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 13, 2021

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

Market Moves: Bitcoin Hits New All-Time High Above 63.1K
Technician's Take: Bitcoin Breaks to All-Time High, Ending Three Months of Consolidation

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:

Lex Sokolin, ConsenSys Global Fintech Co-Head
Stani Kulechov, Aave Founder & CEO
Dee Chouby, MoneyLion Founder & CEO

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

Gainers:

XRP (XRP): +22.8%
0x (ZRX): +9.2%
Stellar (XLM): +8.4%

Losers:

Kyber Network (KNC): -2.5%
Algoran (ALGO): -1.4%
OMG Network (OMG): -0.3%

The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bitcoin Hits New All-Time High Above $63.1K

The price of bitcoin set a new all-time high Tuesday morning, the day before U.S.-based cryptocurrency exchange Coinbase’s highly anticipated listing on Nasdaq.

Bitcoin prices on April 12-13, 2021 (Source: CoinDesk)

Bitcoin reached $63,191.37, topping the previous peak price of $61,453 observed about a month ago, as per CoinDesk 20 data.
The rally comes after weeks of bitcoin (BTC) trading sluggishly in a narrow range below $60,000.
"Cryptocurrency markets are showing robust strength ahead of the Coinbase IPO as bitcoin moves into the all-time high territory," Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk.
Analysts projections for COIN's listing are ranging from $19 billion to $230 billion, as discussed last week.
COIN shares will provide traditional investors exposure to a crypto platform that earns money from fees while avoiding the volatility and risk of crypto assets themselves. "Coinbase will be a lower beta play," Delphi Digital's Kevin Kelly told Bloomberg.
The exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analysts' estimates by a big margin.
Bitcoin's latest rally is accompanied by record highs in ether (ETH), the second-largest cryptocurrency by market value, and crypto exchange Binance's BNB token.
Alternative cryptocurrencies, in general, have performed better than bitcoin in recent weeks, pushing the latter's market dominance to two-year lows near 55%, according to data source TradingView.

Read the original story here:

Bitcoin Hits New All-Time High Above $63.1K

Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:

* Up to 12% interest on digital assets, paid out daily!

* Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR.

* No minimum or maximum limits on funds deposited, offering infinite opportunities to earn.

* #ZeroFees on all transactions.

* Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo.

Get started at nexo.io

Bitcoin Breaks to All-Time High, Ending Three Months of Consolidation

Bitcoin (BTC) is currently trading around $62,600, after pushing early Tuesday to a new all-time high above $63,000. After three months of consolidation, buyers have finally regained strength. Support is seen around the breakout zone of $60,000, which should be monitored for confirmation.

Four-hour chart shows BTC breakout to all-time high with rising support (Source: TradingView)

The broader uptrend in BTC remains intact despite slowing momentum on the daily price chart. Buyers have remained active at higher support levels since March, although profit taking at intraday overbought zones signaled a period of indecision.
BTC has maintained trend support on both the four-hour and daily chart, which should trigger upside volatility.
BTC is now overbought on intraday charts and could remain in that phase during strong breakouts.
BTC still faces less upside momentum on the weekly chart, which continues to diverge from the near two-fold price increase since January. However, given the breakout, resistance is now seen around $68,000-$70,000.

Original story found here:

Bitcoin Breaks to All-Time High, Ending Three Months of Consolidation

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.

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.

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

Coinbase Nasdaq Listing This Week: Is it a Catalyst for Crypto? Pak NFTs on the Auction Block at Sotheby’s

Coinbase is in sharp focus ahead of Wednesday's public listing with valuations in a wide range, from $19B to $230B. Is it a catalyst for crypto adoption? Michele Schneider of MarketGauge Group with markets analysis. Celsius Network CEO Alex Mashinsky on his lending platform's outlook and whether decentralized finance (DeFi) poses a long-term risk. Plus, Sotheby's unveils a series of NFTs on the auction block in collaboration with digital artist Pak and NFT platform Nifty Gateway. Max Moore of Sotheby's shares the auction details and explains the role of auction houses in the NFT boom.

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.

Europe’s Investment Bank Plans to Settle Bonds in Euros Using Blockchain: Report
The EU union's lending arm is reportedly readying a digital bond sale using blockchain technology.
Linux Foundation, Insurance Group Roll Out Platform to Cut Costs Using DLT
Besides cutting costs, the project aims to provide a standardized data repository for insurance analytics.
Court Denies SEC’s Request Seeking Years of Financial Records From Ripple Execs

The judge said the request was irrelevant and disproportional.
Ex-CIA Director Says Criminals Will Move Away From Bitcoin in New Lobbying Group’s First Report

The new Crypto Council for Innovation hopes to inform and influence regulatory efforts worldwide.
What Would Biden’s Tax Hikes Mean for Bitcoin?

Tax hikes could encourage profit taking in cryptocurrencies, but some investors remain bullish as ongoing stimulus could trigger inflation.

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.

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.