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Market Moves: Dogecoin Jumps 22% on Coinbase Moves, Elon Musk Tweet
Technician's Take: Bitcoin Stabilizes After Sell-Off; Faces Resistance Near $53K

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:

Yulong Liu, Babel Finance Head of Global Partnerships
Collin Plume, Noble Gold Investments President & CEO
Adam Richmond, Medium Rare Co-Founder

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

Gainers:

Stellar (XLM): +18.9%
EOS (EOS): +13.1%
Chainlink (LINK): +12.4%
Polkadot (DOT): +11.4%
XRP (XRP): +11.2%
Yearn Finance (YFI): +10.8%
Ether (ETH): +10.3%
Bitcoin Cash (BCH): +9.9%
Tezos (XTZ): +9.3%
Algorand (ALGO): +9.0%
Filecoin (FIL): +8.5%
The Graph (GRT): +7.5%
NuCypher (NU): +7.5%
Litecoin (LTC): +7.3%
Aave (AAVE): +7.0%
Uniswap (UNI): +6.4%
Cardano (ADA): +6.5%
Bitcoin (BTC): +3.6%

Losers:

None of the assets in the CoinDesk 20 is done today.

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 Jumps 22% on Coinbase Moves, Elon Musk Tweet

Dogecoin (DOGE) is once again running with the wolves after Tesla’s Elon Musk tweeted “potentially promising” news for the network.

Meanwhile, U.S. cryptocurrency exchange Coinbase announced it would be adding DOGE to its suite of crypto offerings in six to eight weeks, likely due to client demand as has been the case with other major exchanges.

Prices across major exchanges including Binance, Bitfinex, FTX, Gemini and Poloniex are posting around 22% gains over a 24-hour period for the Shibu Inu-inspired meme coin. The cryptocurrency is currently changing hands for around $0.48. The increase came even as other major cryptocurrencies’ prices sank.

Doge prices, April 9 - May 15, 2021 (Source: TradingView/Binance)

According to a Twitter comment by Musk on Thursday evening, Tesla and its CEO are “working with Doge” developers to “improve system transaction efficiency.”

The world’s second-richest man has played a large role in DOGE’s astronomical 9,400% rise in value since it was just a pup trading at around $0.005 on Jan. 1.

Dogecoin started as a joke in 2013 by creators Jack Palmer and Billy Markus to draw newcomers to the cryptocurrency industry. It has since gained immense fame at least partly because of celebrity endorsements from the likes of Snoop Dogg and Kiss’s Gene Simmons.

Read the original story here:

Dogecoin Jumps 22% as Elon Musk Hints at Improving Network’s Transaction Efficiency

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Bitcoin Stabilizes After Sell-Off; Faces Resistance Near $53K

Bitcoin (BTC) is rising from oversold levels as traders digest the news from Tesla’s announcement on Wednesday which triggered a near 15% price drop. The cryptocurrency held support around $46,000 and is currently trading back above $50,000 at the time of writing.

However, long-term momentum continues to weaken which could limit price recoveries this weekend and into next week.

Four-hour bitcoin chart shows support and resistance levels with RSI (Source: TradingView)

Bitcoin remains in a consolidation phase with frequent drawdowns, which was in effect for several months before the Tesla announcement.
The relative strength index (RSI) on the four-hour chart registered an oversold signal on Thursday, which could keep buyers active towards $53,000-$54,000.
On the daily chart, the RSI is not yet oversold. Meanwhile, the weekly RSI has receded from extreme overbought levels and is now neutral. This means stronger support around $42,000 should not be ruled out.
Additionally, bitcoin on May 10 made a lower price high on the daily chart around $59,000, which suggests the short-term trend is weakening.

Original story found here:

Bitcoin Stabilizes After Sell-Off; Faces Resistance Near $53K

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A message from CoinDesk

Unlocked 101 at Consensus by CoinDesk 2021

The countdown is on to Consensus by CoinDesk, our virtual big-tent event this May.

For those who need a primer or to brush up on the fundamentals, we're hosting Unlocked 101, a free educational series designed to give you the tools you need to navigate crypto.

Sessions run May 4–20, covering the basics of Bitcoin, DeFi, scams and hacks and the NFT boom.

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

Crypto Markets Plunge After Tesla Tweet; What Happens Next?

All eyes are on markets and earnings reports as bitcoin and ether investors wake up to an unpleasant surprise: a price drop following Elon Musk's Tweet announcing a suspension in bitcoin payments due to environmental concerns. Coinbase is among those out with earnings reports Thursday. Joining "First Mover" to share their markets perspectives are Kyle Samani of Multicoin Capital, Lennix Lai of OKEx, and Matt Hougan of Bitwise Asset Management.

Renaissance Technologies Amassed $140M Position in Mining Stocks In Q1

The quantitative hedge fund placed heavy bets on Riot, Marathon and Canaan in early 2021.
DBS Launches Bank-Backed Crypto Trust Service in Asia First

The bank becomes the first in Asia to offer crypto trust services providing custody and trading.
Decentralized Exchange Aggregator 1inch Network Expands to Polygon
The move will provide 1inch users access to liquidity sources on Polygon, like Sushiswap and Aave.
Bank of England Official: It’s ‘Probable’ UK Will Launch a Digital Currency

Sir Jon Cunliffe expressed the concern that consumers may find stablecoins more attractive than bank offerings.
Argentina’s Tax Authority Orders Crypto Exchanges to File Information on Transactions: Report

Crypto adoption has been healthy in Argentina, with citizens seeking alternative ways of storing wealth amid the country’s economic woes.

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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