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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Omkar Godbole, Senior Reporter October 4, 2021 Sponsored by Bitcoin (BTC) -0.59% $47,600 Ether (ETH) -2.6% $3,318 (Price data as of October 4 @ 11:00 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 Steady Around $48K as OMG Token Hits 3-Year High And 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 guests: Giovanni Méndez, Puerto Rico Blockchain Trade Association Stephen Ehrlich, Voyager Digital Reuben Youngblom, Digital Currency Initiative– Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Algorand (ALGO): +7.10% Losers: Stellar (XLM): -5.3%Aave (AAVE): -5% Ethereum Classic (ETC): -4.5%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 OMG Rally Continues Even as Bitcoin Takes a Breather While bitcoin and the broader crypto market look to be taking a breather, OMG, the native token of scaling solution OMG Network, has reached a 3.5-year high of $18 on Coinbase.
The token has charted a six-fold rally since July 19. Analysts said OMG is benefitting from surging investor interest in so-called layer 2 or “L2″ scaling projects that facilitate faster and cheaper transactions and help reduce the load on Ethereum’s blockchain. OMG token's daily price chart (Source: TradingView) OMG's continued rise amid lackluster action in bitcoin represents market maturity – a shift from the early days of purely sentiment-based trading led by bitcoin. OMG's exchange balance hits there-year low (Source: Glassnode) OMG’s rally is accompanied by an exodus of coins from exchanges. A slide in exchange balance is widely taken to represent strong holding sentiment. Read the original story here: Bitcoin Steady Around $48K as OMG Token Hits 3-Year High
Technician's Take by Damanick Dantes, CMT Bitcoin Declines From $48K Resistance Bitcoin (BTC) has pulled back slightly from the $48,000 resistance as short-term indicators reached overbought levels over the weekend. The next level of support is seen around $45,000, which could stabilize the pullback. Bitcoin's four-hour price chart with RSI (Source: TradingView, CoinDesk) The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels. The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off. Read the original story here: Bitcoin Declines From $48K Resistance; Support at $45K
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BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Did Jerome Powell’s Comment on Crypto Regulation Send Bitcoin Price Higher? "First Mover" hosts dig into today's market actions: bitcoin is up more than 10% after Fed Chair Jerome Powell said the U.S. has no intention to ban cryptocurrencies. Ben Cruikshank, Head of Flourish, provides his analysis. The U.S. bipartisan infrastructure bill is delayed in the House of Representatives, but House Speaker Nancy Pelosi promises a vote today. House Financial Services Committee member Rep. Tom Emmer (R-Minn.) joins our discussion. Plus, Zero Hash is eyeing expansion into DeFi and NFTs after raising $35 million. Co-founder Edward Woodford provides more details.
A Message from CoinDesk While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
Latest Headlines It’s a Multi-Chain World, Bitcoin Just Dominates It The original blockchain still reigns, but neither Bitcoin nor its closest competitor, Ethereum, can count on becoming the only game in town any time soon.$22M Drained From Compound Contract That Was Hit for $80M Last Week About $66 million - and counting - was recently added to the still vulnerable contract thus making more funds available for exploitPolygon Flips Ethereum on Active User Addresses Increased network usage often translates into higher demand for the native token.Hive Blockchain First-Quarter Profit Jumps More Than 10-Fold Hive Blockchain said fiscal first-quarter profit climbed to $18.6 million from $1.8 million in the year-earlier period.CoinDCX Appoints Bollywood Superstar Amitabh Bachchan as Brand Ambassador CoinDCX is confident that Bachchan’s mass appeal will bring more visibility for the crypto industry.CBDC Impact on Banking Sector Could Be Manageable: New BIS Report Three new reports by a BIS working group analyze policy options and practical implementation issues of a retail CBDC.Fed to Launch CBDC Review as Early as This Week: Report Officials at the Fed are set to release a paper soliciting public comment on the matter.Friday’s Crypto- Breakout Caused Massive Short Covering, May Be Technically Significant: FSInsight Technical breakouts made by some cryptocurrencies led to “massive short covering,” the firm said in a report.
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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