First Mover Asia: Bitcoin, Ether Regain Ground Sunday After Early Weekend Battering

Good morning. Here’s what is happening:

Market movement: Bitcoin traded above $ 36,000 on Sunday after continuing its recent decline earlier in the week.

Hiring technicians: BTC is stabilizing on the chart today, though $ 30,000 is a more significant level to watch due to the long-term bearish momentum.

Follow the latest episodes Of CoinDesk TV for insightful interviews with crypto industry leaders and analysts.

Price

Bitcoin (BTC): $ 36,202 + 3.4%

Ether (ETH): $ 2,532 + 5.4%

Top Profit

Assets Tickets Return Sector
Cosmos Atoms + 3.4% Smart Contract Platform

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Top losers

Assets Tickets Return Sector
Computer Internet ICP −9.2% Computer
Litecoin LTC −9.2% Currency
Filecoin FIL −9.0% Computer

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Sector classification is provided through Digital Asset Classification Standards (DACS)) Developed by CoinDesk Indices to provide a comprehensive, reliable and standardized rating system for digital assets. This. CoinDesk 20 Is the largest quantitative classification of digital assets on the trust trades.

Marketing

S&P 500: 4,397 -1.8%

DJIA: 34,265 -1.3%

Nasdaq: 13,768 -2.7%

Gold: 1,834 -0.2%

Market changes

Bitcoin set an unforgettable three-day period, falling below $ 34,400 at the beginning of the weekend, before a small return on Sunday.

At the time of publication, the world’s largest cryptocurrency, with market capitalization, was trading well above $ 36,000, up nearly 3.4% in the previous 24 hours, but falling sharply all of its time close. $ 69,000 set in early November. Trading volume was light, with many investors continuing to assess the troubled economy and the sharp decline in the stock market.

The Nasdaq Heavy Tech fell 2.7 percent on Friday as investors continued to turn away from the stock, leading to stock price gains in recent years. The other two major indices, the Dow Jones Industrial Average and the S&P 500, were down 1.3 percent and 1.8 percent, respectively. The market slump was triggered by widespread concerns about interest rates, supply chain inefficiencies and the emerging virus that is gathering momentum in many parts of the United States. The other.

Ether fell below $ 2,400 on Saturday before returning to base camp above that level, where it spent the rest of the weekend. At the time of publication, the second largest cryptocurrency on the market was trading above $ 2,500, up nearly 5.5%. Most of the major altcoins spent Sunday as red.

“The market is taking its breath as investors look to open Asian markets for signs of what the stock will do this week,” Joe DiPasquale, chief executive of BitBull Capital crypto fund, told CoinDesk. “If the Asian market is very open, we can expect the demand for cryptocurrencies to increase, and even more so if the US market is strong on Monday.

DiPasquale added: “Crypto is still looking for its way out, whether it’s hedging like digital gold moving in the opposite direction to stocks, or whether it’s a risky asset that will fail if stocks continue to fail on Monday, as many stock indices do. While most optimistic about the investment case for Crypto cited long-term data pointing to Bitcoin not being related to other asset classes, the data over the last two years showed Correlation of Bitcoin and stock prices.

Technician Acceptance

Bitcoin sales deepen below $ 40K; A little help nearby

Bitcoin (BTC) failed to maintain short-term support at $ 40,000 as sellers maintained a two-month bearish trend.

The oversold signal per day is not enough to support the auction, which means that the long-term indicator is more reliable to target the price of bitcoin.

BTC traded around $ 36,200 at the time of the press and fell 17% last week.

The decline of rising momentum on the monthly and weekly charts has been a persistent topic since December. When the long-term uptrend declines, the seller usually outperforms the buyer, despite occasional oversold signals.

In addition, as retreats (percentage drops from peak to peak) become more severe, short-term traders tend to reduce their position size and tighten trading parameters around support and resistance areas.

