Cryptocurrencies Retreat as Bitcoin Pulls Back From $52K

ALSO: Ether Futures Open Interest Hits New High of $11.6B

The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor, Markets September 7, 2021 Sponsored by     Bitcoin (BTC) -1.7%  $50,931 Ether (ETH)  -5.0%  $3,753 (Price data as of September 7 @ 10:30 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Ether Futures Open Interest Hits New High of $11.6B Technician's Take: Bitcoin Pulls Back from Resistance; Support at $49K-$50K And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Emily Parker at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Seth Melamed, Liquid Group Leah Wald, Valkyrie – Bradley Keoun Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Algorand (ALGO): +1.3%   Losers: Filecoin (FIL): -10% Uniswap (UNI): -9.1% Ethereum Classic (ETC): -8.3% Aave (AAVE): -8.2% 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. 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Market Moves by Omkar Godbole Ether Futures Open Interest Hits New High of $11.6B Ether's price rally has revved up investor interest in derivatives tied to the native cryptocurrency of Ethereum's blockchain.   Open positions in ether futures rose to $11.6 billion on Monday, surpassing the previous peak of $11.25 million reached May 11, according to data provided by Glassnode.   The value has more than doubled since late June, signaling an influx of money into the market, according to Gustavo De La Torre, business development director at crypto exchange n.exchange.   "Ether is constantly on a bullish trend, suggesting that the majority of investors are betting on an increased price surge in the near term," Torre added. Ether futures open interest has jumped in recent weeks. (Source: Glassnode) Read the original story here: Ether Futures Open Interest Hits New High of $11.6B Technician's Take by Damanick Dantes, CMT Bitcoin Pulls Back from Resistance; Support at $49K-$50K Bitcoin (BTC) is declining after testing resistance near $52,000 on Monday. Initial support is seen at the $50,000 breakout level where buyers displayed strength last week. The cryptocurrency is trading around $51,000 at press time and is up about 8% over the past week. caption 12pt (Source: TradingView) The upward sloping 100-period moving average on the four-hour chart could stabilize the short-term pullback above $49,000. The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which preceded profit taking during Asia hours. The RSI continues to diverge from bitcoin's rally over the past month, signaling slowing upside momentum. However, pullbacks appear to be limited given multiple breakouts on the charts. Bitcoin retreats after meeting price resistance around $52,000. (TradingView, CoinDesk)   Read the original story here: Bitcoin Pulls Back from Resistance; Support at $49K-$50K A Message from ErisX ErisX has one of the lowest fee structures in the industry. We offer low transaction fees, low Blockchain fees, and do not charge for storage.  We also provide instant credits for passive order flow.  Watch this video for more information about our Get Paid to Rest program.   Open an account, refer a friend, and you are both rewarded $50 after they make their first trade. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Sam Bankman-Fried on Crypto's Future 29-year-old multi-billionaire Sam Bankman-Fried, head of crypto exchange FTX, trading firm Alameda Research, decentralized finance (DeFi) project Serum, and now the new owner of options platform LedgerX, joins a special episode of "First Mover" to discuss his personal mission and vision for the crypto industry at large. Plus, insights into crypto regulation, leveraged tokens, DeFi, altcoins, Web 3.0, business partnerships, altruism, and utilitarianism.   Latest Headlines Moody's Wants to Get Its Head Around DeFi The credit-ratings giant is looking for staff to support research on DeFi, CBDCs, stablecoins, NFTs and other crypto-assets. Blockchain IoT Market to Be Worth $5.8B by 2026 The study by Research Dive of the global internet-of-things (IoT) market projects a compound annual growth rate (CAGR) of 91.5% from 2018, when the market was valued at $32 million. El Salvador Buys 200 BTC Before Bitcoin Law Takes Effect President Nayib Bukele announces purchase on Twitter on Monday, saying the country's brokers "will be buying a lot more as the deadline approaches." The new Bitcoin Law officially took effect Tuesday. 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.  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.