The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here’s what you need to know in crypto today. |
- Bitcoin eclipses $82,000 following its weekend pump.
- DOGE, SHIB lead major tokens with double-digit gains.
- Crypto equities register significant advances in pre-market trading.
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CoinDesk 20 Index: 2,561.84 +2.14%
Bitcoin (BTC): $82,358.65 +3.65%
Ether (ETH): $3,201.51 +0.19%
S&P 500: 5,995.54 +0.38%
Gold: $2,659.68 -0.94%
Nikkei 225: 39,533.32 +0.08% |
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Bitcoin passed $80,000 for the first time on Sunday and topped $82,000 on Monday. BTC enjoyed an unusually busy weekend, rising over 4% amid trading volumes of almost $100 billion. Weekend pumps in the crypto market are seen as bullish indicators, given that professional traders and institutional investors are much less active. The positive sentiment extended into the new week, with BTC climbing as high as $82,394. Futures premiums on BTC-tracked products are soaring, indicating a bias for bullish bets. The popularity of the $80,000 call on Deribit points to potential dealer hedging around the key level. |
Dogecoin and shiba inu led gains among major cryptocurrencies with price jumps of 22% and 12%, respectively, at the time of writing. DOGE flipped XRP and USDC to become the sixth-largest token by market cap. DOGE has jumped on renewed endorsements by technology entrepreneur Elon Musk, pushing it 88% in the past 30 days. Over the weekend, ether climbed above $3,000 for the first time since early August in a sign it's set to break out of its range-bound price action. SOL has also registered healthy gains, climbing over 4.5% in the last 24 hours on the back of some ebullient memecoin activity in its ecosystem. U.S.-listed crypto equities saw significant gains in pre-market trading following BTC's rally. MicroStrategy, which owns over 250,000 bitcoin, gained more than 11% to just above $300 per share. Copycat Semler Scientific surged 25% and is approaching a high for the year, while Coinbase added almost 17%. Marathon Holdings is leading advances among miners, rising almost 20%. The positive price action is helped by the 26,842 bitcoin held on its balance sheet, a level surpassed only by MicroStrategy. Other notable miner performances include Riot Platforms, Iris Energy and HIVE Digital Technologies, which are all up double digits. |
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Market Insight: Bitcoin's Rally Is Slightly Overstretched as Pullback Risks Still Linger |
Bitcoin above $80,000 looks overstretched as the spread between bitcoin's price and its 200-hour simple moving average has widened to its highest level since early March, when prices suddenly corrected lower by 11% to $60,000. A significant gap between the price and the moving average typically indicates that the market has moved too quickly, prompting traders to reassess their positions and possibly take profits. Furthermore, the 14-hour relative strength index, a momentum oscillator used to confirm price movements, has shown bearish divergence, creating a lower high that contradicts BTC's new record price above $80,000. This bearish divergence suggests that the bullish momentum may have been exhausted for the time being, raising the possibility of an impending pullback. If prices roll over, the first key piece of support would be the 50-hour SMA at $78,400. Acceptance below the average could open doors to a deeper decline to $75,000. Note that corrections are a part of a bull market and a potential price decline could recharge bulls' engines for a longer-lasting rise to $90,000 and higher. In other words, the broader outlook remains bullish, with possible resistance at $90,000. |
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- The chart shows the monthly stablecoin transfer volume on the Celo blockchain, which is designed to facilitate mobile-first financial services, allowing users to move cryptocurrencies using phone numbers.
- The volume more than doubled to nearly $4 billion in October amid allegations of wash trading.
- Source: Artemis
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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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