The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. In today's newsletter: |
| Price Point: Bitcoin bounced back Friday after it fell steeply Thursday morning following the release of hotter-than-expected U.S. inflation data for September. Market Moves: Industry experts doubt bitcoin's rally since midday Thursday has legs, saying the negative macroeconomic factors haven't changed.Chart of the Day: Technical indicators show that bitcoin's price movement now is similar to a bullish pattern in 2019. |
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Bitcoin (BTC) has gained ground since dropping to $18,100 Thursday after the Consumer Price Index (CPI) data was released. The cryptocurrency was recently trading at around $19,600, up just over 5% on the day. Ether (ETH) gained 6% on the day, while Quant Network’s token surged 20%. The question is whether bitcoin and the rest of the crypto market can sustain Friday’s rebound. As investors awaited earnings reports from major banks Citigroup, Morgan Stanley and JPMorgan Chase, U.S. equity futures wavered. Stocks turned sharply higher Thursday, after major indexes spent most of the morning deep in negative territory. |
Bitcoin services company NYDIG has laid off around 100 people, according to four people familiar with the matter. The firm has cut about 30% of its staff in the past several weeks, according to three people familiar with the matter. The layoffs had been going on for “several weeks,” one source added. The Wall Street Journal first reported the layoffs late Thursday, putting the figure at 110 employees. “It’s like a trading desk mentality where nobody talks to anyone,” a former NYDIG employee told CoinDesk. “You can disappear and nobody will know for months.” A spokesperson for NYDIG previously declined to comment. Other news: |
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Bitcoin Unlikely to See Notable Recovery After Thursday's Short Squeeze: Traders |
Bitcoin chalked up a dramatic rebound late Thursday, defying consensus for a continued slide in the wake of hotter-than-expected U.S. Consumer Price Index data. Industry experts, however, aren't sure if the overnight recovery has legs. "I see no fundamental change in the state of the world to suggest a sustainable recovery just yet," Ilan Solot, a partner at the Tagus Capital Multi-Strategy Fund, said. "Both the macroeconomic and geopolitical outlook remain very unfavorable, and there are no signs that the Fed might ease off tightening in the near term." Money markets now expect the Federal Reserve's interest rate hike cycle to peak near 5%, a significant upward revision from the terminal rate of 4.65% priced ahead of the inflation data. Read the full story here. |
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The following are the biggest movers in the CoinDesk Market Index over the past 24 hours: |
Biggest Gainers Biggest Losers |
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 Market Index is a broad-market index of digital assets, weighted by market capitalization. A full description of the methodology is here. |
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| Crypto Market Cap (2019 vs 2022) |
The weekly chart shows a technical pattern similar to one seen before the bull revival of April 2019. (Source: TradingView) |
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Check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9 a.m. U.S. Eastern time. |
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| Will Peck, head of digital assets, WisdomTreeAlex McDougall, CEO, StablecorpEric Chen, co-founder, Injective Protocol |
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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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