Bitcoin Climbs Past $44K Toward Crucial Test

The latest moves in crypto markets, in context

February 15, 2022

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Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: Bitcoin jumped 4% on Tuesday, climbing past $44,000 and pushing toward a price zone of $46,000-$48,000 that some analysts see as a crucial test.
Also: GALA jumps 20%, leads metaverse index gains

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:

Seth Ginns, managing partner and head of liquid investments, CoinFund
Spencer Jakab, "Heard on the Street" editor, WSJ

Today's newsletter was edited by Bradley Keoun and produced by Parikshit Mishra.

Market Moves

Bitcoin (BTC) climbed 4% Tuesday, surpassing $44,000 and pushing toward a prize zone of $46,000-$48,000 that some analysts see as a crucial test.

Just last month, the largest cryptocurrency was changing hands below $33,000.

"This area is a logical place to expect profit-taking and risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows," the crypto-market research firm Delphi Digital wrote in a report.

In an email, Du Jun, co-founder of Huobi Group, advised traders to "pay attention to the breakthrough of $45,000 above."

(Though a new Deutsche Bank report says fewer than half of crypto traders and investors surveyed would reduce investments or leave the market entirely even if prices fell 80%.)

Bitcoin's latest gains came as optimism grew in traditional markets that Russia would pull back from a possible military assault on Ukraine.

Meanwhile, Russia's central-bank chief and government appear at odds over the regulation of cryptocurrencies, in a sign that officials in the country remain divided ever after a document last week set out plans to legitimize the asset class.

In broader crypto markets, GALA, the eponymous token for Gala Games, surged 20% in the last 24 hours, outpacing other Metaverse majors as well as Meta's stock.

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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:

Biggest Gainers:

Asset	Ticker	Returns	Sector
Solana	SOL	+11.2%	Smart Contract Platform
Polygon	MATIC	+10.9%	Smart Contract Platform
Internet Computer	ICP	+9.5%	Computing

Biggest Losers:

There are no losers in CoinDesk 20 today.

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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Latest Headlines

The OGs of NFTs get animated with the biggest stars from around the world in this entertaining new series from CoinDesk TV. Tune in Tuesdays in February at 4 p.m. ET.

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Crypto Goes Mainstream at 2022 Super Bowl, US Figure Skating Team Launches Partnership to Accept Crypto Donations, Bitcoin Holds Above $41K

"First Mover" hosts speak to Adweek Consumer Goods reporter Paul Hiebert to review the crypto ads at the 2022 Super Bowl. Mark Clerkin of CoinList shares his crypto markets analysis. Chris Knierim, 2018 Olympic Bronze Medalist, and James Lawrence, Engiven co-founder, share details of the partnership with U.S. figure skating team to enable crypto donations.

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.