  The latest moves in crypto markets, in context Edited by Omkar Godbole October 11, 2021 Sponsored by  (Price data as of October 11 @ 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 Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
– Omkar Godbole
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 Omkar Godbole Optimism that U.S. regulators would approve as many as four futures-based bitcoin exchange-traded funds (ETFs) this month continues to shelter bitcoin from the dour mood in traditional markets. Focus on put-call skews That said, the short-term sentiment in bitcoin's options market has flipped bearish.
The one-week and one-month put-call skews have turned positive again, indicating renewed demand for downside protection or put options. The long-term bias remains bullish, with three- and six-month skews still below zero.
Ether's put-call skews also exhibit short-term bearish bias.
Perhaps someone out there is not as optimistic about an ETF approval as the broader market or expecting traditional market risk-off to feed into crypto markets.
From a technical analysis perspective, bitcoin's potential failure to keep gains above $56,000, which acted as a stiff resistance in the past four days, would be taken to represent temporary uptrend exhaustion.  Bitcoin's put-call skews (Source: Skew) Read the original story here: |
Bitcoin Makes a Push for $57K as Fed Taper Fears Linger
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Technician's Take
by Damanick Dantes
Bitcoin Approaching Resistance Near $58K
Bitcoin (BTC) continues to rise near $56,000, although the rally appears to be exhausted given overbought signals on the charts.
Bitcoin's 4-hour chart with relative strength index (Source: TradingView)
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The relative strength index (RSI) on the four-hour chart is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to mid-Sept.
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Momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.
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BOLO
Be on the lookout for the following events today:
- 12:30 UTC (08:30 a.m. ET):
- ECB's Lane Speech
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Fmr CFTC Chairman Massad on Why Regulating Stablecoins Isn't Just About Avoiding Systemic Risk
"First Mover" is joined by former CFTC Chairman Timotthy Massad as stablecoin regulation comes into focus. Bitcoin briefly breaks $56K Friday, COSIMO Ventures' Co-founder and Managing Partner Rob Frasca provides his take on Bitcoin's most recent bull run. Plus, CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De shares the latest news on stablecoin regulations.
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A Message from CoinDesk
While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
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Latest Headlines
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Sign-In With Ethereum Is Coming
The dangers of letting Facebook control your online identity are clear. One alternative would use your Ethereum wallet instead, and let you control your own data.
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Who Bought $1.6B in Bitcoin Wednesday, and Why?
It's an eerie coincidence that a trade of this size happened on exchanges with ties to Chinese customers during a week beset by that country's capital market woes.
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Airdrop Ethics: VC Firm Draws Ire Following $2.5M Ribbon Finance Exploit
The DeFi community has once again found itself embroiled in a debate concerning the nature of on-chain ethics.
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Tether Has Loaned $1B to Celsius Network: Report
The stablecoin issuer has loaned billions of dollars to crypto companies, according to a Bloomberg investigation.
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Buzz Around Shiba Inu Is Nowhere Close to Retail Frenzy Seen in May
Web data shows SHIB's latest rally has yet to catch the attention of the general public.
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Bitcoin Miner Bitfury Plans to Go Public With Value in 'Billions of Pounds:' Report
The company's is reportedly valued around $1 billion with investors including Mike Novogratz's Galaxy Digital.
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Bitcoin Futures Premium on CME Surges, Hinting At Institutional Demand
A futures-based ETF, if approved, could bring more buying pressure for the CME futures.
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Crypto Miners Hoarding Bitcoins as Price Surges Above $55K
Riot Blockchain, Marathon Digital and Hut 8 have all been "hodling" the bitcoin they've mined in September.
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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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