The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Friday! Here’s what you need to know in crypto today. |
- BTC returned to $70,000 but remains over 3% lower.
- Short-term bitcoin holders panic sold following BTC's price fall.
- Kamala Harris' election victory chances improve on Polymarket.
|
|
|
CoinDesk 20 Index: 2,062.17 -3.66%
Bitcoin (BTC): $70,079.42 -3.1%
Ether (ETH): $2,519.63 -4.34%
S&P 500: 5,705.45 -1.86%
Gold: $2,752.82 +0.38%
Nikkei 225: 38,053.67 -2.63% |
|
|
Morph, the first global consumer layer and L2 infrastructure, acting as the distribution hub for the resources founders need to build, launch and scale for the mass-markets and backed by industry heavy-weights such as Dragonfly and Bitget, is thrilled to announce the upcoming launch of its mainnet! Existing Morph users, developers and the general public are invited to join any of the campaigns below in order to earn rewards for interacting with the ecosystem in various ways - from social tasks, to using existing projects or building new ones! Join us on this jungle adventure and don't miss the chance to be part of the change the industry needs - a focus on you, the user, the builder, the believer - and get rewarded from the very first step for doing so. |
|
|
Bitcoin pared some of its losses, returning to $70,000 during the European morning after falling as low as $68,800. Still, BTC remained about 3% lower in the last 24 hours. Altcoins suffered greater losses, with the CoinDesk 20 Index's measurement of the broader crypto market down over 3.5%. Explanations for the slide range from profit-taking following the rally earlier in the week to a dip in Donald Trump's election victory odds on Polymarket. Traders have also been looking at tech earnings, tensions between Iran and Israel and a sharp rise in U.K. gilt yields following the roll-out of the government budget earlier this week, Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk. |
Short-term holders of bitcoin sent more than $2.3 billion, some 32,000 BTC, to exchanges at a loss on Thursday as the price dropped below $70,000 after approaching an all-time high earlier this week. The panic selling was the most since Aug. 5's yen carry trade unwind. Short-term holders — investors who have held bitcoin for less than 155 days — tend to panic and sell when the price drops, and buy when there is euphoria or greed in the market. In total, they sent over 54,000 BTC to exchanges on Thursday, the highest amount since Mar. 27. The odds on Kamala Harris winning next week's U.S. presidential election are rising on betting platform Polymarket, with some observers suggesting the increase reflects hedging positions among traders who've also bet on a victory for Donald Trump. Harris’ odds have risen to almost 39% from 33% on Oct. 30. Trump's odds dropped in tandem, suggestive of lower expectations of him winning, though at 61%, he's still the preferred candidate. The increase in the price for Harris’ shares could reflect traders buying them as a hedge on their Trump bets, market observers say, as some allege reports of voting irregularities pitted against Trump that could influence market bets. |
|
|
Market Insight: Crypto Sentiment Indicator Signals Top, Suggests Further Correction |
The widely-watched Fear and Greed Index, a sentiment and volatility tracker for the crypto market, flashed “extreme greed” levels on Thursday, historically a sign of local tops. The index aims to measure emotional responses in the market, highlighting that extreme fear might present buying opportunities, while extreme greed could signal an impending market correction. The index was flashing “greed” as of Asian afternoon hours Friday. Price drops have caused pain for futures traders. Bets on bitcoin-tracked futures recorded $88 million in losses, CoinGlass data shows, followed by $44 million in liquidations on ether futures and nearly $15 million in losses each on SOL and DOGE futures. Nearly 90% of all futures bets were bullish, or expecting higher prices over the weekend ahead of the U.S. elections on Nov. 5. Market conditions in the past few weeks, including global monetary policies and U.S. political support, indicated a continued bullish trend, with some traders targeting $80,000 for BTC in the coming weeks. The liquidations came as bitcoin open interest hit record high levels earlier this week at over $43 billion, dropping to just over $41 billion early Friday. |
|
|
- Ethereum futures funding rates are showing a slight upward trend, which may reflect renewed bullish sentiment.
- The funding rates metric measures the aggression of buyers versus sellers in the futures market.
- Despite the recent uptick, the levels remain way below those seen in March.
- "Higher funding rates would not only confirm participants’ willingness to go long on Ethereum but would also add upward pressure on the price, potentially leading to a stronger and more sustained rally," CryptoQuant wrote.
- Source: CryptoQuant
|
The First 40+ Speakers Announced for Consensus Hong Kong
The industry's most influential event in Web3 and digital assets is coming to Asia with a stellar lineup of 40+ global thought leaders already confirmed. Be part of the game-changing discussions, key announcements, and high-impact deals that will shape the future of innovation.
Register todayand use code FM15 for an additional 15% off.
|
|
|
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. |
|
|
|
