  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 29, 2021 Sponsored by  (Price data as of June 29 @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 9:00 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 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  Bitcoin's 'Puell Multiple' Flashes Misleading Bullish Signal as China Bans Mining While a key bitcoin (BTC) indicator shows the currency is undervalued and ripe for a price bounce, the reading might be misleading, one observer says.
"The Puell Multiple is flashing a buy signal," Ben Lilly, a crypto economist at Jarvis Labs, noted in a Substack post published on Monday. The metric, however, is tied to miners and may be distorted by China's mining ban, he said.
The multiple, the ratio of the daily issuance of bitcoins in U.S. dollar terms and the 365-day moving average of the daily issuance value, has dropped below 0.5. That indicates the value of the newly issued bitcoins daily is relatively low compared with historical standards.
A sub-0.5 reading on the indicator created by analyst David Puell has marked miner capitulation and bear-market bottoms in the past, according to data provided by lookintobitcoin.com.
Daily issuance refers to the number of new coins supplied to the ecosystem by miners, who receive them as rewards for mining blocks and approving transactions. Miners mainly operate on cash and sell coins almost daily.  Bitcoin's Puell Multiple (Source: Ben Lilly, lookintobitcoin.com) The latest reading may raise hopes for a bull market resumption. Lilly says it should be taken "with a grain of salt."
That's because the ratio's drop into the green zone follows a slide in the hash rate and the daily issuance caused by China's mining ban. It does not necessarily imply miner capitulation.
China reiterated its long-held crypto mining ban in mid-May and stepped up its efforts this month, ordering miners based in Sichuan and other mining hubs to shut down operations.
As a result, the hash rate, a measure of the computational power working to secure the bitcoin blockchain network, declined from 140 exahashes per second (EH/s) to a 14-month low of 94 EH/s.
With miners going offline, the 30-day average of the daily issuance – coins mined and supplied – has declined from more than 900 BTC to 760 BTC, according to Glassnode data. According to Lilly, the average daily issuance has nearly halved from 900 BTC. Meanwhile, the cryptocurrency has traded mainly in the range of $30,000 to $40,000 this month.
The data confirm the Puell Multiple has entered the buy zone mainly because of China-based miners going offline – a move that's like to be temporary as there is evidence of miners shifting bases to other countries like the U.S. and Kazakhstan.
"This is a one-off event, meaning most of this mining power will return, and before you know it, MORE than 900 coins per day will be mined since the hash rate will hit the network after the difficulty of each block decreases," Lilly noted.
Read the original story here: Bitcoin's 'Puell Multiple' Flashes Misleading Bullish Signal as China Bans Mining
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Technician's Take
by Damanick Dantes, CMT
Bitcoin Gathers Upside Momentum; Faces Resistance Near $40K
Bitcoin (BTC) buyers remained active during Asia hours and defended initial support around $33,800. The next level of resistance is seen between $38,000-$40,000, which is near the top of a month-long range.
The $30,000 support level was re-tested over the weekend, marking a higher low from the June 22 shakeout around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.
Bitcoin four-hour price chart shows short-term support and resistance levels (Source: TradingView)
- Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought.
- The corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief rally could stabilize selling pressure until overbought signals appear on the charts.
- For now, bitcoin is stuck in a range as sellers maintain a series of lower price highs since April.
Read the original story here:
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A message from Oasis Foundation
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BOLO
Be on the look out for some of these upcoming events:
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14:00 UTC (10:00 a.m. ET):
Consumer confidence index (May). Est: 118.7
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The cryptocurrency movement has never been so sprawling, reaching every corner of the planet.
Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth.
We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Bitcoin Bounce, PwC's Henri Arslanian on Regulators Reining in Binance
"First Mover" dives into today's top stories, including the pushback by regulators against Binance in Canada, Japan and now also the U.K. Henri Arslanian of PwC discusses what this means for Binance, its users, and the crypto exchange sector. Grant Whitlock of Global Block shares his crypto markets analysis, and Charles d'Haussy of ConsenSys explains a new digital health passport his group helped to launch in Hong Kong.
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EIP 1559: Ethereum's Fee Market Upgrade Explained
CoinDesk Research's newest report dives into the economic impacts and investment implications of Ethereum Improvement Proposal (EIP) 1559. At its core, the code change is designed to make transaction fees on Ethereum less volatile and more predictable.
At the same time, EIP 1559 also poses several risks to Ethereum including risks of miner capitulation or revolt, technological risk in the form of unexpected bugs, and risk of user disappointment.
In this report, CoinDesk Research gives an overview of how EIP 1559 works and its intended impact for investors, miners and users.
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Latest Headlines
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Morgan Stanley Buys Over 28,000 Shares of Grayscale Bitcoin Trust
The banking giant has been increasingly active in the cryptocurrency space to meet increased demand from its clients.
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Korea's First Bank Joins Messaging Giant Kakao's Blockchain Governance Council
Shinhan joins a number of existing council members including LG Electronics, Binance, and Worldpay, among others.
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UK Court Orders Bitcoin.org to Remove White Paper Following Craig Wright Lawsuit
The judge had no option but to rule a default judgment because Cobra chose not to make an appearance, according to Wright's representation.
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TP ICAP Plans to Join Fidelity, Standard Chartered to Launch Crypto-Trading Platform: Report
The platform will launch later this year, offering bitcoin trading initially with ether to be added thereafter.
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Deutsche Börse Moves Into Crypto Custody With $108.6M+ Buy of Crypto Finance AG Stake
The exchange said the deal extends its offering for digital assets by providing a direct entry point for investments, including custody.
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Crypto.com Extends Sports Sponsorships to Formula 1
Crypto.com's branding will be present trackside at all F1 races for the remainder of the 2021 season.
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A16z Leads $12M Investment in DeFi-Native Crypto Tracing Firm Nansen
"We're not basing our company on some KYC'd version of DeFi coming out in the future," said Nansen CEO Alex Svanevik.
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Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report
The number of companies abandoning their bids to register with the financial watchdog has increased by a quarter in less than a month.
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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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