The Crypto Daily – Movers and Shakers – June 2nd, 2021

Bitcoin, BTC to USD, fell by 1.63% on Tuesday. Partially reversing a 4.69% gain from Monday, Bitcoin ended the day at $36,673.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $37,888.0 before hitting reverse.

Falling short of the first major resistance level at $38,489, Bitcoin slid to an early afternoon intraday low $35,659.0.

Steering clear of the first major support level at $35,116, Bitcoin revisited $37,200 levels before falling back into the red.

The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin rose by 2.38% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Chainlink slid by 4.36% to lead the way down.

Bitcoin Cash SV (-3.82%), Crypto.com Coin (-3.60%), Ethereum (-2.71%), and Litecoin (-2.70%), and Ripple’s XRP (-2.91%) also struggled.

Cardano’s ADA (-0.15%), and Polkadot (-0.37%) saw modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,451bn before rising to a Tuesday high $1,681bn. At the time of writing, the total market cap stood at $1,591bn.

Bitcoin’s dominance rose to a Monday high 44.12% before falling to a Tuesday low 42.23%. At the time of writing, Bitcoin’s dominance stood at 42.67%.

This Morning

At the time of writing, Bitcoin was down by 1.16% to $36,247.0. A mixed start to the day saw Bitcoin rise to an early morning high $36,888.0 before falling to a low $36,233.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.06%), Crypto.com Coin (+0.91%), and Polkadot (0.86%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 1.80% to lead the way down.

BTCUSD 020621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $36,740 to bring the first major resistance level at $37,821 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $37,888.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000. The second major resistance level sits at $38,969.

Failure to move back through the pivot at $36,740 would bring the first major support level at $35,592 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,511.

Cybersecurity Startup Exabeam Raises $200 Million, Valued at $2.4 Billion

By Jane Lanhee Lee

While venture capital investment in cybersecurity has been rising fast over the years, it got an extra boost during the pandemic as remote work created extra challenges.

According to data firm PitchBook, venture funding in cybersecurity hit a record $10.2 billion in 2020 and as of late May 2021 had already reached $8 billion. A bulk of the funding is happening with U.S. startups.

(Venture Capital Deals in Cybersecurity – https://graphics.reuters.com/CYBERSECURITY-VENTURECAPITAL/EXABEAM/dgkplnmogpb/chart.png)

The number of applications like firewalls, identification verification and network security analysis that companies use are mushrooming, making it more and more difficult for them manage their cybersecurity.

“All of those things become blinking engine lights for a security operations center to have to contend with, and the volume of devices that’s coming on in the world…is only making that problem bigger and bigger,” said Michael DeCesare, who officially started as CEO of Exabeam on Tuesday.

“One of the biggest problems you have in security is the lack of talent. You don’t have enough people,” said Exabeam co-founder Nir Polak about why automation of cybersecurity was crucial at a time when the volume of hacking attacks is exploding.

The funding round was led by the Owl Rock division of Blue Owl Capital Inc, an asset management firm with over $52 billion under management. Pravin Vazirani, managing director of Blue Owl Capital, said while there were a lot of cybersecurity startups appearing, many of them were getting bought up by bigger players.

He said his strategy was to find a company that could become a large standalone business in the cybersecurity space.

(Reporting By Jane Lanhee Lee; Editing by Toby Chopra)

The U.S Crypto Morning Session – May 31st, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, the majors reversed losses from the start of the day.

At the time of writing, Bitcoin, BTC to USD, was up by 4.28% to $37,137.0. Through the early hours, UTC, Bitcoin fell to a mid-morning low $34,160.0 before rising to a late morning high $37,199.0.

While steering clear of the first major support level at $33,848, Bitcoin broke through the first major resistance level at $36,900.

BTCUSD 310521 Hourly Chart

The Rest of the Pack

Across the rest of the majors, it has been a mixed morning.

Bitcoin Cash SV was down by 1.56% to buck the trend through the morning.

It was a bullish morning for the rest of the majors, however.

Crypto.com Coin and Ripple’s XRP were up by 12.33% and by 12.40% to lead the way.

Binance Coin (+7.89%), Chainlink (+9.60%), Ethereum (+8.04%), and Litecoin (+8.36%) also found strong support.

Cardano’s ADA (+6.41%) and Polkadot (+2.68%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,450bn before rising to a high $1,614bn. At the time of writing, the total market cap stood at $1,600bn.

