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| The latest moves in crypto markets, in context Edited by Omkar Godbole November 26, 2021 Sponsored by Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and happy Thanksgiving Weekend to all of our First Mover readers! Many of us here at CoinDesk are taking a much-needed holiday break, but we wanted to provide a special limited edition today for those of you who are following 24-7 cryptocurrency markets.
Concerns that the new mutation of the coronavirus detected in South Africa would force nations to impose economically painful lockdown restrictions have shaken capital markets.
Bitcoin and other cryptocurrencies are bleeding alongside sharp sell-off in global stock markets, industrial metals, oil, and growth-sensitive currencies like the Aussie and New Zealand dollars. Meanwhile, anti-risk assets like the Japanese yen, Swiss franc, and U.S. treasuries are gaining ground.
The European Union, the U.K., Israel, and Singapore have banned travel from South Africa. Several European countries have already introduced restrictions in response to a renewed outbreak that is different from the new variant.
"This [bitcoin's drop] reminds us that crypto is still highly correlated with traditional financial markets, especially on the downturns," Ilan Solot, global market strategist at Brown Brothers Harriman, told CoinDesk.
Price declines triggered by adverse macro developments often run into dip demand on expectations that central banks would pump liquidity to stabilize markets. For instance, markets quickly recovered from the coronavirus-induced crash of March 2020 as the Federal Reserve and other major central banks launched unprecedented liquidity-boosting asset purchase programs. However, back then, inflation wasn't a concern.
Currently, U.S. inflation is at a three-decade high, and supply bottlenecks resulting from fresh lockdowns, if any, would only add to elevated price pressures. Thus, the Fed has relatively less room to pump more liquidity into the system to support markets. And if the situation worsens due to renewed lockdowns, the central bank may prioritize inflation control over economic growth by unwinding stimulus at a faster pace. That, in turn, could lead to asset price deflation.
Bitcoin is closing on support near $53,000, which, if breached, would open the doors to the 200-day average at $45,990.
Biggest Movers Here are the biggest price moves in the CoinDesk 20 over the past 24 hours.
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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Latest Headlines Bitcoin Slips to $55k as Renewed Covid Concerns Jolt Traditional MarketsThe cryptocurrency appeared set for a breakout above $60,000 after Thursday’s rise, but covid fears played spoilsport. Goldman Says Fed May Accelerate Tapering from January: ReportThe new projections mean the asset purchase program would end in March. Grayscale Says Metaverse Is a Trillion-Dollar Market OpportunityRevenue from virtual gaming worlds could grow to $400 billion in 2025. Axie Infinity Plot Sells for $2.5M The sale follows a $3.2 million purchase of virtual real estate in Decentraland earlier this week. Huobi Co-Founders Set Up New Chinese EntityThe crypto exchange deregistered a Beijing entity in July, amid a regulatory crackdown on crypto.
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
El Salvador is doubling down on its bitcoin adoption by planning to build a bitcoin city and issue a bitcoin bond. Will El Salvador succeed? "First Mover" hosts speak to Milena Mayorga, Ambassador of El Salvador to the United States. Plus, markets insights from Greg King, Osprey Funds Founder & CEO. His firm is planning to launch NFT funds by early next year.
A Message from CoinDesk Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.
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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