First Mover Asia: Bitcoin Rally Stalls After US Central Bank Chair’s Comments; Ether Rises

Good morning. Here’s what’s occurring this morning:

Market strikes: Bitcoin dropped on U.S. Fed Chair Powell’s remark, whereas ether gained extra market share.

Technician’s take: Support ranges stay intact, which may set up a decent buying and selling vary between $55,000-$60,000 BTC into the Asian buying and selling day.

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


Bitcoin (BTC): $57,157 -1.3%

Ether (ETH): $4,642 +4.4%


S&P 500: $4,567 -1.9%

Dow Jones Industrial Average: $34,483 -1.8%

Nasdaq: $15,537 -1.5%

Gold: $1,772 -.80%

Market strikes

Bitcoin’s worth sank after U.S. Federal Reserve Chair Jerome Powell warned Tuesday that the chance of upper inflation has “elevated,” signaling the central financial institution would take into account fastening the discount of its asset buy insurance policies which have boosted the markets for dangerous property.

“A quicker Fed taper and increased [interest] rate hike expectations was dangerous information for bitcoin,” Edward Moya, senior market analyst at foreign-exchange dealer Oanda, wrote in a market commentary. “Bitcoin is buying and selling extra like a dangerous asset than an inflation hedge.”

On the opposite hand, ether, the second-largest cryptocurrency by market capitalization, ended Tuesday with its fourth straight day of beneficial properties, buying and selling above $4,600, based on CoinDesk’s knowledge.

“Ethereum remains to be the favourite crypto guess for many merchants and looks as if it would make one other run in the direction of $5000 as soon as threat urge for food returns,” Moya added.

Ether’s rising market dominance can be mirrored on the ether-bitcoin (ETH/BTC) chart: The ETH/BTC each day chart on crypto alternate Binance was up by greater than 5.2%, on the time of writing, based on TradingView.

Other layer 1 blockchain-associated tokens additionally posted beneficial properties on Tuesday, led by Terra blockchain’s LUNA token, which logged a brand new file excessive worth.

Read More: UST Stablecoin Demand, DeFi Incentives Drive Terra’s LUNA to New All-Time High

Technician’s take

Bitcoin Declined Below $58K; Support Between $53K-$55K

Bitcoin four-hour price chart shows support/resistance levels (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) consumers didn’t maintain Monday’s worth bounce, though support round $53,000-$55,000 may stabilize the present pullback.

The cryptocurrency is down about 2% over the previous 24 hours and is roughly flat over the previous week.

The downward-sloping, 100-day transferring common on the four-hour chart signifies a short-term downtrend. This means consumers have constantly taken some revenue on rallies over the previous month.

Recently, the $60,000 resistance degree has been a key hurdle for consumers regardless of oversold readings on the charts. So far, assist ranges stay intact, which may set up a decent buying and selling vary between $55,000-$60,000 into the Asian buying and selling day. BTC was buying and selling round $57,800 at press time.

Important occasions

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Jibun Bank Manufacturing buying managers’ index (Nov.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia gross home product (Q3/YoY/QoQ)

9:45 a.m. HKT/SGT (1:45 a.m. UTC): Caixin China buying managers’ index (Nov.)

3 p.m. HKT/SGT (7 a.m. UTC): Germany retail gross sales (Oct. YoY/MoM)

CoinDesk TV

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

Jack Dorsey’s Plan After Resigning as Twitter CEO, Hedera Hashgraph CEO on Real-time Intercontinental Settlement Using Stablecoins

“First Mover” hosts spoke with Blockchain Association Executive Director Kristin Smith as her group raised $4 million to broaden its presence on Capitol Hill. WisdomTree Head of Digital Assets Jason Guthrie shared insights into crypto markets as bitcoin six-month “put-call skew” flipped bearish for the primary time since May. Plus, Hedera Hashgraph co-founder and CEO Mance Harmon defined the brand new partnership with South Korea’s Shihan Bank and multinational Standard Bank on stablecoins.

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Longer reads

The Future of Money: A History: Accounting has outlined civilization for hundreds of years. And, now because of crypto, we’re going to see accounting 3.0. This essay is a part of CoinDesk’s Future of Money Week.

Who Sets the Rules of Bitcoin as Nation-States and Corps Roll In: Can a small group of Core builders shield bitcoin’s integrity now it’s a matter of geopolitical relevance?

Today’s crypto explainer: Is Bitcoin Legal?

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