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| The latest moves in crypto markets, in context Edited by Bradley Keoun (Substituting for Omkar Godbole) December 30, 2021 Sponsored by 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: An end-of-year mini-rally in bitcoin toward $48K was the backdrop for a "captivating finale" in the cryptocurrency options market. (With hopes of $100K all but dashed, the whole episode seemed like a consolation match.)Altcoin Watch: Algorand rallies, while Cardano's ADA and Avalanche's AVAX nurse losses. And please 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 guest:
Market Moves Bitcoin bulls managed to push the market higher early Thursday, in what might be considered an end-of-2021 consolation rally: The cryptocurrency's price was pushing back up toward $50,000, during a year when many prognosticators had been calling for the price to surpass $100,000.
As of press time bitcoin (BTC) was changing hands around $47,500, after dipping below $46,000 late Wednesday.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, was also bouncing, at about $3,740. During Asia trading hours it dropped to $3,587, the lowest in almost four weeks. Bitcoin options traders have all but written off the chances of a $100,000 price in 2021, but hope is alive for June 2022. (Skew.) Rush to make bearish options bets on BTC makes for "captivating finale"
CoinDesk's Shaurya Malwa reported that the bitcoin options market was active on Thursday, as traders appeared to positioning ahead of a $6 billion contract expiration expected early Friday.
Particularly intriguing (or troubling, depending on your perspective) was that many of those traders appear to be betting on – or at least hedging against – a price drop going into the new year. Some 46,000 put options contacts – typically seen as bearish bets – were purchased on BTC, for the Dec. 31 expiry. (In total, some 129,800 options contracts are set to expire on Friday.)
The market is so biased to the downside at the moment that bears might look vulnerable: The so-called "max pain point" – the expiration price at which options purchasers would stand to lose the most money – sits at $48,000, slightly above where the cryptocurrency is currently changing hands.
It's all "making for a captivating finale," tweeted analysts at Deribit, the world's largest cryptocurrency options exchange. Read more: Bitcoin Investors Protect Against Even Lower Prices Ahead of New Year
Algorand Surges, Cardano swoons By Shaurya Malwa
The Algorand blockchain, a competitor to Ethereum, saw its ALGO tokens jump 18% in the past 24 hours, by far the best performer among the CoinDesk 20 digital assets.
The move came hours after the Algorand Foundation, which oversees development on Algorand, announced a $3 million incentive program for Algofi, a decentralized finance (DeFi) platform that relies on smart contracts to offer low-cost lending and borrowing services to users.
Algofi launched earlier this month, saying a liquidity incentive program would be introduced in the coming weeks. It is one of the first DeFi products in the Algorand ecosystem.
The move in ALGO was notable because the tokens of several other major Ethereum competitors, including Cardano's ADA and Avalanche's AVAX, were big losers over the past 24 hours. (Though they appeared to trim losses early Wednesday as the broader crypto market nudged higher.) Read more: Algorand Surges as Foundation Incentivizes DeFi Activity on Algofi
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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:
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 20 is a ranking of the largest digital assets by volume on trusted exchanges.
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Introducing CoinDesk's new Digital Asset Classification Standard, which was created in response to the significant growth of the number and types of digital assets offered in the market and the realization that traditional classification standards used for equities and other asset classes could not be adapted accurately to classify digital assets. Read more about DACS.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Legendary Investor Bill Tai on NFTs, Metaverse and the Future of Blockchain In this special episode of "First Mover," host Christine Lee sits down with Bill Tai, co-founder and chairman of "NFT for social good platform," Metagood. The venture capital (VC) legend, startup mentor, prodigious networker, kitesurfer and passionate conservationist explains the social potential and possible risks of NFTs. He also shares his insights into the metaverse, tokenization, and wider outlook for blockchain technology.
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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