Bitcoin is about 40% below its all-time high of $ 69,000, a significant drop. The last pullback was in July, when BTC settled near $ 28,000 after falling about 50% from its peak.

For now, first aid is around $ 35,000- $ 37,000, which can stabilize current sales. The Relative Strength Index (RSI) on the daily chart is the highest selling price since May 19, two months before side trading before the recovery.

If sales pressure picks up this week, BTC could seek more support around $ 30,000.

Highlights

8:30 am SGT / HKT (12:30 am UTC): Jibun Bank Purchasing Managers’ Index (PMI) (Primary)

5pm SGT / HKT (9am UTC): Markit European PMI Manufacturing (January First)

10:45 pm SGT / HKT (2:45 pm UTC): US Markit Manufacturing PMI (Early January)

11:30 pm SGT / HKT (3:30 pm UTC): Dallas Fed Production Index (January)

CoinDesk TV

In case you missed it, here is the latest episode of “First Mover” on CoinDesk:

Bitcoin falls below $ 40K, Fed releases white paper on central bank digital currency, SEC President Gary Gensler wants more control of Crypto

The “First Mover” host was joined by Congressman Tom Emmer (R-MN) as he introduced a new bill aimed at limiting the Federal Reserve’s ability to issue digital currency. This comes as the Fed has just released the long-awaited white paper on the digital dollar. Bitcoin fell to a five-month low. MarketGauge Group Managing Director Michele Schneider provided her analysis. In addition, former SEC Commissioner and CEO Patomak Global Partners Paul Atkins provided the latest regulatory signal from SEC President Gary Gensler.

Last title

Bitcoin leads for the worst week in eight months as traders mourn ‘Pikachu pattern’: The price seems stable at around $ 35,000, but jokes filled social media sites as more than $ 1.5 billion of traditional positions were dissolved.

No, tech stocks do not boost cryptocurrency prices: The relationship between bitcoin and Nasdaq is there, but it is not as strong as some have suggested.

Here’s why Bitcoin fell 11% in 24 hours: Bitcoin is currently trading about 45% below its all-time high of $ 68,700.

Crypto Market Cap falls below $ 2T on sale: When bitcoin and ether break the $ 40,000 and $ 3,000 support levels, some altcoins are trading 60% -80% down from the highs cycle.

Ethereum Could Take Leading Position as Smart-Contract Blockchain Company: Coinbase Analyst: The only real “ETH killer” could end up in Ethereum 2.0, according to analyst for US exchange Coinbase.

Crypto Tantra traders to make payments after ‘GBTC discount’ expands to record: Grayscale Bitcoin Trust (GBTC) has been trading at a sharp discount since February last year, but further expansion proves too much for a trading company.

Twitter seeks senior Crypto role on heels of NFT verification announcement: Job Posting “NFT Tools, Membership Symbols, DAOs and More!”

Read longer.

Simpin ‘Not Easy: The Business Feelings Behind IreneDAO: Crypto seems to be ready to expand the existing financial relationship between influencers and their imaginary supporters.

Today’s Crypto Explainer: What is SegWit?

Other voices: Money in the Metaverse

Spoke and listened

“What we will hope for is that as we move into week after month, month after month, we will see across the country the level of infection reaching below what I call the management area.” . (Anthony Fauci on ABC’s This Week) … “Some executives now say supply challenges are worse than ever. Lack of workers makes many products in supply short. “With availability, sometimes changes every day.” (US food supplies under pressure from plants to stocks / The Wall Street Journal) … “Hunt offers a similarity here: our future engagement with the metaverse could Imitating the way, with the help of science, we have come to embrace the true existence of the invisible “microwave”: the realm of viruses, parasites, and other microbes, since then we have learned how to organize, sometimes in a bad way. (CoinDesk Content Chief Michael Casey) … “Many altcoins are backed by their lows in the summer of 2021, making it important that bitcoin be backed when it sets the tone for cryptocurrency size. . (Katie Stockton, Managing Director of Fairlead Strategies, quoted by CoinDesk)

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