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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Omkar Godbole October 5, 2021 Sponsored by Bitcoin (BTC) +5% $50,000 Ether (ETH) +2.7% $3,440 (Price data as of October 5 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Hits One-Month High 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: Dawn Song, CEO, Oasis Labs Nader Al-Naji, co-founder, BitClout George Kaloudis, research analyst, CoinDesk – Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Dogecoin (DOGE): +10% Filecoin (FIL): +6% The Graph (GRT): +5.8% Bitcoin (BTC): +5%Losers: There are no losers today as per CoinDesk 20The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Omkar Godbole Open Positions in CME-Based Bitcoin Futures Rise Open interest in the Chicago Mercantile Exchange's (CME) standard bitcoin futures contract has hit the highest since mid-May, alongside the cryptocurrency's move to a one-month high of $50,000.
The dollar value of open interest on the CME – futures contracts traded but not liquidated with an offsetting position – has risen to $2 billion for the first time since May 16. Meanwhile, the global open interest has increased to a three-week high of $15.5 billion.
At an elementary level, an increase in open interest along with a price increase is said to confirm an uptrend. For crypto markets, an uptick in the total amount of funds allocated in the CME's standard futures contract is of particular importance. These contracts trading in 5 BTC denominations require a large capital outlay and are considered synonymous with institutional participation. Chart showing a pick up in open interest in the CME's standard bitcoin futures (Source: Skew) The importance of the data point increases further because a year ago, the exchange steadily climbed ranks on the list of the world's largest bitcoin futures platforms as bitcoin nearly quadrupled to $40,000. By the end of 2020, the CME was the biggest futures exchange by open interest.
So, the futures exchange rankings chart seen below is the key thing to watch out for in the coming days. Bitcoin exchange futures rankings (Source: Skew) At press time, the CME is the fourth largest futures trading venue by open interest.
Aside from the CME open interest, traders are likely to track the equity markets. Since Sept. 29, bitcoin has decoupled from the S&P 500, rising by over 20% to $50,000.
Analysts told CoinDesk early Tuesday that the cryptocurrency's resilience is stemming from the cryptocurrency’s store-of-value appeal, continued institutional inflows into the crypto market, speculation that the U.S. will soon approve a futures-based bitcoin exchange-traded fund (ETF) and positive seasonality.
However, if the risk-off worsens, bitcoin may find it hard to establish a foothold above $50,000. "Bitcoin is a new technology and one with a narrative to position the asset verse precious metals but I cannot see the move purely focused on that strategy. Based on previous patterns, an adjustment is most likely and may be triggered by equity markets,"said Laurent Ksiss, director or CEC Capital ltd. Read the original story here: 4 Factors Helping Bitcoin to $50K as Stock Market Declines
Technician's Take by Damanick Dantes, CMT Bitcoin Rises to $50K, Next Resistance Around $52K-$55K Bitcoin (BTC) is trading around $50,000 for the first time since early September as short-term momentum improves. Bitcoin's daily chart with RSI (Source: TradingView, CoinDesk) The relative strength index (RSI) on the daily chart is not yet overbought, suggesting short-term buyers could remain active toward upper resistance levels. A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000. Read the original story here: Bitcoin Rises to $50K, Next Resistance Around $52K-$55K
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BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts dig into today's major stories impacting the markets: Biden's administration wants to regulate stablecoin issuers as banks to address concerns the digital currency could fuel financial panics, CoinDesk releases its latest list of top universities for blockchain, and Reuben Youngblom, Managing Editor of Cryptoeconomic Systems (MIT DCI), shares highlights of the report. Stephen Ehrlich, CEO and Founder of Voyager, provides analysis into the latest market movements. Plus, the state of crypto in Puerto Rico with updates from the Puerto Rico Blockchain Trade Association.
A Message from CoinDesk While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
Latest Headlines SEC Subpoenas USDC Stablecoin Backer Circle Circle said it is “fully cooperating” with the investigation but has declined to elaborate on its scope.Bank of America Launches Research for ‘Too Large to Ignore’ Digital Assets The nation’s second-largest bank by assets starts coverage three months after creating a crypto research group.What the ‘Pandora Papers’ Mean for Bitcoin A new 2.94 terabyte data leak doxes tens of thousands of offshore accounts of prominent individuals including government officials, billionaires and more.NFT Trading Volume Surges 700% to $10.7B in Q3 The increase was powered by a record-breaking August that generated over $5.2 billion of trades.Axie Infinity to Raise $150M Series B at $3B Valuation: Report A16z will lead the funding round, according to The Information, which cited two unnamed sources.Large Institutional, DeFi Activities Dominate India Crypto: Chainalysis The blockchain research group thinks the country could soon become a regional hub for cryptocurrency-related investments.LUNA Hits All-Time Highs After Terra Network Upgrade The Columbus-5 upgrade has altered the network’s token economics to place “deflationary pressure” on LUNA.CBDC Impact on Banking Sector Could Be Manageable: New BIS Report Three new reports by a BIS working group analyze policy options and practical implementation issues of a retail CBDC.
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.
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