Share this article
First Mover Asia: Bitcoin Drifts Lower After Taproot Upgrade; Ether Drops
The most significant improvement to the Bitcoin network in four years generated weekend enthusiasm in the blockchain community (and a short video) – but nothing too exciting in terms of a price reaction.
Updated May 11, 2023, 6:45 p.m. Published Nov 14, 2021, 11:35 p.m.
Good morning, Here’s what’s happening this morning:
Market Moves: Bitcoin’s highly anticipated Taproot upgrade fails to produce any noticeable price pop.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Technician’s take: Short-term upside appears to be limited given the loss of positive momentum.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Bitcoin (BTC): $64,514 +0.4%
Ether (ETH): $4,562 -1.7%
Market moves
Bitcoin was trading flat after Taproot, the blockchain’s biggest network upgrade in four years, went live.
The upgrade, which took effect at 5:15 coordinated universal time (1:15 a.m. HKT/SGT), had been closely tracked by cryptocurrency traders and analysts as a supporting market factor, though many experts had told CoinDesk earlier this month that the phase-in was likelier to be seen as a long-term technological advance than a near-term price catalyst.
The tech milestone was celebrated by Bitcoin enthusiasts, with at least one pop-up “Taproot.watch” website posting a commemorative (and somewhat amusing) video to ring in the blockchain’s new era.
“Although the Taproot upgrade is generally a positive development, the verdict is still out if it will make a big improvement to the blockchain world,” Apifiny CEO Haohan Xu wrote in emailed comments.
The largest cryptocurrency has been trading mostly in the low $60,000′s since hitting an all-time high near $69,000 last week. Researchers at the crypto exchange Kraken wrote Friday that buy orders are concentrating around $62,000, while there appear to be interested sellers around $67,000 to $69,000.
Technician’s take
Bitcoin Decline Could Stabilize Around $60K Support
Bitcoin dipped below $65,000 as buyers continued to take some profits. Lower support is seen around $60,000, which could stabilize the current pullback.
The relative strength index (RSI) on the four-hour chart is near oversold levels, similar to Oct. 27, which preceded a near 10% price rise. This time, however, buyers could face resistance around $65,000 given the loss of upside momentum this week.
Indicators suggest a period of consolidation could persist after upside exhaustion signals appeared on the charts last week. Further, a negative divergence on the daily RSI suggests limited upside over the short-term.
The weekly chart showed improving price momentum, although a decisive breakout above $69,000 needs to be confirmed before projecting upside targets.
Important events
9:30 a.m. HKT/SGT (1:30 a.m. UTC): China House Price Index (Oct.)
10 a.m. HKT/SGT (2 a.m. UTC): China Industrial Production (Oct. YoY)
10 a.m. HKT/SGT (2 a.m. UTC): China Retail Sales (Oct. YoY)
12:30 p.m. HK/SGT (4:30 a.m. UTC): Japan Industrial Production (Sept. YoY)
6 p.m. HK/SGT (10 a.m. UTC) Eurostat Trade Balance (Sept.)
On CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
Chia Network Provides Blockchain Solutions to Help Costa Rican Government Track Climate Change
“First Mover” hosts spoke with Bram Cohen, co-founder of the Chia Network, following his company’s announcement that it would be supplying technical services for the Costa Rican government to track climate change metrics. Plus, the show covered market insights from Toroso Investments Chief Investment Officer Michael Venuto.
Latest headlines
Indian Government to Take ‘Progressive’ Steps on Crypto, Sources Say After PM Modi’s Meeting
Indian National Congress Accuses Modi-Led BJP of Covering Up Country’s Biggest Bitcoin Scam
Chinese Crypto Miner The9 Expands in US With Compute North Deal
SEC Rejects VanEck’s Spot Bitcoin ETF Proposal
Market Wrap: Bitcoin Expected to Rise on Taproot Upgrade
Longer reads
Tether, Bitcoin and Chinese Commercial Paper at Scale
M.I.A. on Crypto, Assange and Her New Album
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
