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First Mover Asia: Bitcoin Drops Following First US Omicron Case

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Good morning. Here’s what’s taking place this morning:

Market strikes: Crypto markets opened December with blended performances as merchants stay in a wait-and-see mode.

Technician’s take: BTC’s uptrend is undamaged with bettering value momentum. Downside seems to be restricted across the $53K-$55K help zone.

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

Prices

Bitcoin (BTC): $57,095 -0.2%

Ether (ETH): $4,593 -1%

Markets

S&P 500: $4,513 -1.1%

Dow Jones Industrial Average: $34,022 -1.3%

Nasdaq: $15,254 -1.8%

Gold: $1,782 +.53%

Market strikes

Bitcoin briefly dropped beneath $57,000 throughout U.S. buying and selling hours on Wednesday after information broke that well being officers within the nation confirmed the primary case of the brand new coronavirus variant, Omicron, in California. At the time of publication, the most important cryptocurrency by market capitalization was buying and selling simply above $57,000 however nonetheless down for the day.

The drop worn out bitcoin’s earlier positive aspects when it elevated above $59,000 from a low at roughly $55,920 a day in the past. Stocks additionally fell, with the S&P 500 dropping by 0.49% on Wednesday.

One analyst stays optimistic concerning the potential Omicron’s long-term influence on crypto.

“While the new coronavirus variant has raised concerns over potentially tumbling down crypto prices, it is also essential to note that crypto markets had observed strong growth throughout [the pandemic],” Danny Chong, co-founder of Tranchess, a Binance Smart Chain-based, yield-enhancing, asset-tracking protocol, mentioned by way of a consultant.

Ether additionally retreated, right down to about $4,575 from as excessive as $4,782.40, in response to CoinDesk’s knowledge, ending its four-day successful streak. As an funding asset, ether posted a robust month-to-month return in November, beating bitcoin and macro property, together with the S&P 500, gold and bonds.

(CoinDesk Research)

But a couple of different layer 1 blockchain tokens remained within the inexperienced on Wednesday, together with polygon (MATIC), terra (LUNA) and solana (SOL).

Technician’s take

Bitcoin Rangebound Between $55K Support and $60K Resistance

Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView)

Bitcoin’s (BTC) value momentum is bettering, which might restrict additional draw back between the $53,000-$55,000 help vary.

Buyers might want to make a decisive transfer above $60,000 resistance to yield an upside goal towards the all-time value excessive of almost $69,000.

For now, BTC is buying and selling in a good vary and has been roughly flat over the previous week. The relative energy index (RSI) on the each day chart is rising from oversold ranges of final week, which generally precedes a value bounce.

Support stays intact given the upward-sloping, 100-day transferring common. This signifies a optimistic intermediate-term pattern, which might encourage further shopping for on pullbacks.

Important occasions

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia imports/exports (Oct. MoM)

1 p.m. HKT/SGT (5 a.m. UTC): Japan client confidence index (Nov.)

6 p.m. HKT/SGT (10 a.m. UTC): Eurostat producer value index (Oct. YoY/MoM)

9:30 p.m. HKT/SGT (1:30 p.m. UTC): Atlanta Federal Reserve President Raphael Bostic speaks on housing costs

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CoinDesk TV

In case you missed it, listed here are the latest episodes of “First Mover” on CoinDesk TV:

Venture Capital Investor Tim Draper on Crypto, Investment Strategy and the State of Economy

“First Mover” hosts spoke with outstanding enterprise capitalist Tim Draper for his insights on the crypto markets, the booming non-fungible token (NFT) area, the state of the financial system and his funding technique. Plus, NFT Ecosystem Enjin’s Chief Technology Officer Witek Radomski shared particulars behind the $100 million metaverse fund for Efinity.

Latest headlines

Hashed Raises $200M for Web 3 Investments: The South Korean enterprise agency has now raised $320 million up to now 12 months.

Payments Giant Square Is Changing Its Name to Block: The transfer creates room for the corporate to maneuver additional past its roots as a enterprise centered on serving sellers.

Morgan Stanley Sees Crypto-Banking Regulation Arriving Faster Than Expected: The financial institution’s analysts say that is optimistic for crypto banks Silvergate and Signature.

Structure Raises $20M to Fund Development of Mobile App: Polychain Capital led the seed spherical funding.

AAG Ventures Raises $12.5M to Launch New Learn-to-Earn Platform: The firm may even create a platform for constructing play-to-earn guilds.

Longer reads

The World Bitcoin Will Build

Who Sets the Rules of Bitcoin as Nation-States and Corps Roll In

Today’s crypto explainer: How to Store Your Bitcoin

Other voices: Why it is wise to add bitcoin to an investment portfolio (The Economist)

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