  The latest moves in crypto markets, in context Edited by Omkar Godbole November 24, 2021 Sponsored by  (Price data as of November 24 @ 12:50 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.
– Omkar
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Top 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  Did you know that you can claim up to $200 in bonuses on Bybit's Rewards Hub for completing certain tasks? If you are a new user:
Market Moves by Omkar Godbole Major coins were trading flat-to-negative early Wednesday as the dollar reached a fresh 16-month high in the currency markets.
Gaming tokens were resilient with metaverse platform The Sandbox's SAND rallying 25% to hit record highs above $7.00. Adidas, which recently ventured into metaverse with the launch of POAP, or proof of attendance protocol, on its adidas CONFIRMED app, tweeted Tuesday about developing a so-called "adiVerse" in partnership with The Sandbox.
Tether (USDT), the world's largest stablecoin by market value, traded volatile on Indian exchanges amid renewed regulatory uncertainty.
The stablecoin launched to help mitigate volatility associated with other digital assets should always be worth $1 or rupees (₹) 74.37, as per the current dollar-rupee or USD/INR exchange rate.
However, on Tuesday, USDT crashed on prominent local platforms, hitting as low as ₹60 on the Mumbai-based WazirX exchange while maintaining the 1:1 peg with the dollar on western exchanges.
Some traders took advantage of the mispricing and bought tether at a discount. "There was an arbitrage opportunity in buying USDT at Rs. 60 to sell it at the peg or premium," trader Swarang Tanksali told CoinDesk in a WhatsApp chat. "I purchased tether around ₹62 on CoinDCX exchange."
MintingM, an India-based crypto asset management company, said many traders could not take advantage of the mispricing as a sudden spurt in trading volumes in the wake of regulatory news led to technical glitches on major exchanges. "Many investors were unable to transfer money to exchanges," MintingM said. "Those holding INR on exchanges could take the gambit." |
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Technician's Take
by Omkar Godbole
SOL Looks Weak
BTC's 4-hour chart (Source: TradingView)
- Programmable blockchain Solana's SOL token continues to chart bearish lower highs.
- The 4-hour chart MACD histogram is flashing a fresh bearish cross.
- The immediate support is seen at $200 followed by the recent low of $186.
- A move above the descending trendline would negative the bearish view.
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BOLO
Be on the lookout for the following events today:
- 13:30 UTC (08:30 a.m. ET):
- U.S. Q3 Gross Domestic Product Est:
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts speak to Crypto.com CEO Kris Marszalek as crypto exchanges go on a sports sponsorship binge. Katie Stockton, Fairlead Strategies technical analyst, shares her insights into the market movements. Plus, Lukas Enzersdorfer-Konrad, Bitpanda Chief product officer, explains the new partnerships with French mobile financial services super-app Lydia join forces to facilitate access to digital asset investing for everyone.
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A Message from CoinDesk
Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.
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Latest Headlines
- 'Crypto-States' Will Compete With Corporates in the Metaverse
It's Facebook's Meta versus open DAOs. And the battle will come down to hardware, specifically, microchips.
- Animoca Brands Leads $18M Series A for Play-to-Earn Upstart Avocado Guild
The guild wants to empower members to participate in virtual worlds and Web 3.
- Blockade Games Raises $5M Round At $23M Valuation From Animoca Brands, Others
The round was led by metaverse and NFT stalwart Animoca Brands.
-
Japanese Consortium Plans to Issue Bank Deposit-Like Digital Yen by 2022-End
Mitsubishi Corp. will lead a trial expected to start in January 2022.
- Republic of Palau Joins Hands With Ripple to Develop Digital Currency Strategy
The fintech company will explore the country's first digital currency strategy and its use case.
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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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