  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 July 8, 2021 Sponsored by  (Price data as of July 8 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
And check out the CoinDesk TV show "First Mover," hosted by Michael Casey, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests:
– Lawrence Lewitinn
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.
Technician's Take by Damanick Dantes, CMT Bitcoin Sell-Off Could Stabilize Around $30K Support Bitcoin (BTC) sellers were active during Asia hours, pushing price below $34,000 support. The cryptocurrency was trading around $32,000 at press time and is down 6% over the past 24 hours. The next level of support is seen around $30,000 which could stabilize the current sell-off.  Bitcoin four-hour price chart shows short-term support and resistance levels with RSI (Source: TradingView)
Read the original story here:
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Market Moves by Damanick Dantes, CMT & Frances Yue  Ether Bounces From Technical Resistance Global equities markets are down this morning and some of that red ink has spilled over to crypto.
Ether is off 10% after attempting to break above the 50-day moving average for the first time since March. A confirmed breakout would have yielded further upside towards $2,800 resistance. Similar to bitcoin, ether is consolidating after a volatile sell-off in May.  Ether (ETH) daily price chart shows support and resistance levels (Source: TradingView) Nonetheless, the chart below shows ether's outperformance relative to bitcoin and gold this year.  Chart shows returns for bitcoin, ether, and gold this year (Source: CoinDesk Research, St. Louis Fed, Yahoo Finance)
Bitcoin stuck in a choppy range
"Bitcoin continues to trade choppy and though we have seen an upward bias in the last few days it will take some work for BTC to break above the $42,000 mark," wrote Pankaj Balani, CEO of Delta Exchange, in an email to CoinDesk. "Any weakness in the broader markets or reduction in liquidity can cause sharp down moves in bitcoin, and we continue to see this reflected in options data as puts trade at a premium to calls for July and August expiry."
The chart below shows a rising 90-day correlation between bitcoin and ether this year. However, bitcoin and ether have become less correlated with the S&P 500, which could offer diversification benefits to traditional investors, albeit with higher volatility.  Chart shows 90-day correlations between BTC, ETH and the S&P 500 (Source: Koyfin)
Ethereum gas price drop
The Ethereum gas price has recently dropped to the lowest level since March 2020, according to crypto analytics firm CoinMetrics.
Though the decline corresponds with ether's price drop, the downward trend in the gas price started in April, before ether's price crash when the Ethereum gas limit was raised to roughly 15 million on April 22 and the Ethereum scalability solutions took off, according to CoinMetrics. Meanwhile, Flashbots has been helping to move decentralized finance (DeFi) arbitrage bots, which contributed to the high gas prices, off the Ethereum blockchain.  Ethereum gas price (Source: CoinMetrics) Altcoin roundup
A message from Unique.One  Unique.One, a non-profit, next-generation, purely decentralized NFT Art Marketplace, supports artists rather than profiting from them. In celebration of the successful launch of its new auction platform, Unique One is sponsoring artists to mint gas-free. Any artist can mint one NFT on the Unique One Etherum v2 platform to enter. Winners will receive ETH for gas to mint 5 additional NFTs sponsored by the Unique One Community. Visit Unique.One Gas Free July for more details.
BOLO Be on the look out for some of these upcoming events:
 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.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Fed Minutes, Binance Saga, BitMEX CEO on Its Future, Crypto Regulation and Markets "First Mover" with today's top stories, including Federal Reserve meeting minutes due today. Will they impact crypto markets? Also, Binance and Binance.US hire more former regulators as they face increasing regulatory pressures around the world and the future of BitMEX as its former top executives face trial. The company's current CEO, Alex Hoeptner, joins the show to discuss his new business strategy. Edward Moya of OANDA joins our markets discussion and "Dogecoin Millionaire" Gary Lachance on the launch of a new game.
 The Investor's Perspective on the Bitcoin Taproot Upgrade
Taproot is a bundle of three upgrades to Bitcoin aimed at improving network security, privacy and scalability. At the same time, it poses some potential drawbacks to Bitcoin including risks of low adoption, unintended privacy shortcomings and Bitcoin community disappointment and fracturing. CoinDesk Research's newest report dives into the economic impact and investment implications of the Taproot upgrade.
Latest Headlines
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.
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