The latest moves in crypto markets, in context March 31, 2022 Supported by |
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Good morning, and welcome to First Mover. Here's what's happening this morning: - Market Moves: Ether-bitcoin ratio eyes monthly gain. Observers say markets are yet to fully grasp the bullish implications of Ethereum's impending proof of stake merge.
- Featured Story: Crypto industry mobilizes against proposed EU transparency rules.
Today's newsletter was edited by Omkar Godbole and produced by Parikshit Mishra. 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. - Michele Schneider, managing director, Marketgauge Group
- Nischal Shetty, CEO, WazirX
- Ben McMillan, CIO, IDX Digital Assets
- Amitoj Singh, regulatory reporter for India, CoinDesk
- Cordell Broadus, crypto entrepreneur
- Adam Darrah, former CIA and director of dark ops, ZeroFox
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The ether-bitcoin ratio appears on track to end March with a 6% gain, the first since November. The renewed upswing following a three-month decline perhaps stems from investors dedicating more money to ether amid optimism surrounding Ethereum's impending proof-of-stake merge. According to some observers, the market is yet to price in the bullish effects of the upgrade. So, the rotation of money out of bitcoin and ether could continue in the near term. "We actually think that the market still hasn't fully grasped what's about to happen with Ethereum," Vance Spencer, co-founder of Framework Ventures, said in an email. "While there's been much media attention paid to how the upgrade will make the network more environmentally friendly, this is a sideshow compared to the massive supply shock that could be on the horizon. With this merge, Ethereum will experience a 90% decrease in supply issuance." "To put this into perspective, to achieve an analogous reduction in supply issuance of this magnitude, the Bitcoin network would have to undergo three additional halvings," Spencer added. At press time, ETH/BTC traded at 0.07235 on Binance, representing a 0.5% gain on the day. While ether traded 1% higher at $3,415, bitcoin was up 0.20% at $47,170. Bitcoin's rally stalled at the 200-day moving average hurdle placed above $48,000 early this week. "Bitcoin continues to cautiously retreat lower from its 200-day moving average at $48,200, building up strength ahead of a likely move north. The decline in US stock indices on Wednesday after four days of growth also did not contribute to the positive dynamics," Alex Kuptsikevich, senior market analyst at FxPro, said. Nevertheless, the biggest cryptocurrency by market value appears set to end the month with a 9% gain, having risen by 12.2% last month, CoinDesk data shows. The structure of consecutive monthly gains following a three-month losing streak resembles the reversal higher seen after June 2021. Bitcoin hit a new record high of $69,000 in November. |
Bitcoin's monthly chart (TradingView.) |
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It remains to be seen if the latest reversal higher translates into a bull run. Short duration charts indicate the path of least resistance is to the higher side. The triangle breakout confirmed this month has put the bulls back into the driver's seat. The bullish formation looks similar to the breakout seen in early April 2019, following which the cryptocurrency rallied nearly 250% to reach $13,880 by the end of June. "Bitcoin has room for near-term upside follow-through toward the next resistance near $51.0K, defined by a 50% retracement level. Above that, secondary resistance near $55.2K would be targeted," Katie Stockton, founder and managing partner of Fairlead Strategies, said. "We move to an intermediate-term bullish bias noting intermediate-term momentum has shifted positively and the 50-day MA is pointing up." |
Bitcoin's daily charts (2022, 2019) (TradingView.) |
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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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. |
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Crypto Industry Mobilizes Against Proposed EU Transparency Rules By Sandali Handagama |
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Introducing Market Wrap, our daily newsletter that explains what happened today in the crypto markets — and why. Sign up to get the first edition in your inbox on April 4. |
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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. |
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