The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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It's Thursday! Here’s what you need to know in crypto today. |
- BTC rises above $64,000.
- Bitcoin ETFs post second straight day of $100 million inflows.
- Celo challenges Tron's position as leader for stablecoin use.
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CoinDesk 20 Index: 2,056.03 +1.34%
Bitcoin (BTC): $64,350.91 +1.14%
Ether (ETH): $2,6424.48 +0.09%
S&P 500: 5,722.26 -0.19%
Gold: $2,678.25 +0.8%
Nikkei 225: 38,925.63 +2.79% |
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Bitcoin rose above $64,000 during the European morning to around $64,300, trading just over 1% higher in the last 24 hours. Other major tokens also registered gains, with ether adding 0.4% to $2,630. The CoinDesk 20 Index, a weighted measurement of the digital asset market at large, rose nearly 1.2%. In other markets, gold hit a record high and Asian stocks surged amid reports that China's central bank will inject around $142 billion of stimulus into the biggest state banks to increase their capacity to support the struggling economy. |
Bitcoin ETF inflows cracked $100 million for the second consecutive day on Wednesday and stretched their winning streak to five days. That flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time this month, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales. Ether ETFs enjoyed a second consecutive day of inflows, netting $43.2 million. While the ETH products remain over $500 million in the red since they listed in July, ether has outperformed bitcoin since the Fed's rate cut last week, which coincided with an increase in network transactions and rising Ethereum transaction costs, known as gas fees. Ethereum layer 2 Celo is challenging Tron's position as the blockchain with the most daily active addresses using stablecoins. The seven-day moving average of the measure on Celo has climbed to nearly 700,000, nearly matching Tron's tally, according to data tracked by Artemis. The surge follows Tether's decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on Celo. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo's progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data. |
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Market Insight: Key Indicators Challenge Fed's 'Normalization' Rate Cut |
Since the Fed cut rates by 50 basis points a week ago, the debate has been raging on whether the so-called easing represents the normalization of an overly tight monetary policy aimed at taming inflation or preparation for an impending economic swoon. Risk assets, including pure fiat liquidity plays like bitcoin and altcoins, have rallied since the decision, a sign that markets perceive the rate cut as a normalization move. Some analysts foresee accelerated gains once bitcoin surpasses the $65,200 resistance level. Other key indicators, however, point to an impending economic slowdown. These include rising unemployment in the majority of states and gold's persistent outperformance of oil, which is often taken as a sign of a slowdown due to the metal's nature as a haven asset. These indicators suggest the central bank may have delivered an outsized rate cut with one eye on the possibility of economic malaise ahead. |
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- The chart shows implied volatility for bitcoin options at the $100,000 strike expiring on Nov. 8 and subsequent monthly and quarterly expiries.
- Options expiring on Nov. 8, are pricier compared to later dates, a sign traders anticipate significant market movement around the U.S. election results.
- The U.S. elections will be held on Nov. 4 and results will be declared on Nov. 8.
- Source: Deribit
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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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