Bitcoin Steady as OMG Hits 3-Year High

CHARTS: Bitcoin Retreats From Resistance at $48K

The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Omkar Godbole, Senior Reporter October 4, 2021 Sponsored by     Bitcoin (BTC) -0.59%  $47,600 Ether (ETH)  -2.6%  $3,318 (Price data as of October 4 @ 11:00 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: Bitcoin Steady Around $48K as OMG Token Hits 3-Year High Technician's Take: Bitcoin Declines From $48K Resistance; Support at $45K And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Giovanni Méndez, Puerto Rico Blockchain Trade Association Stephen Ehrlich, Voyager Digital Reuben Youngblom, Digital Currency Initiative – Omkar Godbole Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Algorand (ALGO): +7.10% Losers: Stellar (XLM): -5.3% Aave (AAVE): -5% Ethereum Classic (ETC): -4.5% 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. A message from ByBit Earn Up to 600 BIT — And Be Part of BitDAO   We're giving you so many ways to earn BIT, there's practically no way you can miss out on joining the world's largest decentralized autonomous organizations, BitDAO.   All you have to do to earn up to 600 BIT is to meet the min. all-time trading volume threshold in both Spot and Derivatives since joining Bybit.    And here's a tip: Your Spot trading volume will count for much, much more. Only from 00:00AM UTC on Sept. 29, 2021 to 00:00AM UTC on Oct. 16, 2021.    Learn more about this exclusive offer on Bybit today.   Market Moves by Omkar Godbole OMG Rally Continues Even as Bitcoin Takes a Breather While bitcoin and the broader crypto market look to be taking a breather, OMG, the native token of scaling solution OMG Network, has reached a 3.5-year high of $18 on Coinbase.    The token has charted a six-fold rally since July 19. Analysts said OMG is benefitting from surging investor interest in so-called layer 2 or "L2″ scaling projects that facilitate faster and cheaper transactions and help reduce the load on Ethereum's blockchain.  OMG token's daily price chart (Source: TradingView) OMG's continued rise amid lackluster action in bitcoin represents market maturity – a shift from the early days of purely sentiment-based trading led by bitcoin.  OMG's exchange balance hits there-year low (Source: Glassnode) OMG's rally is accompanied by an exodus of coins from exchanges. A slide in exchange balance is widely taken to represent strong holding sentiment.  Read the original story here: Bitcoin Steady Around $48K as OMG Token Hits 3-Year High Technician's Take by Damanick Dantes, CMT Bitcoin Declines From $48K Resistance Bitcoin (BTC) has pulled back slightly from the $48,000 resistance as short-term indicators reached overbought levels over the weekend.  The next level of support is seen around $45,000, which could stabilize the pullback. Bitcoin's four-hour price chart with RSI (Source: TradingView, CoinDesk) The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels. The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off. Read the original story here: Bitcoin Declines From $48K Resistance; Support at $45K A Message from Chainalysis Looking for your ticket #ToTheMoon? 🚀   Market Intel by Chainalysis - the blockchain data platform - arms you with the most complete on-chain dataset for crypto research and investment decisions.   Whether you're an Asset Manager searching for a signal...   A Quant Analyst interested in spotting market trends...   Or a VC looking to fund the next emerging crypto player...   Market Intel will help you reach your goals, utilizing 53 metrics across 10 categories—like whales, exchanges, liquidity, and supply. To get started, head to markets.chainalysis.com. BOLO Be on the lookout for the following events today: All day (Oct. 4 - 5): Oslo Freedom Forum 2021 / Bitcoin Academy ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Did Jerome Powell's Comment on Crypto Regulation Send Bitcoin Price Higher? "First Mover" hosts dig into today's market actions: bitcoin is up more than 10% after Fed Chair Jerome Powell said the U.S. has no intention to ban cryptocurrencies. Ben Cruikshank, Head of Flourish, provides his analysis. The U.S. bipartisan infrastructure bill is delayed in the House of Representatives, but House Speaker Nancy Pelosi promises a vote today. House Financial Services Committee member Rep. Tom Emmer (R-Minn.) joins our discussion. Plus, Zero Hash is eyeing expansion into DeFi and NFTs after raising $35 million. Co-founder Edward Woodford provides more details. A Message from CoinDesk While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.  Latest Headlines It's a Multi-Chain World, Bitcoin Just Dominates It The original blockchain still reigns, but neither Bitcoin nor its closest competitor, Ethereum, can count on becoming the only game in town any time soon. $22M Drained From Compound Contract That Was Hit for $80M Last Week About $66 million - and counting - was recently added to the still vulnerable contract thus making more funds available for exploit Polygon Flips Ethereum on Active User Addresses Increased network usage often translates into higher demand for the native token. Hive Blockchain First-Quarter Profit Jumps More Than 10-Fold Hive Blockchain said fiscal first-quarter profit climbed to $18.6 million from $1.8 million in the year-earlier period. CoinDCX Appoints Bollywood Superstar Amitabh Bachchan as Brand Ambassador CoinDCX is confident that Bachchan's mass appeal will bring more visibility for the crypto industry. CBDC Impact on Banking Sector Could Be Manageable: New BIS Report Three new reports by a BIS working group analyze policy options and practical implementation issues of a retail CBDC. Fed to Launch CBDC Review as Early as This Week: Report Officials at the Fed are set to release a paper soliciting public comment on the matter. Friday's Crypto- Breakout Caused Massive Short Covering, May Be Technically Significant: FSInsight Technical breakouts made by some cryptocurrencies led to "massive short covering," the firm said in a report. 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 Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email