Polkadot Leads Altcoin Losses After Bitcoin Is Rejected at $52K

Crypto Futures See $300M in Losses After Spot Market Drops

The latest moves in crypto markets, in context Edited by Bradley Keoun (Substituting for Omkar Godbole) December 28, 2021 Sponsored by     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: Polkadot leads altcoin losses after bitcoin Is rejected at $52K. Technician's Take: Price-chart indicator RSI signals retreat from overbought conditions. 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: Andriy Velykyy, co-founder, Allbridge.io Market Moves By Shaurya Malwa Bitcoin failed to hold above $52,000 after briefly breaking through the resistance level on Monday, and slipped below $49,500 in early European hours on Tuesday, pulling the broader market lower.   Leading losses among the top 10 cryptocurrencies by market capitalization were Polkadot's DOT tokens, which fell 8% in 24 hours after being a top gainer on Sunday. Others such as Solana (SOL), Cardano (ADA) and XRP averaged losses of 3.4%, while binance coin (BNB) gained 0.4%.   A catalyst for DOT's upward price movement last week was the start of the second batch of parachain auctions on the Polkadot network. Parachains are distinct blockchains that run atop the main Polkadot network. Polkadot, however, has a limited number of openings available. To gain access, a parachain has to win a community-run auction that uses DOT to vote for slots, leading to increased demand for the cryptocurrency.   The drop in crypto markets prompted almost $300 million in liquidations across several crypto futures, data from analytics tool Coinglass showed. More than 109,000 traders' positions were liquidated in the past 24 hours. Coinglass chart shows uptick in liquidations after Monday's price drop. (Coinglass) Read More:  Polkadot Leads Altcoin Losses After Bitcoin Is Rejected at $52K A Message from Bybit Jolly Gifts From Bybit's Santa Sleigh 'Tis the season to give and we're giving you a chance to get on Bybit's nice list for an amazing Christmas gift. All you have to do is trade, complete a couple of Christmas tasks, and you'll stand a chance to drive away your very own Tesla Model 3. Other attractive gifts in the Santa sleigh include iPhone 13, $50 Amazon gift cards, and more! Don't wait to get on Bybit's nice list — join the Jolly Jamboree today. Sign Up Now Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH)  See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Top Gainers: There are no gainers in CoinDesk 20 today. Top Losers:  Asset Ticker Returns Sector Polkadot DOT −8.0% Smart Contract Platform Polygon MATIC −7.2% Smart Contract Platform Ethereum Classic ETC −6.0% Smart Contract Platform Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.  Technician's Take By Shaurya Malwa RSI Signals Retreat From Overbought Conditions Lower chart shows bitcoin's relative strength index sliding – suggesting a retreat from overbought conditions. (TradingView) Bitcoin's Relative Strength Index (RSI), a price-chart indicator, slid to favorable levels in European hours on Tuesday after reaching overbought conditions last Friday. The tool calculates market momentum for assets, and an overbought level implies prices are overvalued and may be primed for a trend reversal or corrective price pullback. RSI readings for bitcoin hovered at 40 on Tuesday after reaching an overbought level of over 72 on Friday, when prices touched $51,000. Bitcoin rests at a $49,300 support level at press time, one it failed to break thrice in December 2021. A Message from NowRX This company's share price increased 1,650% from 2016 – Own a piece today!   NowRx is disrupting the $480B retail pharmacy industry using proprietary software and robotics to provide a more personalized, hassle-free pharmacy experience.   In 2020, the company saw revenue grow 90% YoY and this year they're on pace to top $22M. Oh and did we mention their telehealth service grew over 3,000% since January?   Don't miss your chance to own shares of this high-growth startup!   Invest in NowRx   Find out more Latest Headlines Bitcoin Long Term Holders Stay Strong Despite $20K Drop From Last Month's High Polkadot Leads Altcoin Losses After Bitcoin Is Rejected at $52K Ozzy Ozbourne, Black Sabbath Frontman Who Purportedly Bit the Head Off a Bat, Is Betting Fans Will Be Hungry for His New NFTs DeFi Traders Push Terra's UST Stablecoin to $10B Market Cap Three Dominant Trends in the Future of Blockchain Gaming Introducing CoinDesk's new Digital Asset Classification Standard, which was created in response to the significant growth of the number and types of digital assets offered in the market and the realization that traditional classification standards used for equities and other asset classes could not be adapted accurately to classify digital assets. Read more about DACS. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Grayscale's 2022 Outlook, A Shift in Bitcoin Demographics, End-of-Year Taxes   "First Mover" dives into crypto markets and end-of-year taxes. Joining the show to discuss are Rayhaneh Sharif-Askary, head of Investor Relations at Grayscale, and Mark Steber, chief tax information officer at tax firm Jackson Hewitt. Plus, a look at shifting bitcoin demographics and what that implies for crypto markets in 2022. 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 Were you forwarded this newsletter? Sign up here.  Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email