Bitcoin’s dominance rose to an early high 44.14% before falling to a low 43.24%. At the time of writing, Bitcoin’s dominance stood at 43.51%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $36,900 to support a run at $40,000 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the second major resistance level at $38,185.

Barring an extended rally through the afternoon, resistance at $38,000 would likely continue to limit the upside.

A move back through the $39,000 levels, however, would bring the 38.2% FIB of $41,592 into play. The third major resistance level sits at $41,237.

Looking beyond the support and resistance levels, the 50 EMA has narrowed on the 100 EMA supporting the early upside.

A fall back through the first major resistance level to sub-$36,000 levels would bring sub-$35,000 levels into play.

Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of the first major support level at $33,848.

Ethereum Extends Gains to Rise 8%; Bitcoin Firms

At 1153 GMT, it was trading up 7.4% at $2,565.69.

Larger rival Bitcoin also gained in its wake with the world’s biggest and best-known cryptocurrency rising 3.7% to $36,977 in quiet trading with London and U.S. markets shut for holidays.

Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector.

Latest positioning data for the week ended May. 25 confirmed the trend with net short positions nearly doubling from the previous week, which was the smallest net short since late March last year.

In the latest salvo against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trading was speculative. His remarks followed China’s recent efforts to crack down on mining activities.

It is currently trading at levels last seen in February and at roughly half its peak value of $65,000 seen in April.

(Reporting by Saikat Chatterjee; Editing by Yoruk Bahceli and Nick Macfie)

The Crypto Daily – The Movers and Shakers – May 31st, 2021

Bitcoin, BTC to USD, rose by 2.97% on Sunday. Reversing a 3.05% decline on Saturday, Bitcoin ended the week up by 3.01% to $35,614.0.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $33,367 before making a move.

Steering clear of the first major support level at $33,000, Bitcoin rose to a mid-day intraday high $36,419.0.

Falling short of the first major resistance level at $36,764, Bitcoin fell back to sub-$35,100 levels before finding support.

Bitcoin briefly revisited $36,200 levels before ending the day at $35,600 levels.

The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday.

Cardano’s ADA jumped by 12.36% to lead the way, with Ripple’s XRP rallying by 9.01%.

Binance Coin (+6.79%), Chainlink  (+5.67%), Ethereum (+4.69%), and Litecoin (+4.00%) also found strong support.

Bitcoin Cash SV (+3.63%), Crypto.com Coin (+0.72%), and Polkadot (+0.01%) trailed the front runners, however.

It was a bullish week for the majors, however.

Chainlink surged by 33.54% to lead the way, with Binance Coin (+24.78%), Cardano’s ADA (+19.95%), and Litecoin (+19.62%) also making solid gains.

Bitcoin Cash SV (+16.79%), Crypto.com Coin (+17.17%), Ethereum (+13.72%), Polkadot (+11.26%), and Ripple’s XRP (+14.14%) trailed the front runners, however.

In the week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,504bn.

Bitcoin’s dominance rose to a Monday high 47.07% before falling to a Thursday low 42.68%. At the time of writing, Bitcoin’s dominance stood at 43.96%.

This Morning

At the time of writing, Bitcoin was down by 1.09% to $35,226.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,959.0 before falling to a low $35,201.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.63%), Polkadot (+0.67%), and Ripple’s XRP (+1.38%) bucked the trend with early gains.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 1.48% to lead the way down.

BTCUSD 310521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the pivot level at $35,133 to bring the first major resistance level at $36,900 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $36,419.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $37,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $38,185.

Failure to avoid the pivot at $35,133 would bring the first major support level at $33,848 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $32,081.

Bitcoin Rises 5.2% to $36,448

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 31.4% from the year’s low of $27,734 on Jan. 4.

Ether, the coin linked to the ethereum blockchain network, rose 8.25 % to $2,467.58 on Sunday, adding $187.99 to its previous close.

Bitcoin has been less volatile in the past week but is down by 32% this month, weighed by growing regulatory pressures on the sector.

It is currently trading at levels last seen in January and at roughly half its peak value.

(Reporting by Anirudh Saligrama in Bengaluru; editing by Jason Neely)

The Crypto Daily – Movers and Shakers – May 30th, 2021

Bitcoin, BTC to USD, fell by 3.05% on Saturday. Following a 7.46% slide from Friday, Bitcoin ended the day at $34,574.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $37,381.0 before hitting reverse.

Falling short of the first major resistance level at $38,126, Bitcoin slid to a late afternoon intraday low $33,617.0.

