  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 15, 2021 Sponsored by  (Price data as of July 15 @10:15 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 Sebastian Sinclair Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares Bitcoin remains on a downward trajectory toward $32,000 despite rallying as much as 4.6% during the early trading hours in Asia on Wednesday.
Bouncing from a 24-hour low of $31,620, prices were hovering just around $32,500 at press time after reaching a 24-hour high of $33,182, CoinDesk data show.
The gradual slide is continuing to eat into year-to-date gains, which stand just above 12%.
Intraday volume for the world's oldest cryptocurrency remains considerably lower than weeks past, with the number of coins traded every four hours having tapered since the June 29 sell-off.
The stalemate between bulls and bears in bitcoin (BTC)'s ever-narrowing range between $36,000 and $31,500 may soon come to an end, some analysts are suggesting.
"All the on-chain analysis suggests we're at the tight end of a slingshot, BCB Group CEO Oliver von Landsberg-Sadie told CoinDesk via Telegram. "It's quiet now but don't mistake that for lack of interest."  Bitcoin - 4hr chart (Source: TradingView) June 29's peak of $36,623 marked the last time bitcoin's intraday spot price maintained a higher-low, higher-high setup. That's an indication the price action is now firmly in the seller's court.
Some observers are suggesting bitcoin may get a boost later this month following the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust, as CoinDesk previously reported.
"Price pressure may actually never realize," said Kirill Suslov, CEO of trading app TabTrader, in response to Grayscale releasing nearly 40,000 bitcoin shares (GBTC). Grayscale Investments is owned by Digital Currency Group, the parent company of CoinDesk.
"Usually, institutions rebalance their portfolio according to the mandate. So if they are underwater because the bitcoin price has dropped, they will actually have to buy more to keep the mandated allocation to this asset class."
Because Grayscale's Trust lacks a redemption mechanism, Laurin Bylica, co-founder of a decentralized crypto finance project TheStandard.io, said the unlocking of GBTC shares shouldn't move bitcoin's spot price.
"However, misleading and complex information lets investors worry and, therefore, can create short-term bearish anxiety, Bylica said in an email. Read the original story here: Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares
 The CoinDesk Quarterly Review 2021 Q2
Most CoinDesk 20 assets, which constitute 99% of the crypto market by verifiable volume, ended the quarter with negative returns. Meanwhile, protocol development for the world's largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, reached new milestones. CoinDesk Research's latest Quarterly Review dives into the trends, developments and technological progress that shaped the crypto markets from April to June 2021. The full report is now available from the CoinDesk Research Hub.
Technician's Take by Omkar Godbole  Bitcoin Struggles to Extend Wednesday's Bounce, Faces Support at $30K Bitcoin's quick recovery from 2 1/2-week lows below $32,000 seen Wednesday doesn't seem to have inspired buyers. The cryptocurrency remains locked in the $32,000-$33,000 range amid fresh signs of bearishness in daily chart indicators.  Bitcoin's daily chart (Source: TradingView)
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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:
A new bitcoin law is expected to be introduced into Paraguay's legislature, and it will require cryptos to be registered with the country's Undersecretariat of State Taxation. U.S. crypto regulations in focus. How soon can American investors see the first bitcoin ETF? Caitlin Long of Avanti Bank, Jan van Eck of VanEck, and Nifty's Olta Andoni join today's "First Mover."
 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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