  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor September 27, 2021 Sponsored by  (Price data as of September 27 @ 11:20 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 and Emily Parker at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
– Bradley Keoun
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  $600 Welcome Rewards Plus 0% Maker Fees When You Trade Spot! We know: you love a good deal — so do we. That's why we're offering $600 worth of rewards to all of our new users when they make a first-time deposit, perform a trade, and more! And the cherry on top: Zero maker fees when you trade spot.
Next level trading, only on Bybit.
Market Moves by Omkar Godbole DeFi Tokens PERP, DYDX Lead Crypto Market Higher, Bitcoin Nears $44K Native tokens of leading decentralized trading platforms are surging as the biggest centralized exchanges Binance and Huobi cut back on China to comply with local regulations.
DeFi coins have picked up a bid in the wake of China's blanket ban on virtual currency related businesses announced Friday and Huobi and Binance's decision to stop serving mainland Chinese investors. The crypto market is perhaps pricing an impending shift in trading volumes to the supposedly censorship-resistant DeFi rails from centralized exchanges.
Messari data shows PERP token has gained 55% in the past 24 hours to trade at $17. PERP is the utility token facilitating and incentivizing the decentralized governance of the Perpetual Protocol.
Launched in 2018 as "Strike" and later relaunched with a new name and the mainnet in December 2020, Perpetual Protocol is a decentralized exchange (DEX) designed for leverage trading, short positions, and low levels of slippage. It uses a virtual automated market maker (vAMM) and collateralization vault to settle trades and enable trading in perpetual contracts, which are futures without expiry.
Coins associated with other decentralized exchanges like Uniswap, SushiSwap, dYdX and Curve have risen between 22% to 35% in the past 24 hours, outperforming crypto leaders bitcoin and ether by a significant margin. Read the original story here: |
DeFi Tokens PERP, DYDX Lead Crypto Market Higher, Bitcoin Nears $44K
| |
Technician's Take
by Damanick Dantes, CMT
Bitcoin Trending Lower on China Crackdown; Support at $36K-$40K
Bitcoin (BTC) buyers defended the $40,000-$42,000 support range over the weekend as selling pressure slows. The cryptocurrency was trading around $43,800 at press time and is up about 1.8% over the past 24 hours. The next level of resistance is around $46,000-$48,000, which could limit further upside over the short-term.
Bitcoin's four-hour price chart shows the cryptocurrency trading below its 100-period moving average. (TradingView, CoinDesk)
- The relative strength index (RSI) on the four-hour chart is not yet overbought, suggesting buyers could remain active towards resistance levels.
- BTC registered a series of lower price highs over the past two weeks as sellers returned around the $50,000 resistance level.
- A break above the 100-period moving average on the four-hour chart could yield further upside towards $48,000. For now, indicators show pullbacks should remain limited around the $40,000 support level.
| |
A Message from ErisX
Are you looking for crypto insight on a more frequent basis? Follow us on Twitter and Facebook for regular market updates on bitcoin and ether as well as crypto market structure and analysis. ErisX is the only spot and U.S. regulated futures market with low fees, instant credits and reliable systems.
Open an account, refer a friend and you are both rewarded $50 after they make their first trade.
| |
BOLO
ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Bitcoin, Ether Down as China Declares All Cryptocurrency Transactions Illegal
"First Mover" hosts dig into the latest China crypto crackdown as the Chinese Central Bank declared all cryptocurrency transactions illegal. Arca CEO Rayne Steinberg analyzes the market movements after this news. Philadelphia 76ers President Chris Heck shares insights into the partnership with crypto.com as the 76ers become the second NBA team to ink a crypto sponsorship deal. Plus, regulatory update from CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De.
| |
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.
| |
Latest Headlines
- Binance to Restrict Offerings in Singapore
Users will no longer be able to access fiat deposit services, spot trading of crypto or buy crypto through fiat channels or liquid swap. -
Huobi to Gradually Expel Its China Users in Wake of Ban; Token Slides to 8-Month Low
Huobi token's price hits the lowest since late January.
-
Singapore Startup Sells Carbon Neutrality Tokens Backed by Chinese Carbon Credits
China launched its carbon trading market in July.
- DAOs May Be the Future of Work, but Don't Bet on Them Being the Next Big Asset Class
The decentralized nature of DAOs and their dependence on vibrant, committed communities can be at odds with investors who are just in it for the virtual Benjamins.
-
Cardano's Commercial Arm to Invest $100M in DeFi, NFTs and Blockchain Education
A "dedicated" operation will commence next year to further DeFi, NFT solutions and blockchain education efforts.
| |
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.
| |
First Mover
A newsletter from CoinDesk
Copyright © 2021 CoinDesk, All rights reserved.
250 Park Avenue South New York, NY 10003, USA
Manage your newsletter subscriptions | Unsubscribe from all CoinDesk email
EmoticonEmoticon