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 2, 2021

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

Market Moves: Dogecoin Cheers Coinbase Listing as Bitcoin’s Range Play Continues
Technician's Take: Bitcoin Remains Rangebound; Faces Resistance at $40K

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:

Timothy Massad, Harvard University's Kennedy School of Government Senior Fellow and Former CFTC Chairman
Michele Schneider, MarketGauge Group Managing Director
Bobby Lee, Ballet Founder & CEO

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

Gainers:

Polkadot (DOT): +6.5%
Tezos (XTZ): +5.0%
Stellar (XLM): +4.7%

Losers:

XRP (XRP): -1.0%
Yearn Finance (YFI): -0.8%
Filecoin (FIL): -0.7%
The Graph (GRT): -0.4%

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.

Dogecoin Cheers Coinbase Listing as Bitcoin’s Range Play Continues

Dogecoin (DOGE), the meme cryptocurrency, is rallying in the wake of a new exchange listing while bitcoin (BTC) remains confined in a narrowing price range, having shaken out newbies and small investors with a 35% price crash in May.

Bitcoin prices, May 31 - June 1, 2021

Bitcoin is changing hands near $37,200 – up 1% on the day, according to CoinDesk 20 data. Prices hit lows near $35,000 during Asian hours.
The cryptocurrency has carved out a triangular price pattern on technical charts, representing higher lows and lower highs over the past two weeks.
The direction of the breakout would set the tone for the next move in cryptocurrency.
According to on-chain analyst Willy Woo, the cryptocurrency is trading well below its fair value. Thus, a price bounce cannot be ruled out.
In contrast, JPMorgan analysts foresee another leg lower before stability and recovery. Bitcoin fell from $58,000 to nearly $30,000 in the eight days to May 19.
Dogecoin is trading at 12-day highs above 32 cents, representing a 5% gain on the day. The cryptocurrency has risen by 18% in the past 24 hours.
Coinbase's decision to add dogecoin to its professional trading platform seems to have buoyed the Shiba Inu-themed cryptocurrency.
The new listing exposes DOGE to a new breed of investors. Coinbase debuted on Nasdaq on April 14 and is considered synonymous with high net worth investors.

Read the original story here:

Dogecoin Cheers Coinbase Listing as Bitcoin’s Range Play Continues

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Bitcoin Remains Rangebound; Faces Resistance at $40K

Bitcoin (BTC) has traded sideways over the past few days with support around $33,000 and resistance at $40,000. The world's first cryptocurrency was trading near $37,000 at the time of writing and was down about 5% over the past seven days.

A short-term breakout from the sideways range would yield an upside target around $45,000, although resistance remains strong. For now, $40,000 is a key hurdle which could limit buying strength over the near-term.

Four-hour bitcoin chart shows short-term support and resistance levels (Source: TradingView)

Bitcoin is approaching resistance near the 100-period moving average ($38,337 as of press time) on the hourly chart. The corrective phase that began in May remains in effect, although selling pressure has declined over the past week.
The relative strength index (RSI) is mostly neutral on a short to intermediate term basis which suggests price is starting to stabilize into June after a volatile month.
The broader uptrend is weakening as bitcoin remains below the 100-day and 200-day moving averages. This suggests limited upside over the short-term.

Read the original story here:

Bitcoin Remains Rangebound; Faces Resistance at $40K

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

Crypto Markets Analysis, JPMorgan Report, SEC Suit Involving Bitconnect, Rep. Emmer on Bitcoin Forks Tax Relief Proposal

"First Mover" dives into the markets and top stories in crypto news. Former SEC Enforcement Branch Chief Lisa Braganca discusses the SEC's suit against five people allegedly involved in a Ponzi scheme at Bitconnect. Minnesota Congressman Tom Emmer discusses his proposal to revise the tax guidelines for crypto investors with forked assets. Ryan McCall of Zerocap joins our markets discussion and reaction to JPMorgan's latest crypto outlook report.

Thailand’s Central Bank Taps German Payments Giant to Design CBDC Prototype
The hiring of a large international technology provider signals that the bank is on schedule for launching its digital currency.
China to Hold Beijing Lottery for CBDC Trial
The lottery will award 200,000 winners about $31 in digital yuan.
Indonesian Crypto Exchange Tokocrypto Eyes Public Listing
Tokocrypto's CEO indicated it plans to go public in two to three years.
Guggenheim Registers Fund That May Seek Exposure to Crypto
The Guggenheim Active Allocation Fund could invest in bitcoin derivatives among other assets.
Master Ventures Launches $30M Polkadot Fund
This first-of-its-kind fund will invest in projects bidding for parachain slots on Polkadot and canary network Kusama.

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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