance a risk to Coinbase, or can multiple models for exchanges and lending platforms co-exist? Joining "First Mover" to discuss this historic week in crypto markets are ConsenSys Global Fintech Co-Head Lex Sokolin, Aave Founder and CEO Stani Kulechov, MoneyLion CEO Dee Choubey and CoinDesk's Managing Editor of Global Policy and Regulation Nikhilesh De.

A message from CoinDesk

Investor Momentum to NFT Boom: CoinDesk Research's Quarterly Review

Introducing CoinDesk Research's quarterly review, covering the main developments over the first three months of 2021 in Bitcoin, Ethereum, DeFi, stablecoins and – of course – NFTs.

The report presents over 100 insights on how retail investors are picking up market momentum, how Ethereum activity is not being driven by NFTs as much as one might think, how stablecoins have responded to increased activity, how DeFi is for now the realm of decentralized exchanges and more.

Download the CoinDesk Quarterly Review, First Quarter 2021.

Latest Headlines

• Why Binance Coin Hit All-Time High (and $86B Valuation) Ahead of Coinbase Listing
  It's not equity, it's an exchange token. But it sure is mooning, apparently linked to the recent success of Binance Smart Chain.
  
  
  

• The Node: Balaji’s Blueprint for India

  A proposal to integrate digital wallets into India's national software stack shows how crypto could go mainstream with government help.

   

• Coinbase’s Reference Share Price for Trading to Commence Is $250

  That's a valuation of $66.5 billion, assuming an estimated 266.2 million shares outstanding.

   

• SEC’s Peirce Updates Safe Harbor Proposal for Token Sales

  The updated proposal adds a number of new reporting requirements for startups.

   

• Blockchain Startups From Singapore-Based Tribe Accelerator Have Raised $70M in Funding

  Tribe has also attracted new strategic investments from international VCs and added Pfizer as a network partner.

   

• Coinbase Gifts 100 Shares Each to 1,700 Employees Ahead of Public Listing

  With COIN stock opening at $250 per share, it amounts to a $25,000 thank-you note to all Coinbase staffers.

   

• A Digital Euro Must Protect Privacy, ECB Public Survey Reveals
  Privacy is the number one thing Europeans want out of a digital euro.

   

• Crypto Exchange Binance to List the Coinbase Stock Token COIN

  Binance said it will continue to respond to market demand by listing more stock tokens and features.

   

Introducing Unlocked 101 at Consensus by CoinDesk 2021

New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.

Register for Unlocked 101 this May.

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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