The extended sell-off saw Bitcoin fall through the first major support level at $33,958 before briefly revisiting $35,000 levels.

A bearish end to the day, however, left Bitcoin at sub-$35,000 levels.

The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Saturday.

Chainlink slid by 8.98% to lead the way down.

Binance Coin (-7.27%), Cardano’s ADA (-7.24%), Crypto.com Coin (-6.32%), Ethereum (-5.49%), Litecoin (-7.53%), and Ripple’s XRP (-7.48%) also struggled.

Bitcoin Cash SV (-0.14%) and Polkadot (-4.05%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,787bn. At the time of writing, the total market cap stood at $1,444bn.

Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.67%. At the time of writing, Bitcoin’s dominance stood at 44.39%.

This Morning

At the time of writing, Bitcoin was down by 1.12% to 36,500.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,089.0 before falling to a low $36,485.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Chainlink was down by 2.48% to lead the way down.

BTCUSD 300521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $35,191 to bring the first major resistance level at $36,764 into play.

Support from the broader market would be needed for Bitcoin to break out from $35,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $37,381.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $38,955.

Failure to move through the pivot at $35,191 would bring the first major support level at $33,000 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,427 should limit the downside.

The Crypto Daily – Movers and Shakers – May 29th, 2021

Bitcoin, BTC to USD, slid by 7.46% on Friday. Following a 1.95% decline on Thursday, Bitcoin ended the day at $35,661.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,889.0 before hitting reverse.

Falling short of the first major resistance level at $40,284, Bitcoin slid to a late intraday low $34,721.0.

The extended sell-off saw Bitcoin fall through the first major support level at $37,005 and the second major support level at $35,474.

Finding late support, Bitcoin broke back through the second major support level to end the day at $35,600 levels.

The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Binance Coin (-11.03%), Ethereum (-12.07%), Chainlink (-12.05%), and Crypto.com Coin (-11.23%) led the way down.

Bitcoin Cash SV (-9.76%), Cardano’s ADA (-8.61%), Litecoin (-8.75%), and Ripple’s XRP (-7.71%) also struggled.

Polkadot saw a more modest 3.86% loss on the day.

In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,787bn. At the time of writing, the total market cap stood at $1,543bn.

Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.67%. At the time of writing, Bitcoin’s dominance stood at 43.63%.

This Morning

At the time of writing, Bitcoin was up by 0.84% to $35,961.7. A mixed start to the day saw Bitcoin fall to an early morning low $35,649.8 before rising to a high $36,075.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Crypto.com Coin was down by 3.37% to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 5.63% to lead the way.

BTCUSD 290521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $36,424 to bring the first major resistance level at $38,126 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $38,889.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $40,592.

Failure to move through the pivot at $36,424 would bring the first major support level at $33,958 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $32,256 should limit the downside.

The Crypto Daily – The Movers and Shakers – May 28th, 2021

Bitcoin, BTC to USD, fell by 1.95% on Thursday. Partially reversing a 2.42% gain from Wednesday, Bitcoin ended the day at $38,537.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,221.0 before making a move.

Bitcoin fell through the first major support level at $37,807 before rising to an early afternoon intraday high $40,500.0.

Falling short of the first major resistance level at $40,840, however, Bitcoin fell back to sub-$39,000 levels and into the red.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Crypto.com Coin bucked the trend, rising by 4.21%.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA (-7.02%) and Chainlink (-6.86%) led the way down.

Ethereum (-4.98%) and Ripple’s XRP (-5.79%) also struggled.

Binance Coin (-2.56%), Bitcoin Cash SV (-1.78%), Litecoin (-2.43%) and Polkadot (-0.39%) saw relatively modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,681bn.

Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.68%. At the time of writing, Bitcoin’s dominance stood at 43.23%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $38,855.9. A mixed start to the day saw Bitcoin fall to an early morning low $38,100.0 before rising to a high $38,889.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin were down by 0.03% and by 2.99% respectively to buck the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 1.70% to lead the way.

BTCUSD 280521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $38,753 to bring the first major resistance level at $40,284 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $40,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 levels. The second major resistance level sits at $42,032. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to avoid a fall back through the pivot at $38,753 would bring the first major support level at $37,005 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $35,474.

Cryptos Turn Choppy as Bounce Momentum Ebbs

Bitcoin dropped 4% in Asia to about $37,600 and the next biggest crypto token, ether, was down 7.5% at $2,676 – leaving both well above deep week-ago troughs but miles shy of the record highs they scaled in April.

