Good morning. Here’s what’s happening this morning:
Market moves: Bitcoin led the crypto market to its third straight day of recovery from a “Black Friday” sell-off amid diminishing fears on eased about a new COVID-19 strain.
Technician’s take: Short-term momentum is improving, although buyers will need to clear $60K to sustain the uptrend.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Bitcoin (BTC): $57,990
Ether (ETH): $4,445
Markets
S&P 500: $4,655 +1.3%
Dow Jones Industrial Average: $35,135 +0.6%
Nasdaq: $15,782 +1.8%
Gold: $1,782 -0.5%
Market moves
Bitcoin led the crypto market to its third straight day of gains, after a steep drop by more than 8% on “Black Friday.” The No. 1 cryptocurrency by market capitalization rose to nearly $59,000 on Monday before it sank toward the $58,000 level again.
But bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges. As discussed in Monday’s Asia First Mover, investors are waiting for the latest updates about the omicron coronavirus strain and its potential impact on the global markets, crypto included.
One analyst, however, said investors in Asia, especially in China, are less affected by Omicron’s developments.
“During the past few days … it is not so [panicky] for Asia market,” Rachel Lin, CEO of DeFi derivatives platform SynFutures, said, pointing out that China’s major A-share market closed with few changes on Friday.
A report by Bloomberg says that China’s COVID-zero strategy may have helped its equity market from any potential hurt from the Omicron strain.
Technician’s take
Bitcoin Returns Above $58K as Momentum Improves
Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.
The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.
Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.
For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.
Important events
8 a.m. HKT/SGT (12 a.m. UTC): New Zealand business confidence (Nov.)
8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia building permits (Oct. MoM/YoY)
9 a.m. HKT/SGT (1 a.m. UTC): China manufacturing purchasing managers index (Nov.)
9 a.m. (HKT/SGT (1 a.m. UTC): China non-manufacturing purchasing managers index (Nov.)
CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
Bitcoin Rebounds to $58K Level, The Sandbox Raises $93M Led by SoftBank to Expand Its NFT Metaverse
“First Mover” hosts spoke with The Sandbox co-founder and Chief Operating Officer Sebastien Borget for an insider look into the metaverse gaming space as the firm launches Sandbox Metaverse Alpha. GlobalBlock CEO Rufus Round shared market insights as bitcoin rebounds from a steep selloff. Pat Duffy and Alex Wilson, co-founders of The Giving Block, shared how charities and nonprofits can use crypto for donations.
Latest headlines
Jack Dorsey Steps Down as CEO of Twitter
For Sale: $10M Yacht, DOGE Accepted
Binance Reports Resolving Issue With Its DOGE Wallet
Russians Conduct $5B Worth of Crypto Transactions a Year, Central Bank Says
Introducing Future of Money Week: Money innovation is everywhere and it’s getting wilder. (Editor’s note: See The Future of Money: 20 Predictions in Longer reads.)
Longer reads
How Crypto Becomes Money: A new theory for a universal digital barter system.
The Future of Money: 20 Predictions: With Sam Bankman-Fried, Beryl Li, Dovey Wan, Haseeb Qureshi, Hasu, Balaji Srinivasan, Jeff Dorman, Brett Scott, Laura Shin, and others.
Today’s crypto explainer: What Can You Buy with Bitcoin?
