  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 16, 2021 Sponsored by  (Price data as of July 16 @10:30 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:
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– 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 Heads for Its Worst Weekly Close in Over a Month Bitcoin is heading for its lowest weekly close in more than a month as selling pressure continues to drive prices toward $30,000.
 Bitcoin weekly chart (Source: TradingView)
Read the original story here:
 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  XRP Eyes 'Death Cross;' Has Support at $0.51 XRP's price chart looks set to produce the first "death cross" in five months, a signal analysts consider to be a bear market indicator.
The 50-day simple moving average (SMA) of XRP's price is expected to cross below the 200-day SMA in the next day or two, confirming the so-called bearish death cross. While in theory, the pattern implies a deeper sell-off, historical data suggests otherwise.
Previous occurrences observed in early February 2021, March 2020, August 2019, April 2018, January 2017 and May 2016 marked major or interim price bottoms. One in May 2014 brought immediate selling pressure to the market.
Death cross' dismal record as a reliable indicator is hardly surprising, as moving-average studies are based on backward-looking data. In other words, death crosses are the result of a prolonged sell-off and have limited predictive powers. More often than not, the market is oversold by the time the crossover happens.
 XRP's daily chart (Source: TradingView) The previous bearish crossovers (above left) were accompanied by an oversold, or below-30, reading on the relative strength index (RSI).
This time, however, the RSI is biased bearish. So, the possibility of the death cross inviting stronger chart-driven selling cannot be ruled out.
Immediate support is at the June 22 low of $0.51, followed by $0.43, which is the 61.8% Fibonacci retracement of the December to April bull run. The June 29 high of $0.73 is the level to beat for the bulls.
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BOLO
 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:
Crypto OG ShapeShift CEO Erik Voorhees joins "First Mover" as the company shuts down and plans to airdrop 340 million FOX tokens across DeFi. Coindesk's Nikhilesh De reacts to Federal Reserve chair Jerome Powell's comments on crypto regulations from the House Financial Services Committee hearing.
 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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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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