  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 29, 2021 Sponsored by  (Price data as of July 29 @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 Christine Lee, 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.
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Market Moves by Damanick Dantes, CMT and Frances Yue Bitcoin Expected to Pause Before Next Rally Bitcoin buyers are in profit-taking mode as the cryptocurrency tests the $40,000 resistance level. Sentiment has significantly improved over the past week, although some analysts think it's time for a pause before another leg higher.
Moving average watch
Sentiment can easily shift from bullish to bearish as bitcoin remains in a consolidation phase with strong overhead resistance.
"BTC was already rejected again by its 200-day moving average, just like in early June, but it should try again after a breather, and hopefully not crawling lower than $35K," Justin Chuh, a senior trader at Wave Financial wrote.
"If (and when) bitcoin does cross the 200-day, this will signal confidence in the market and demonstrate to many players that the bulls have regained control of the market," Alexandra Clark, a trader at U.K.-based digital-asset broker GlobalBlock, wrote in an email to CoinDesk.  Bitcoin daily price chart shows resistance at the 200-day moving average (Source: TradingView) For now, trading activity is sharply higher compared with June. Short-dated call options were actively traded Wednesday morning as bitcoin approached $40,000, according to data from Skew.  Chart shows top BTC options volume for the day (Source: Skew) GBTC discount narrows
Grayscale Bitcoin Trust (GBTC) shares have narrowed their discount relative to the underlying cryptocurrency held in the fund – possibly a sign that buyers are using the vehicle to bet on the recent recovery rally in digital-asset markets.
The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22, based on data provided by the crypto derivatives research firm Skew. The discount had widened to 15% in mid-June.
Some investors may have snapped up GBTC shares in hopes that the discount will evaporate with a bull revival in bitcoin. In that scenario, the buyers would reap any price gains on bitcoin while pocketing extra profit from a narrowing of the discount. (Grayscale Investments, which manages the trust, is a unit of Digital Currency Group, which also owns CoinDesk.)  GBTC discount (Source: Skew)  Ether, bitcoin trading volumes (Source: Coinbase) Why stablecoins are in the spotlight
Stablecoins have existed for roughly seven years, but talk about them has never been as heated as in recent weeks, not only within the crypto community but also among regulators and traditional market investors.
Much has been going on the world of stablecoins recently, and some of it can be overwhelming. Here are the three big things happening now:
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Read the original story here:
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The CoinDesk DeFi Index (DFX), benchmarking the investable DeFi sector, is now available for investors watching decentralized finance, the first true "sector" in cryptocurrencies.
It is the latest index by CoinDesk Indexes, the market standard for crypto assets since 2014. The DFX provides a market-cap-weighted benchmark for a representative basket of DeFi-sector cryptocurrencies, composed of assets suitable for long-term holding.
Find out more at coindesk.com/indexes/dfx, or email indexes@coindesk.com.
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Technician's Take
by Damanick Dantes, CMT
Bitcoin Overbought at $40K Resistance; Support at $34K-$36K
Bitcoin (BTC) completed a recovery from Monday's 10% pullback and is now re-testing the $40,000 resistance level. The cryptocurrency appears overbought, which could trigger some profit taking after a near 25% rally over the past week.
Lower support is seen around $34,000-$36,000, which is the middle of a two-month range.
Bitcoin four-hour price chart shows short-term support and resistance levels with RSI (Source: TradingView)
- The relative strength index (RSI) on the four-hour chart is declining from an extreme overbought reading on Monday. A lower high on the RSI indicates a bearish divergence, which could stall bitcoin's short-term uptrend.
- Initial support is seen at the 50-period moving average on the four-hour chart, currently at $36,000. Lower support is around $32,000-$34,000, which could stabilize a pullback.
- The intermediate-term trend is improving with a significant loss of downside momentum over the past few weeks. Buyers could remain active at lower support levels, although a breakout above $40,000-$45,000 is needed to resume the long-term uptrend.
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BOLO
Be on the look out for some of these upcoming events:
- Before 13:30 UTC (9:30 a.m. ET):
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Mastercard (MA) earnings. Est. EPS: $1.75
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- 18:00 UTC (2:00 p.m. ET):
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FOMC Meeting two-day meeting (July 27-28)
Press conference at 18:30 UTC (2:30 p.m. ET) with Chair Jerome Powell
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- 20:00 UTC (4:00 p.m. ET):
- Amazon (AMZN) earnings. Est. EPS: $12.30
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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:
Hester Peirce on SEC's Response to Sen. Warren, Congressional Bitcoin Bashing, Stablecoins and More
What to make of all the anti-crypto claims and concerns being voiced by U.S. lawmakers this week? U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce joins "First Mover" to discuss her views as the SEC faces Sen. Elizabeth Warren's deadline to answer crypto questions. Also, why are the bitcoin price and the broader market moving up despite the bitcoin bashing in Congress? Henry Elder of Wave Financial joins the markets discussion. Plus, Al Burgio, founder of DigitalBits on Italian soccer club AS Roma's partnership worth $42 million with Zytara Labs.
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Latest Headlines
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Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Net proceeds from the sale will go toward working capital, capital expenditures, hiring efforts, customer support services, among others.
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Think Tank Rand Says Crypto Should Be Included in US-Japan Digital Trade Deal
It may be the time to reconsider the exclusion of crypto in the 2019 agreement, according to experts from the RAND Corporation.
- Bank of America Calls CBDCs 'More Effective' Than Cash in Research Note
The second largest U.S. bank said that the rise of CBDCs was "inevitable."
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Fetch.ai Token Whiplashes on Coinbase; Listing Still 'Groundbreaking,' Says CEO
The listing "has a very powerful branding effect on the project," Fetch.ai's CEO Humayun Sheikh told CoinDesk Wednesday.
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Gone in 30 Seconds: Yield Guild Games' $12.5M Token Sale Sells Out Fast
Decentralized gaming startup Yield Guild Games (YGG) sold all 25 million of its native tokens at break-neck speed.
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Argo CEO Named Interim Chairman With US Share Sale Planned
Earlier this month the company submitted a draft registration statement to the SEC for the sale of American Depositary Shares.
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EU-Backed Investment Fund Puts $30M Into Crypto VC Firm's New $120M Vehicle
The backing of Fabric Ventures marks the first time a fund affiliated with the European Commission has invested in digital assets.
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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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