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 and ether were up slightly, as U.S. stock futures rose ahead of Bank of America's earnings report.
- Market Moves: Quant Network's token has broken into the ranks of top 30 cryptocurrencies by market cap, and technical indicators show the token still has strong momentum.
- In The News: Cameron Winklevoss has stepped down as a director of Gemini's European division. Mango exploiter returns funds, doxxes self.
- Chart of the Day: Technical signs are pointing upward for both bitcoin and ether. Omkar Godbole reports.
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Bitcoin (BTC) was up slightly on the day after trading in a range between $19,300 and $19,900 over the weekend. Ether (ETH) gained slightly more ground on Monday, trading up 3% at $1,322. The CoinDesk Market Index rose 0.8% over the past 24 hours. In traditional markets, the pound and U.K. bonds rallied as more of the Prime Minister Liz Truss’s unfunded tax cuts were reversed. U.S. stock futures jumped as investors awaited Bank of America’s earnings report, after four other major U.S. banks reported on Friday. In the crypto market, the biggest gainer with a market capitalization of more than $1 billion was again the Quant Network, whose token jumped 14% over the last 24 hours. (More on this in Market Moves). |
Crypto asset flows chart (CoinShares). |
There was a sense of apathy among investors with minor inflows in digital-asset investment products last week of $12 million, according to data from CoinShares. The world’s largest cryptocurrency, bitcoin, saw inflows of $8.8 million, marking the fifth consecutive week of inflows. Short-bitcoin investment products saw inflows of $6.7 million. “This could be interpreted as marginally supportive were it for the resumption of inflows into short-Bitcoin investment products of $6.7 million, implying a net neutral sentiment amongst investors,” the report stated. Ethereum saw a second week of minor outflows totaling $3.9 million. |
Cameron and Tyler Winklevoss (Shutterstock) |
Cameron Winklevoss, who founded crypto exchange Gemini with his twin brother Tyler in 2014, has stepped down as a director of its European division.
Winklevoss' move was revealed via a filing with Companies House on Oct. 12. The move coincides with Gemini receiving virtual asset service provider registration in the Republic of Ireland to provide crypto services there.
A Mango Markets exploiter outed himself as Avraham Eisenberg, and returned some $67 million to the Solana-based DeFi hub on Saturday. “I believe all of our actions were legal,” he tweeted. The exploit last week was for $114 million. Mango Markets said in a tweet that its decentralized autonomous organization (DAO) community would vote in the coming days to decide how to divvy up the returned funds. Other news: |
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Quant Network's QNT Token Enters Top 30 Crypto List With an Envious 'Overbought' Status |
QNT's RSI shows overbought conditions even as bitcoin lacks clear direction. (TradingView) |
"There's always a bull market somewhere," Jim Cramer, host of CNBC’s “Mad Money,” once famously said. Perhaps truer words have never been spoken, as a cryptocurrency called QNT, the native token of interoperability focused Quant Network, has come out of oblivion with a staggering 450% jump in four months, decoupling from the broader market lull. At press time, QNT was the 28th-largest cryptocurrency by market capitalization, leaving the leading privacy-focused cryptocurrency monero behind as it changed hands above $200, the highest since December 2021, according to data source CoinGecko. QNT was the only top 30 coin boasting an overbought status – a signal flashed by a popular technical analysis tool called the relative strength index (RSI), indicating strong upward momentum. That's an envious achievement, considering the broader market has shown little signs of life since the May-June crash. An RSI above 70 implies overbought conditions, while a reading under 30 suggests the asset is oversold. The RSI is a momentum oscillator that measures the speed and change of price movements. Founded in 2015, Quant Network uses Overledger technology – an interoperable blockchain operating system – to facilitate interaction with different public and private blockchains simultaneously. The QNT token is used to pay fees to access the technology. The token's maximum supply is capped at 14.6 million. |
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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. |
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Green Shoots Appear in ETH/BTC Chart |
The ether-bitcoin ratio, or ETH/BTC, holds an upward trendline, characterizing the bull run from June lows. (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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- Kimberly Grauer, director of research, Chainalysis
- Martin Leinweber, digital asset product strategist, Market Vector Indexes
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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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