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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Omkar Godbole, Senior Reporter October 1, 2021 Sponsored by Bitcoin (BTC) +8% $47,300 Ether (ETH) +7.6% $3230 (Price data as of October 1 @ 11:20 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 Resilient to Risk-Off in Traditional Markets Technician's Take: Bitcoin Rallies Above $47K; Resistance at $50K And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Rep. Tom Emmer, Congressman (R-MN) Edward Woodford, Zero Hash Ben Cruikshank, Flourish – Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Ethereum Classic (ETC): +12%Polygon (MATIC): +11.8% Uniswap (UNI): +11%
Losers: None of the assets in the CoinDesk 20 is down in the past 24 hours
The 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 Bitcoin Resilient to Stock Market Weakness Bitcoin has jumped to two-week highs above $47,000 despite classic risk-off action in traditional markets. S&P 500 e-mini futures are nursing a loss, indicating a lower opening for the benchmark stock index.
The cryptocurrency’s resilience has raised investors’ hopes for a stellar rally in October, with several analysts and traders referring to October as “Uptober” on Twitter – a newly coined slang, representing expectations for a price rally this month.
October is a seasonally bullish period, and bitcoin’s recent stability amid stock-market losses and China’s blanket ban on virtual currency businesses is reminiscent of the cryptocurrency’s resilience in the face of the negative news seen just before the beginning of the bull run from $10,000 in September-October 2020. Bitcoin's performance relative to S&P 500 in final four months of 2020 (Source: TradingView) It remains to be seen if history will repeat itself. While rising inflation expectations across the globe and falling real or inflation-adjusted bond yields are supportive of a renewed bull run, the Fed’s impending taper – or scaling back – of stimulus may slow down the ascent.
Fears of faster Fed taper may grip markets, bringing pain for asset prices, in general, if the U.S. core personal consumption expenditure data due at 12:30 UTC today blows past expectations. Read the original story here: Bitcoin Climbs Above $47K Amid Stock Market Weakness, Eyes Fed’s Preferred Measure of Inflation
Technician's Take by Damanick Dantes, CMT Bitcoin Rallies Above $47K; Resistance at $50K Strong demand from short-term buyers has pushed bitcoin above $47,000 for the first time in two weeks. Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. Bitcoin's daily chart with RSI (Source: TradingView, CoinDesk) BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short-term. On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000-$55,000 resistance range. Read the original story here: Bitcoin Rallies Above $47K; Resistance at $50K
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BOLO Be on the lookout for the following events today: Core PCE – Price Index (Aug). Est: 3.5% 14:00 UTC (10:00 a.m. ET): ISM Manufacturing PMI (Sep). Est: 59.6
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts talk to Aarika Rhodes (D-Calif.), a STEM teacher and U.S. Congressional Candidate for California's 30th District who wants to meet with Twitter CEO Jack Dorsey to discuss financial literacy in the age of bitcoin. Bitcoin is rising toward $45K; where is the support level? Carlos Domingo, Securitize founder & CEO, provides his analysis. Plus, CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De shares his insights as the U.S. House of Representatives brace for the $1 trillion infrastructure bill vote Thursday.
A Message from CoinDesk Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
Latest Headlines Fed Chair Powell Says He Has ‘No Intention’ of Banning Crypto When asked about earlier comments he had made about CBDCs replacing private crypto, Powell said he’d “misspoken.” Circle Names Devron Brown, Former US House Senior Counsel for Fintech, as Director for Global Policy Brown worked with Democrats and Republicans of the House Financial Services Committee and the Financial Technology and Artificial Intelligence Task Forces.
Coincidence or Insider Trading? Price Pops Before Incentive Announcements Raise Questions Blockchain data shows recent surges in the days leading up to multimillion-dollar user acquisition programs. Experts offer some possible explanations as to why.
Move Over, Carry Trade, These Retail-Friendly DeFi Options Strategies Yield 12%-30% New DeFi structured products allow retail traders to participate and earn yield in the notoriously complex cryptocurrency options market.
Ethereum’s September Losses Were Gains for Competitors Avalanche, Solana and other “smart contract” blockchain alternatives to Ethereum were among the few winners this month in crypto markets.
Why Bitcoin Has Value and Should Be Part of Your Client’s Portfolio Bitcoin is a technology that’s also money and that can be used for savings. It’s important for advisors to understand the value behind it to determine how it can fit in a client’s asset allocation. The Importance of Bitcoin Upgrades and Layer Two Applications As a financial advisor with clients interested in bitcoin, it’s crucial to understand upgrades to its network and their potential impact on bitcoin’s investment thesis. Old Meets New as Czech Royal Family Drops High-Art NFTs Czech Prince William Rudolf Lobkowicz became interested in NFTs during the pandemic and is launching a collection of works inspired by historic pieces.
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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