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Crypto-exchange Coinbase (COIN), , asked on Monday a federal judge to force the U.S. Securities and Exchange Commission to respond to its petition filed last year seeking formal rules for digital asset and in particular if existing securities laws are applicable to digital assets. The SEC had warned Coinbase in January that it would sue them for allegedly listing and selling unregistered securities.

Bitcoin’s 50-day average is the focus of attention after it fell 11% since a 10-month high that was reached last week. This decline has drawn attention to the 50-day moving average of bitcoin, which is now $27,244. Alex Kuptsikevich is a senior analyst at FxPro. He believes that a possible violation of the SMA 50-day support could challenge bullish sentiment. Kuptsikevich wrote in an email that the market had lost its growth momentum, and was now testing the strength in the medium-term trend in the form the 50-day moving. A break below this level would bring into question the strength of the bull market, and a consolidation under $26,600 might be a prelude to a more serious decline.

Standard Chartered Bank in the U.K. said that crypto winter has finally ended and bitcoin could reach 100,000 by the end of the year . This rise to six figures may be due to a variety of factors including the recent banking sector crisis which helped “re-establish the use bitcoin as a scarce decentralized digital asset,” according to a report released by the bank on Monday. Geoff Kendrick, an analyst, wrote that bitcoin has benefitted from its reputation as a safe haven and perceived store of value. Bitcoin has grown by 65% since January.

Chart of the Day

  • The chart displays the 90-day moving mean of bitcoins flowing out of and in to centralized exchanges.
  • This year the metric is positive, which indicates net inflows. Perhaps this is a sign that investors are looking to liquidate their holdings or use coin for margin trading.
  • Analysts from Blockware Solutions stated that “so far in 2023 there has been a small net influx BTC on exchanges but it pales in contrast to the influx in 2019”.
  • The largest net exchange exodus ever recorded was in 2022. Analysts noted that the previous biggest next exodus, in 2020, preceded a bull run parabolic.

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Mark Nacinovich is the editor.