Some analysts said the falls felt relatively modest compared with recent volatility and pointed to a market finding a floor, though it is clear regulatory attention and wavering enthusiasm from Tesla boss Elon Musk are going to remain major risks.

“The big cleanout has probably occurred,” said IG Markets analyst Kyle Rodda, as trade had calmed down somewhat.

“People lose patience and bail along the way, but … it looks like its starting to form a bit of a bottom here,” he said. “I’m sure that there are still some nervous folks out there who’re hoping and wishing that their long crypto positions are going to crawl back into the green.”

Bitcoin’s drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies and weighed by Tesla suspending its willingness to accept it as payment due to environmental concerns about energy use..

The U.S. Treasury Department has also called for requiring large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

“It is not a substitute for money,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, told the Global Markets Forum chatroom on Refinitiv Eikon.

“At best (it) is an alternative asset, albeit one without intrinsic value,” he said, adding that blockchain technology and its potential “must not be conflated with crypto-currencies”.

Such nagging doubts have kept bitcoin from closing above its 200-day moving average since it collapsed to hit last week’s four-month low around $30,000. This week it has been supported around $37,000 but forged no higher than $40,904, while ether, which hit $1,730 last weekend, has attracted buyers above $2,500.

(Reporting by Tom Westbrook and Vidya Ranganathan in Singapore and Divya Chowdhury in Mumbai; Editing by Jacqueline Wong and Gerry Doyle)

Bitcoin Reclaims $40,000 as Crypto Volatility Lingers

Bitcoin jumped as much as 6.5% to $40,904. Smaller coins, which tend to rise and fall with the largest cryptocurrency, also gained, with ether climbing over 7.5% to over $2,906.

Still, bitcoin is down 30% this month, and has lost over 37% from its record high of almost $65,000 hit in April. It has gained over 40% this year, however.

Among the drivers of bitcoin’s recent slump have been fears of a crackdown in China on the emerging sector, as well as concerns over the environmental impact of bitcoin production, an energy-intensive process known as mining.

Bitcoin plumbed $30,066 last week, its lowest since January, in highly volatile trading.

China’s northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading.

(Reporting by Tom Wilson; editing by Thyagaraju Adinarayan)

The Crypto Daily – Movers and Shakers – May 26th, 2021

Bitcoin, BTC to USD, fell by 1.17% on Tuesday. Partially reversing an 11.79% rally from Monday, Bitcoin ended the day at $38,396.8.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $39,829.4 before hitting reverse.

Falling short of the first major resistance level at $41,041, Bitcoin fell to a mid-day intraday low $36,455.0.

Steering clear of the first major support level at $35,575, Bitcoin revisited $38,700 levels before easing back.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Crypto.com Coin rose by 6.04% to lead the way.

Bitcoin Cash SV (+0.28%), Ethereum (+2.20%), Cardano’s ADA (+0.07%), and Chainlink (+4.63%) also avoided the red to buck the broader trend.

It was a bearish day for the rest of the majors.

Polkadot fell by 3.60% to lead the way down, with Ripple’s XRP (-1.60%) also struggling.

Binance Coin (-0.66%) and Litecoin (-0.75%) saw relatively modest losses on the day.

Early in the week, the crypto total market fell to a Monday low $1,368bn before rising to a Tuesday high $1,714bn. At the time of writing, the total market cap stood at $1,635bn.

Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Tuesday low 43.55%. At the time of writing, Bitcoin’s dominance stood at 43.92%.

 

This Morning

At the time of writing, Bitcoin was down by 0.17% to $38,332.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,622.0 before falling to a low $38,187.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Binance Coin (-0.31%), Litecoin (-0.33%), and Ripple’s XRP (-0.88%) also saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 2.74% to lead the way.

BTCUSD 260521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $38,227 to bring the first major resistance level at $40,000 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $39,829.4 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 and the second major resistance level at $41,602.

Failure to avoid a fall back through the pivot at $38,227 would bring the first major support level at $36,625 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,853.

Coinbase Appoints Former White House Staffer As Chief Policy Officer

Shirzad joins the company against the backdrop of increased regulatory scrutiny around digital currencies globally.

He served as deputy National Security Advisor for International Economic Affairs at the White House and was most recently the global co-head of government affairs at Goldman Sachs, where his tenure spanned 15 years.

