  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 13, 2021 Sponsored by  (Price data as of July 13 @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 Sebastian Sinclair Crypto Trading of Derivatives in June Surpass Spot for First Time This Year Cryptocurrency derivatives, such as futures and options, have surpassed the number of coins traded in spot markets for June, according to a monthly report by CryptoCompare.  Monthly derivatives versus spot volume (Source: CryptoCompare)
Read the original story here: Crypto Trading of Derivatives in June Surpass Spot for First Time This Year
 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.
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Technician's Take
by Omkar Godbole
Bitcoin's Range Play Likely to End With Bullish Breakout: Analyst
An analyst who predicted the bitcoin (BTC) mid-May price slide says the cryptocurrency's current range play is likely to be resolved on the higher side.
"The consolidation phase itself is neutral, but we think a breakout is more likely than a breakdown," Katie Stockton, founder and managing partner of Fairlead Strategies, said in a research note published on Monday. "Intermediate-term momentum has been improving based on the MACD histogram."
Bitcoin has been trading between $30,000 and $40,000 since late May. The price range has narrowed further in the past two weeks, with bulls unwilling to send prices above $36,000 and sellers refusing to step in below $32,000.
A big move looks overdue and could be bullish, as the weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, has turned higher, having bottomed out in mid-June.
Bitcoin weekly chart (Source: Fairlead Strategies, TradingView)
The consecutive shallow bars below the zero line indicate seller exhaustion.
The relative strength index continues to indicate oversold conditions with a below-30 print. "Intermediate-term oversold conditions have generated stabilization above $30,000, which has proven to be strong support for bitcoin," Stockton said.
According to Stockton, the expected breakout would be confirmed on consecutive daily UTC closes above the 50-day simple moving average (SMA) at $35,500. That would the doors to the next resistance level, near $44,000.
The 50-day SMA is one of the most widely-tracked technical lines. Stockton mentioned it as the level to defend for the bulls back in April, when prices were trading well above average. The SMA support was breached on April 20 and was followed by a sell-off in May.
At press time, bitcoin is trading little changed on the day near $33,200. A break below the long-held support at $30,000 could invite chart-driven sellers. However, Stockton sees a low probability of a range breakdown.
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BOLO
Be on the look out for some of these upcoming events:
-
12:30 UTC (8:30 a.m. ET):
Consumer Price Index (CPI) (June). Est: +0.5%
Core CPI (June). Est: +0.5% - 18:00 UTC (2:00 p.m. ET):
Federal budget deficit (June). Est: ($200 billion)
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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:
SEC v. Ripple: Lawsuit Gets Intense, Jim Rogers on Crypto Investment Outlook
"First Mover" is joined by Ripple's general manager and head of RippleNet Asheesh Birla to discuss the company's ongoing lawsuit with SEC as XRP finished the second quarter as the best performing asset among CoinDesk's top 20 list. Legendary investor Jim Rogers also joins the show to discuss his position on crypto and general market trend.
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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.
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Latest Headlines
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US Financial Giant Capital Group Buys 12% Stake in Bitcoin-Exposed MicroStrategy
The purchase provides the firm with indirect exposure to Microstrategy's more than 105,000 bitcoin reserves.
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Australian Government Gifts $4.1M in Grants to Two Blockchain Pilot Projects
Funding of AU$5.6 million has gone to blockchain provenance startup Everledger and tech consultancy Convergence.tech.
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UK Police Seize $250M Worth of Crypto
The haul comes only weeks after a then-record $158 million of crypto was confiscated by Greater London's police force.
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FTX Integrates Copper Trading Tool ClearLoop
ClearLoop lowers risk by allowing institutional investors to hold on to assets until just before a trade is executed.
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Chinese Miner The9 Reserves Facilities From Russia's BitRiver
Facing regulatory pressure at home, The9 is looking to locate elsewhere.
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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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