  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 March 30, 2021 Sponsored by  (Price data as of March 30 @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:
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:
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Losers:
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.
Market Moves by Omkar Godbole 
Bitcoin Keeps Its Bullish Tone Even as Bond Yields Rise
Bitcoin is charting gains amid rising bond yields, contrary to the last week of February when firmer yields knocked the wind out of the cryptocurrency's bull market.
The top cryptocurrency by market value is trading near $59,209 at press time, representing a 1.8% gain on the day. Prices have risen by more than $8,000 since Thursday, as per CoinDesk 20 data.
The U.S. 10-year Treasury yield is seen at 1.77%, the highest since Jan. 23, 2020. The benchmark yield has gained six basis points today and nearly 20 basis points since March 25.
Bitcoin's resilience is noteworthy and implies a bullish mood in the market. "BTC remains extremely strong, particularly in the face of an appreciating USD and rising treasury yields," Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk. "Despite historical correlations, bitcoin is bucking the trend even as gold sinks to below $1700."
Rising yields dilute the appeal of perceived inflation hedges such as bitcoin and gold. The cryptocurrency has become sensitive to macro factors and, more recently, bond yields, with the influx of institutional money in the wake of the coronavirus-induced crash of March 2020. Prices fell by 20% in the last week of February after the U.S. 10-year Treasury yield rose sharply to the then 12-month high of 1.5%.
This time, however, rising yields are struggling to cast a pall on bitcoin's bullish mood. The ever-increasing institutional adoption of bitcoin looks to be overshadowing rising yields, helping the cryptocurrency stay bid.
Stack Funds is "extremely bullish" on bitcoin and expecting a move to new record highs above $62,000 over the coming weeks, Dibbs said.
Bitcoin daily price chart, showing breakout from trend. (TradingView/CoinDesk)
The bearish channel breakout seen in the above chart has shifted the focus to highs above $61,000 registered on March 14. The latest bullish pattern looks similar to the one see at the end of January, following prices rose from roughly $30,000 to $58,000.
Bitcoin may face some selling pressure if yields rise at a faster pace, destabilizing stock markets, as discussed earlier this month. However, Goldman Sachs expects equity markets to digest a 10-year yield of roughly 2% without much difficulty, according to ForexLive.
In the past, bitcoin has performed well in a rising yield environment.
 Bitcoin price and U.S. 10-year yield since 2011 (ByteTree, Bloomberg)
"87% of Bitcoin's performance was delivered while the US ten-year bond yield has been rising," ByteTree CIO Charlie Morris noted in a blog post. Readers should note that institutional participation in bitcoin was quite low and the cryptocurrency was largely an uncorrelated asset during the previous episodes of yield spikes.
--Omkar Godbole
Read the original story here: Bitcoin Keeps Its Bullish Tone Even as Bond Yields Rise in a Switch From February
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Technician's Take
by Damanick Dantes
Bitcoin Uptrend Intact After Month-Long Consolidation; All-Time-High Within Reach
The long-term uptrend in bitcoin (BTC) has stabilized after the price held support around $50,000 last week. Resistance is seen at $60,000, pending a breakout to a new all-time-high.
Daily chart shows BTC uptrend remains intact, pending breakout from month-long consolidation (TradingView/CoinDesk)
- BTC held support at the 50-day volume weighted average, which has preceded strong rallies this year.
- Lower highs on the daily relative strength index (RSI) suggests caution, although downside has been well supported around the neutral mark.
- Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
- Lower support around $42,000 was defined by the February 8 breakout. Although the price successfully retested that level on February 28, which reignited the uptrend. Traders should adjust support levels higher to around $52,000.
--Damanick Dantes
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BOLO
Be on the look out for these upcoming events:
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13:00 UTC (9:00 a.m. ET)
Speech by Vice Chair for Supervision Randal K. Quarles at the Peterson Institute for International Economics Discussion: "Financial Stability Board" Watch live here.
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20:00 UTC (4:00 p.m. ET)
Riot Blockchain (NASDAQ: RIOT) earnings released. Market expects EPS of ($0.08) on $3.6m in sales.
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CoinDesk's Christine Kim and Will Foxley, along with Consensys' Ben Edgington, present a weekly podcast series on the live development of Ethereum 2.0 and its potential impact on the crypto markets.
In each episode, the team discusses major news events related to Eth 2.0 from addressing skepticism to the consequences of node slashing, and gives updates on the status of CoinDesk's own Eth 2.0 validator.
Listen to Mapping Out Eth 2.0 every Thursday on the CoinDesk Podcast Network.
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ICYMI
In case you missed it, here's this past Friday's episode of "First Mover" on CoinDesk TV:
Bitcoin Trades Higher, Visa Support for USD Coin, FTX in Miami, Asia's Crypto Landscape
"First Mover" dives into the significance of Visa's decision to support USD Coin (USDC), impact on stablecoins, bitcoin's price and the crypto market at large. Also, a crypto firm wins naming rights to a major U.S. sports venue for the first time. FTX CEO Sam Bankman-Fried on what he hopes to gain from that $135M investment in Miami. Plus, Messari's Mira Christanto with a look at Asia's outsize role in the crypto markets, and Turing award-winner Silvio Micali with news from the crypto venture he launched, Algorand.
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Sponsored Content
CME Group: The Beginnings of Institutional Ethereum: Recapping the First Few Weeks of CME Ether Futures
- On February 8, CME Group officially launched Ether futures. ETH futures went live just a little more than three years after CME Group began offering Bitcoin futures.
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Latest Headlines
- US Government Sues Decentralized Content Platform LBRY Over $11M in Token Sales
The SEC says LBRY sold unregistered securities.
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Civil Liberties Group Calls FinCEN Crypto Wallet Rule 'Unconstitutional'
The nonprofit filed comments on Monday objecting to a rule by FinCEN claiming it "represents a radical extension of ... financial surveillance of innocent Americans."
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Ripple Acquires 40% Stake in Asia Remittance Payments Firm Tranglo
Ripple said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia.
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R3 Corda Now Has a Bridge to Public Blockchains With Arrival of Ethereum-Based XDC
Former RBS bankers from blockchain startup LAB577 built the bridge.
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PayPal to Start Letting US Customers to Use Their Crypto at Checkout: Report
The move could speed up the use of crypto in day-to-day commerce.
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Nayms Brings Blue Chips and Disruption to Crypto Insurance
A new smart contract-based insurance marketplace is promising radical efficiency and more coverage for the long-underserved crypto industry.
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First Crypto Fraud Case in Australia Involving $800K in Stolen Assets Filed to Federal Court
A French national is accusing Modern Assets of failing to perform the necessary research before connecting him with a mysterious seller who made off with his cash and crypto.
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A message from CoinDesk
CoinDesk's Christine Kim and Consensys' Ben Edgington present a weekly podcast series on the live development of Ethereum 2.0 and its potential impact on the crypto markets.
In each episode, the team discusses major news events related to Eth 2.0 from addressing skepticism to the consequences of node slashing.
Listen to Mapping Out Eth 2.0 every Thursday on the CoinDesk Podcast Network.
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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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