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First Mover Asia: Bitcoin, Altcoins Rise and Then Sink

First Mover Asia: Bitcoin, Altcoins Rise and Then Sink

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Good morning. Here’s what’s occurring:

Market strikes: The largest cryptocurrency by market capitalization falls below $41,000; ether and different main altcoins additionally drop.

Technician’s take: Oversold situations are attracting short-term bitcoin patrons.

Catch the most recent episodes of CoinDesk TV for insightful interviews with crypto trade leaders and evaluation.

Prices

Bitcoin (BTC): $40,882 -2.2%

Ether (ETH): $3,024 -2.8%

Top gainers

AssetTickerReturnsSector
CosmosATOM+4.7%Smart Contract Platform

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Top losers

AssetTickerReturnsSector
Ethereum ClassicETC−6.5%Smart Contract Platform
FilecoinFIL−4.8%Computing
StellarXLM−3.7%Smart Contract Platform

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Sector classifications are offered by way of the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to supply a dependable, complete, and standardized classification system for digital property. The CoinDesk 20 is a rating of the most important digital property by quantity on trusted exchanges.

Markets

S&P 500: $4,482 -1.1%

DJIA: $34,715 -0.8%

Nasdaq: $14,154 -1.3%

Gold: $1,839 +.05%

Market strikes

After leaping over $43,000 for a short while, bitcoin plummeted under the place it began 24 hours in the past. Ether and the most important altcoins by market capitalization additionally rose promisingly earlier than falling again.

At the time of publication, bitcoin was buying and selling below $41,000, ether had dropped under $3,100, and 19 of the 20 largest main altcoins by market cap had been within the purple.

The strikes downward mirrored ongoing pessimism concerning the financial system and rising rates of interest, and mirrored bearish sentiment about as soon as, high-flying tech shares. After a late sell-off of shares, the tech-heavy Nasdaq Composite index dropped 1.1% in U.S. buying and selling hours. The S&P 500 fell equally.

Joe DiPasquale, the CEO of the crypto fund BitBull Capital, stated traders had been initially upbeat a couple of research by the U.S. Federal Reserve on a digital greenback. “Any news that comes from such an official sources lends crypto credibility, and that credibility leads to increased demand,” DiPasquale stated.

He attributed crypto markets’ current down development “to lower demand and some seasonability. “January is traditionally a comfortable month,” he said. “So I’m hopeful as we lead into the subsequent few weeks that there will probably be elevated exercise and demand.”

Technician’s take

Bitcoin Returns Above $43K; Resistance Near $45K-$48K

Bitcoin (BTC) buyers are attempting to reverse a short-term downtrend on the charts.

Over the past two weeks, price action has been anchored around the $40,000 support level, which is where buyers previously stepped in ahead of the October price rally.

Still, the cryptocurrency could face resistance around $45,000-$48,000 as intraday signals approach overbought territory.

The 100-day moving average on the four-hour chart is sloping downwards, indicating a declining price trend over the past month. A decisive break above $43,000 could signal a positive trend shift on intraday charts.

On the daily chart, bitcoin appears to be oversold, albeit within a downtrend that began in November. That means upside could be limited given the decline in long-term momentum.

Important events

Australia Housing Industry Association new home sales (Dec.)

3 p.m. HKT/SGT (7 a.m. UTC): UK retail sales (Dec. MoM/YoY)

8:30 p.m. HKT/SGT (12:30 p.m. UTC): Speech by European Central Bank President Christine Lagarde

11 p.m. HKT/SGT (3 p.m. UTC): European Commission consumer confidence – preliminary (Jan.)

CoinDesk TV

In case you missed it, here is the most recent episode of “The Hash” on CoinDesk TV:

Will EU Ban Proof-of-Work Crypto Mining? Is Ether or Solana Winning the Hearts and Minds of NFT Investors?

“The Hash” hosts discussed hot topics, including the possible ban of proof-of-work crypto mining in Europe, Argo’s new venture into non-mining business, JPMorgan’s report on NFT market share and more.

Latest headlines

In Long-Awaited CBDC White Paper, Fed Flags Privacy, Financial Stability Risks: The Federal Reserve does not commit to launching (or not launching) a CBDC in the long-anticipated document.

Agoric Raises $50M in CoinList Token Sale to Bring JavaScript Developers Into Crypto: Some 40,000 investors snatched up the BLD tokens in a mere two hours.

UFC Joins NBA, NFL in Dapper Labs’ Sports NFT Suite: The marketplace will feature non-fungile tokens of iconic moments in the fighting league’s history.

Trading Technology Provider BlockFills Raises $37M For Expansion: The Series A was led by a number of institutional investors including Susquehanna Private Equity, CME Ventures and others.

Bank of Russia Calls for Full Ban on Crypto: Russia’s central bank suggests making crypto trading, mining and usage illegal.

Multichain Hack Worsens as Loss of Funds Reaches $3M: Report: Users of the cross-chain bridge say the company is not providing clear information or enough support.

Longer reads

Meta Leans In to Tracking Your Emotions in the Metaverse: Meet the new world, same as the old: Horizon Worlds, where you will be bagged, tagged and mercilessly monetized.

Today’s crypto explainer: What It Takes to Be a Content Creator

Other voices: Experts Raise Warnings About Steve Bannon’s New Cryptocurrency (Mother Jones)

Said and heard

“We’ve seen crypto winters pop up earlier than and it is attainable that we will see that however what strikes me is a yr in the past $37-something-thousand continues to be much more than bitcoin’s peak worth in 2017 when that crypto winter started. (CoinDesk editor Nik De on Cheddar News) …. “In fact, none of the 682,569 items listed when searching Squid Game on OpenSea have any relationship with the intellectual property (IP) holder as it has not licensed anyone to use the trademark for a digital blockchain asset. Yet, all of these derivatives and, frankly, some direct stolen imagery are available for purchase or trade on the world’s largest NFT platform.” (CoinDesk SVP, head of CoinDesk Studios)

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