First Mover: Bitcoin’s ‘Rich List’ Continues to Snap Up Cheap Coins

PLUS: Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K

Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 10, 2021 Sponsored by     Bitcoin (BTC) +9.9%%  $38,058 Ether (ETH)  +3.0%   $2,583 (Price data as of June 10 @11:15 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning. Here's what we're writing about: Market Moves: Bitcoin's 'Rich List' Continues to Snap Up Cheap Coins Technician's Take: Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Dave Jevans, Cipher Trace CEO Guy Hirsch, eToro US Managing Director Lindsay Joo, BitBull Capital Investor Relations Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Polkadot (DOT): +11.7% Litecoin (LTC): +7.9% EOS (EOS): +5.4% Bitcoin Cash (BCH): +5.2% Uniswap (UNI): +5.0% Stellar (XLM): +3.7% Chainlink (LINK): +3.3% Losers: Algorand (ALGO): -6.7% NuCypher (NU): -2.8%   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. Market Moves by Omkar Godbole Bitcoin's 'Rich List' Continues to Snap Up Cheap Coins Blockchain data shows sustained bargain hunting by large bitcoin (BTC) holders despite persistent gloom and doom in the market. Addresses carrying at least 1,000 BTC, known as the "rich list" or "whales," held 7.89 million coins at press time, an addition of 80,000 since May 19's price crash to $30,000, according to data provided by Santiment. The total held by the rich list hit a three-month high of 7.91 million earlier this week. "Whales aren't slowing down their accumulation," Santiment tweeted early today. "This is a strong vote of confidence for bulls, seeing top key stakeholders are increasing their bags." Bitcoin held by addresses owning atleast 1K BTC (Source: Santiment) The increase by long-term holders signals accumulation during the bear trend, according to blockchain analytics firm Glassnode. The data show whales and long-term holders remain confident of the cryptocurrency's prospects. Nevertheless, the cryptocurrency may see short-term losses if the U.S. consumer price index, scheduled for release at 12:30 UTC on Thursday, exceeds expectations, boosting concerns of an early unwinding of stimulus by the Federal Reserve. "Large upside scare to the [CPI] print will make the downside below $30,000 very vulnerable, and we are most concerned with that now," QCP Capital said in its Telegram channel. The impending death cross, or the bearish crossover of the 50-day and 200-day simple moving averages, is also hinting at the scope for deeper losses. Prices rose more than 10% on Wednesday, hitting highs above $37,400 even as China announced a ban on virtual-currency mining operations in Qinghai province. El Salvador's decision to adopt bitcoin as legal tender likely buoyed sentiment.   Read the original story here: Bitcoin's 'Rich List' Continues to Snap Up Cheap Coins A message from Nexo Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo. Get started at nexo.io Technician's Take by Damanick Dantes, CMT Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K Bitcoin (BTC) broke above initial resistance at $36,000 after a near 13% rise on Wednesday. The next resistance level is seen at $40,000, which capped upside moves over the past two weeks.   The short-term trend is improving after a series of lower price highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.   Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView) Bitcoin returned above the 100-period moving average on the four-hour chart and is approaching short-term overbought levels. Buyers could remain active towards $40,000 which is also near the 200-day moving average. The cryptocurrency was trading around $38,000 at press time. If a pullback occurs, bitcoin should find initial support around $34,000. Lower support around $30,000 was tested multiple times over the past two weeks as buyers return. Bitcoin will need to break free of the short-term consolidation phase to maintain the bullish uptrend. For now, recoveries appear limited given strong overhead resistance. Read the original story here: Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K A message from Farsite Ever dreamed of owning a spaceship? It is possible in Farsite - upcoming DeFi powered MMO RTS, where NFTs acquired a new meaning. Designed for Ethereum 2.0, Farsite runs cNFT protocol to allow collateral staking against game assets. Explore a myriad of galaxies in the everlasting search for rare resources, modernize your vessel, and trade assets on the open market. Preorder launches May 31 - join the Airdrop to charter your first spacecraft, traveler, the countdown begins. BOLO Be on the look out for some of these upcoming events:   12:30 UTC (8:30 a.m. ET):   Consumer Price Index CPI for May. Est: 0.5% Core CPI Est: 0.5% Initial jobless claims (Jun 5). Est: 370,000 18:00 UTC (2:00 p.m. ET):  Federal budget deficit. Est: ($160 billion) The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   It's Official! El Salvador Adopts Bitcoin as Legal Tender, Blockstream on Its Solar-powered Bitcoin Mining Project With Square "First Mover" covers this historical time of firsts for crypto from El Salvador becoming the first country to adopt bitcoin as legal tender to TechCrunch founder Michael Arrington selling his apartment as an NFT. Joining the show is Adam Back, CEO of Blockstream, who offered to support El Salvador as the population begins to use bitcoin as money. Plus, Blockstream's project with Square to build a solar-powered bitcoin mining facility. Greg King, of Osprey Funds, has his crypto markets analysis. CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops. Latest Headlines Elizabeth Warren, US Lawmakers Put Bitcoin on Trial in Senate CBDC Hearing While a Senate Banking Committee hearing ostensibly focused on central bank digital currencies, bitcoin's role in the ecosystem drew much of the attention. World's Largest Meat Company Pays $11M in Bitcoin Ransomware Attack The attack on the world's largest meat producer bore similarities to one on Colonial Pipeline two weeks earlier. Bitstamp Hires New CCO to Guide Exchange Through 'Evolving Regulatory Landscape' Thomas Hook, who has extensive risk and compliance experience, is charged with maintaining a dialogue with global regulators. Boson Pays Record $704K for Decentraland Plot to Create a Virtual Mall: Report The blockchain protocol will allow users of Decentraland communities to exchange virtual and real-world products.   Developer of China's Blockchain-Based Service Network Gets $30M in Series A Funding The funding will go towards bolstering BSN's team as well as expanding the firm's global market for its platform.   Hardware Wallet Maker Ledger Gets $380M in Series C Funding Round Funding will go towards furthering innovation of its hardware products and expanding its enterprise capabilities. Denmark's Century-Old Tax Code to Get Crypto Facelift: Report The ministry cites a risk of fraud and an increased number of tax filing errors as the catalyst for cracking down on crypto tax evasion. UK Financial Watchdog Warns That ICO Crypto Is a Clone Company The firm was identified as using details of the legitimate company, Swiss Re Capital Markets.   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.  ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is. First Mover   A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.