Ether Leads Bitcoin Higher as Markets Push Back Fed Rate Hike Bets

The latest moves in crypto markets, in context

Edited by Omkar Godbole

November 30, 2021

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Bitcoin (BTC)

+1.8% $58,000

Ether (ETH)

+7.2% $4,610

(Price data as of November 30 @ 12:15 UTC)

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Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: ETH Saves The Day for Bitcoin

Technician's Take: ETH/BTC Ratio Signals Ether Leadership Ahead

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Market Moves

by Omkar Godbole

Bitcoin and risk assets, in general, faced renewed selling pressure in Asia after drugmaker Moderna's CEO Stéphane Bancel said existing vaccines could be much less effective against the newfound coronavirus variant Omicron.

Ether, the native token powering smart contract blockchain Ethereum, stayed relatively resilient and jumped 4%, hitting two-week highs above $4,600 during the early U.S. hours, helping bitcoin and the broader crypto market regain poise.

Ether's outperformance comes a day after Kelly Strategic Management, an investment firm headed by Kevin Kelly, filed in the U.S. for a futures-based exchange-traded fund tied to ETH.

"The cryptocurrency's supply is dropping," MintingM, a Mumbai-based crypto asset management company, told CoinDesk. "The number of ETH locked in with the ETH 2.0 Deposit contract has reached an all-time high and keeps rising. The EIP-1559 has also been responsible for reducing ETH's supply significantly. It has burned approximately $4.5 billion worth of ether over three months."

On the macro front, money markets pushed back expectations for the Fed rate hike in the wake of renewed COVID scare, fully pricing a 25 basis point hike in September 2022 versus July 2022 last week. That could bode well for bitcoin, gold, silver, and asset prices, in general.

That said, we are keeping an eye on the number of bitcoins held on exchanges. The tally has gone up by 24,950 BTC in the past four days, violating the five-month downtrend. A continued rise may portend a deeper drawdown, as seen in May.

Bitcoin's exchange balance (Source: Glassnode)

Also read:

Bitcoin’s 6-Month ‘Put-Call Skew’ Flips Bearish for First Time Since May

Technician's Take

by Omkar Godbole

Ether to Outshine Bitcoin, Charts Suggest

Ether-bitcoin's weekly chart (Source: TradingView)

Also read:

Bitcoin Tops $58K With Focus On Omicron and Fed’s Powell Speech

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BOLO

Be on the lookout for the following events today:

ICYMI

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A Message from CoinDesk

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Since we don’t have a crystal ball, we reached out to some of the brightest minds in crypto to share their predictions on “the future of money.”

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Latest Headlines

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The crypto exchange has already moved significant parts of its operations to Singapore.

The machines, delivery of which will commence in July next year, will generate an additional 252 PH/s.

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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