  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 24, 2021 Sponsored by  (Price data as of September 24 @ 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's 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.
A message from ByBit  We're Giving Out 5 Million BIT!
Market Moves by Omkar Godbole Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal China strengthened its anti-crypto stance on Friday, torpedoing bitcoin's two-day winning run.
The People's Bank of China (PBOC) said bitcoin, ether, and stablecoin tether do not qualify as legal tender and cannot be used in the currency market.
The central bank declared all virtual currency-related activities illegal, including derivative transactions and overseas virtual currency exchanges serving Chinese residents.
Bitcoin fell by nearly $2,000 to $42,800 after the PBOC news hit the wires, erasing Thursday's 3% gain. The cryptocurrency was trading 4% lower on the day at 9:32 UTC.  Bitcoin prices, Sept. 23-24, 2021 (Source: CoinDesk) China renewed its crackdown on cryptocurrency trading and mining in the second quarter amid pilot testing of digital yuan. However, according to China journalist Colin Wu, the latest central bank statement is quite detailed and mentions tether (USDT) as illegal for the first time. Tether, the largest stablecoin per market value, is widely used to fund crypto purchases and as collateral in decentralized finance.
Earlier this week, New York Times reported that regulators might declare stablecoins as systemic risk. Further, U.S. Securities and Exchange Commission chairman Gary Gensler compared stablecoins to poker chips.
Analysts told CoinDesk on Thursday that regulatory uncertainty presents a major downside risk to bitcoin in the short term. Read the original story here: |
Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal
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Technician's Take
by Damanick Dantes, CMT
Bitcoin Trending Lower on China Crackdown; Support at $36K-$40K
Bitcoin (BTC) sellers were active during Asia hours after China's central bank declared cryptocurrency related business illegal. BTC slipped below $42,000 and is down about 3% over the past 24 hours. Initial support is seen at $40,000, which could stabilize the pullback.
A series of lower price highs from the $50,000 resistance level reflects slowing upside momentum this month. The intermediate-term uptrend has weakened, although short-term buyers could defend lower support levels into the weekend.
Bitcoin daily price chart. (TradingView, CoinDesk)
- The relative strength index (RSI) on the daily chart is rising from oversold levels last week, which could limit additional selling.
- The 100-day moving average at $40,000 could provide short-term support. If broken, the next level of support is seen around $36,000, which is the middle of a four-month price range.
- Resistance remains strong above $46,000 as buyers continue to take profits.
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BOLO
Be on the lookout for the following events today:
- 14:00 UTC (10:00 a.m. ET):
Speech by Fed Chair Jerome H. Powell
Opening Remarks at Fed Listens: Perspectives on the Pandemic Recovery (via webcast)
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
What's Miamicoin and How Can It Offer 430% APY?
"First Mover" is joined by the crypto-friendly Miami Mayor Francis Suarez, as the city just voted to accept a $5 million fund generated by the city-based cryptocurrency Miamicoin. Robinhood announces the long-awaited crypto wallet feature is coming to its trading app by next year. The app's Chief Operating Officer Christine Brown explains what that means for Robinhood's competitiveness in the crypto trading space. Plus, crypto markets analysis from Michele Schneider, Managing Director of MarketGauge Group, as Federal Reserve Chair Jerome Powell signals bond-buying taper is coming "soon," with the rate hike possibly starting next year.
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A Message from CoinDesk
Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio.
At Bitcoin for Advisors 2021 on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
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Latest Headlines
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Kentucky Becomes 4th US State to Act Against Crypto Lender Celsius
The regulator is alleging Celsius' interest-bearing accounts violate state securities law.
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US House Passes National Defense Act Containing Crypto Provision, Awaits Senate Approval
The provision, included in the defense bill, signals a chance it could soon pass into law.
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Future of Life Insitute to Launch Vitalik Buterin Fellowships Centered on AI Safety Research
The Vitalik Buterin Ph.D. and postdoctoral fellowships are centered on existential safety research in artificial intelligence.
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Hours Before S. Korean Registration Deadline, Only 10 Exchanges Have Submitted Applications
Virtual asset service providers rush to file their documents before midnight tonight.
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Coach and GQ China Arm to Launch NFTs on Ethereum
The two household names partner with a small startup tackling ZK rollups.
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Bitcoin Likely to Rally After September Options Expiry: Deribit Poll
Deribit is the world's largest crypto options exchange, accounting for more than 80% of global open interest.
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Italian Payments Giant Nexi Says It Is 'Contributing' to Design of Digital Euro
"We are starting to talk about a new version of cash," said Nexi's CEO. "That's why we are engaging with the ECB."
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China Orders Renewed Crackdown on Mining and Trading
China's top regulators are not done with crypto.
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Hive Blockchain Posts Net Income of $42.5M for Year Ended March 2021
The figure compares with a loss of $1.9 million for the previous year.
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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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