Previously, he was also the assistant secretary for import administration at the U.S. Department of Commerce.

Last week, Federal Reserve chief Jerome Powell said cryptocurrencies pose risks to financial stability. The U.S. Treasury is also backing a proposal that would require cryptocurrency transfers over $10,000 to be reported to the Internal Revenue Service.

Coinbase, which went public earlier this year, in March named Brett Redfearn, a former director of the U.S. Securities and Exchange Commission, as vice president of capital markets division.

“Coinbase has never shied away from regulation. In fact, we’ve leaned into it over the past 9 years…”, the company’s blog post said. (https://bit.ly/3fhCqwJ)

Bitcoin, the most popular cryptocurrency, is down more than 40% from last month’s record high, with a sell-off that was fueled by China’s crackdown on crypto.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Crypto Miners Halt China Business After Beijing Cracks Down, Bitcoin Tumbles

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply.

Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and trading services to mainland Chinese clients, adding it will instead focus on overseas businesses.

BTC.TOP, a crypto mining pool, also announced the suspension of its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin rigs.

Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process which produces newly minted crypto currencies such as bitcoin.

“Crypto mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals,” said Chen Jiahe, chief investment officer of Beijing-based family office Novem Arcae Technologies.

The crackdown is also part of China’s stepped-up drive to curb speculative crypto trading, he added.

Bitcoin took a beating after the latest Chinese move, and is now down nearly 50% from it’s all-time high. It shed as much as 17% on Sunday, before paring some losses and was last trading steady in Asia. Elsewhere, Ether fell to a two-month low on Sunday, down 60% from a record peak hit just 12 days ago,

Investor protection and money laundering are particular concerns of global financial regulators who are grappling with whether and how they should regulate the cryptocurrency industry.

The latest shakeout in digital currencies also stems from tighter scrutiny in the United States. Last Thursday, U.S. Federal Reserve Chairman Jerome Powell said they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.

Huobi made the announcement via its official Telegram community for Huobi Mall, as well in a statement to Reuters. BTC.TOP and HashCow could not be immediately reached for comment

DIRTY BUSINESS

The annual energy consumption of China’s cryptocurrency miners is expected to peak in 2024 at about 297 terawatt-hours, greater than all the power consumption by Italy in 2016, according to a study recently published in Nature Communications.

Chinese President Xi Jinping has pledged carbon neutrality by 2060.

China has already lost its position as a global cryptocurrency trading centre after Beijing banned crypto exchanges in 2017.

“Eventually, China will lose crypto computing power to foreign markets as well,” BTC.TOP founder Jiang wrote in a micro blog post via Weibo, predicting the rise of U.S. and European mining pools.

Chen of Novem Arcae said the crypto craze, if not curbed, could turn into froth similar to the Dutch tulipmania in the 17th century – often regarded as the first financial bubble in recorded history.

“The only difference is that after the tulip bubble burst, there were still some beautiful flowers left,” Chen said.

“But when the virtual currency bubble bursts, what would be left are merely some computer codes.”

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Shri Navaratnam)

The Crypto Daily – Movers and Shakers – May 24th, 2021

Bitcoin, BTC to USD, slid by 7.53% on Sunday. Reversing a 0.47% gain from Saturday, Bitcoin ended the week down by 25.43% to $34,747.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,384.0 before hitting reverse.

Falling short of the first major resistance level at $39,218, Bitcoin slid to a late afternoon intraday low $31,230.0.

Bitcoin fell through the first major support level at $35,634 and the second major support level at $33,711.

Steering clear of the third major support level at $30,127, Bitcoin broke back through the second major support level to end the day at $34,700 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Sunday.

Crypto.com Coin tumbled by 20.08% to lead the way down, with Bitcoin Cash SV (-15.28%) and Litecoin (-15.78%) also seeing heavy losses.

Binance Coin (-12.96%), Cardano’s ADA (-10.19%), Chainlink (-13.63%), Ethereum (-8.58%), Polkadot (-12.31%), and Ripple’s XRP (-12.48%) weren’t far off, however.

It was also a bearish week for the majors.

Binance Coin (-53.72%), Bitcoin Cash SV (-56.77%), Chainlink (-50.68%), and Litecoin (-51.80%) led the way down.

Cardano’s ADA (-42.85%), Ethereum (-41.44%), Polkadot (-43.51%), and Ripple’s XRP (-45.30%) also saw heavy losses.

Crypto.com Coin fell by a more modest 39.60% in the week.

