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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 is sliding back toward $20,000, dogecoin continues to rally as Elon Musk completes his deal to buy Twitter, and the Huobi Global crypto exchange has cut its ties with its closely linked stablecoin, HUSD.
- In the News: Crypto ETFs account for five of the worst seven trading debuts in ETF history, according to Morningstar.
- Market Moves: After a rough start last week, APT, the token for the Aptos blockchain, has rallied by 36%.
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Bitcoin (BTC) has erased previous day gains but was still holding at above $20,000 Friday. The cryptocurrency is up 5% on the week after going as high as $21,000 on Wednesday. Popular meme token dogecoin continued its rally Friday, up 7% on the day after Tesla (TSLA) CEO and DOGE supporter Elon Musk completed his $44 billion takeover of Twitter (TWTR). Binance also confirmed on Friday that it was as an equity investor in Musk's acquisition. Dogecoin has gained 33% over the last seven days, making it the top-performing crypto asset with a market capitalization of more than $1 billion. Ether (ETH) was down 3.5% on the day at around $1,500. Crypto exchange Huobi Global announced Thursday it is cutting ties with its closely linked stablecoin, the troubled asset HUSD. In a notice to users, Huobi, the top trading venue for the $219 million market-cap stablecoin, cited its rules for performing “regular inspection” on listed assets. In August, the stablecoin briefly lost its dollar peg and crashed 8% after its issuer closed “several accounts” because of regulatory concerns. The stablecoin HUSD was down 8% over the last 24 hours, according to data from CoinMarketCap. The price of Huobi token (HT), an ecosystem token launched by Huobi Global, was also down 7% on the day. In traditional markets, stocks slid along with U.S. equity futures after some disappointing earnings results from tech giants. Futures for the Nasdaq-100 led declined by 1.1%, and S&P 500 futures fell 0.6%. Amazon’s shares tumbled 13% in premarket trading. Late Thursday, the company gave a sales estimate for the fourth quarter below analysts’ expectations. |
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Market decline (Megamodifier/Pixabay) Cryptocurrency exchange-traded funds account for five of the worst seven debuts in ETF history, according to Morningstar Direct data, the Financial Times reported on Friday. The five funds were all linked to the performance of crypto or blockchain. The worst performer was France-based Melanion BTC Equities Universe fund, which invests in companies such as bitcoin miners Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT). The fund, which launched October 2021, has seen its value slide 76.9% in the past 12 months |
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Aptos Token Rebounds After Upstart Blockchain's Dismal Debut |
An Aptos-branded hat (Danny Nelson/CoinDesk) Layer 1 blockchain Aptos' token has enjoyed a powerful rally following last week's inauspicious start, rebounding nearly to the price where it originally went live. The APT token was trading at $9.17, up 36% compared with last week's low of $6.75, based on CoinGecko data. At that pace of recovery, it's fast approaching the $12 price where it launched on multiple exchanges, based on data from Riyad Carey, a research analyst at crypto data firm Kaiko. In the early hours following the Oct. 19 launch, the token was trading at around $9 on the Coinbase, Huobi, FTX and Binance crypto exchanges. “I certainly think it's possible that APT could rally above the open price, especially if crypto continues to outperform equities and if Aptos is able to generate some activity, whether in DeFi or NFTs,” Carey said, referring to decentralized finance and non-fungible tokens. The token quickly plunged below $7 on its first trading day and struggled, as community criticism over the number of APT tokens held by private investors and developers mounted, according to Carey.
Read the full story here. |
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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. |
- The chart shows changes in ether and bitcoin's annual issuance rate since Ethereum switched to a proof-of-stake consensus mechanism on Sept. 15.
- The annual issuance continues to slide toward 0.0%. Since the technological upgrade, ether's annual token supply change has decreased from 3.6% to 0.009%, making it more attractive than bitcoin.
- Therefore, ether may continue to outperform bitcoin.
- "Any increase in on-chain activity should bring ethereum firmly into deflationary issuance territory and may have a substantial outsized effect on ether's price," Josh Olszewicz, head of research at digital-asset fund manager Valkyrie Investments, said.
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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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