In the week, the crypto total market rose to a Monday high $2,162bn before sliding to a Sunday low $1,196bn. At the time of writing, the total market cap stood at $1,407bn.

Bitcoin’s dominance fell to a Wednesday low 39.66% before rising to a Sunday high 48.67%. At the time of writing, Bitcoin’s dominance stood at 46.78%.

This Morning

At the time of writing, Bitcoin was up by 1.47% to $35,259.0. A bullish start to the day saw Bitcoin rise from an early morning low $34,733.0 to a high $35,337.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day.

At the time of writing, Cardano’s ADA was up by 1.77% to lead the way.

BTCUSD 240521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $34,790 to bring the first major resistance level at $38,341 into play.

Support from the broader market would be needed for Bitcoin to break out from $37,000 levels.

Barring a broad-based crypto rally, the first major resistance level at $38,341 and Sunday’s high $38,384.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,935.

Failure to avoid a fall back through the pivot at $34,790 would bring the first major support level at $31,196 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $27,645.

Bitcoin Falls 10% to $33,747, Ether Down 14%

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 48% from the year’s high of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 14% to $1,973.96 on Sunday, losing $322.35 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

“Many point to Bitcoin’s volatility as untenable,” wrote RBC Capital Markets’ Amy Wu Silverman in a research note published on Saturday. “Indeed, Bitcoin makes severe and dizzying swings.”

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China’s Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.

The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country’s push to stamp out speculation and fraud in virtual currencies.

China’s latest campaign against crypto came after the U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

(Reporting by Maria Ponnezhath in Bengaluru; Additional reporting by the Global Finance & Markets Breaking News team; Editing by Lisa Shumaker and Bill Berkrot)

The Crypto Daily – The Movers and Shakers – May 23rd, 2021

Bitcoin, BTC to USD, rose by 0.47% on Saturday. Partially reversing a 7.88% slide from Friday, Bitcoin ended the day at $37,557.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $35,372.0 before making a move.

Steering clear of the first major support level at $33,196, Bitcoin rose to a late morning intraday high $38,956.0.

Falling well short of the 38.2% FIB of $41,592 and the first major support level at $41,942, Bitcoin fell back to $37,200 levels and into the red.

Late in the day, Bitcoin moved back through to $38,000 levels before ending the day at sub-$38,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Sunday.

Polkadot and Ripple’s XRP slid by 10.06% and by 10.11% to lead the way down.

Binance Coin (-8.14%), Chainlink (-9.21%), Cardano’s ADA (-5.59%), Ethereum (-5.65%), Litecoin (-6.02%) also struggled.

Bitcoin Cash SV (-1.06%) and Crypto.com Coin (-1.89%) saw relatively modest losses on the day, however.

In the current week, the crypto total market rose to a Monday high $2,162bn before sliding to a Wednesday low $1,207bn. At the time of writing, the total market cap stood at $1,508bn.

Bitcoin’s dominance fell to a Wednesday low 39.66% before rising to a Saturday high 46.41%. At the time of writing, Bitcoin’s dominance stood at 45.96%.

This Morning

At the time of writing, Bitcoin was down by 1.41% to $37,029.0. A bearish start to the day saw Bitcoin fall from an early morning high $37,575.0 to a low $36,880.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Polkadot was up by 0.14% to buck the trend at the start of the day.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 3.68% to lead the way down.

BTCUSD 230521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $37,295 to bring the first major resistance level at $39,218 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $38,956.0.

Barring a broad-based crypto rally, the first major resistance level at $39,218 and resistance at $40,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,879.

Failure to move back through the pivot at $37,295 would bring the first major support level at $35,634 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $33,711.

Musk Says He Supports Crypto in Battle with Fiat Money

“The true battle is between fiat & crypto. On balance, I support the latter,” he said https://twitter.com/TheRealShifo/status/1396034017179406338 on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.

Musk has previously compared bitcoin to fiat money and often tweets about cryptocurrencies that have sent values for bitcoin and the meme digital currency dogecoin up and down.

In February, bitcoin shot higher after Tesla revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars.

However, bitcoin slumped after the billionaire announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.

Earlier this month, he also called the cryptocurrency a “hustle” during his guest-host spot on the “Saturday Night Live” comedy sketch TV show, leading prices to tumble.

Two days ago, Musk assured that he has not sold any of his dogecoin holdings and will not sell any.

(Reporting by Maria Ponnezhath in Bengaluru; editing by Diane Craft)