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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Happy Friday! Here’s what you need to know in crypto today. |
| BTC approached $66,000 during the European morning.Memecoins register double-digit gains.Celestia's TIA defies short traders to post its best monthly gain of the year. |
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CoinDesk 20 Index: 2,090.20 +1.76%
Bitcoin (BTC): $65,567.06 +1.8%
Ether (ETH): $2,649.73 +0.83%
S&P 500: 5,745.37 +0.4%
Gold: $2,666.73 -0.22%
Nikkei 225: 39,829.56 +2.32% |
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Bitcoin closed in on a return to $66,000, climbing to its highest point since the start of August. BTC rose to over $65,900 during mid-morning in Europe, an increase of over 3% in the previous 24 hours. Bitcoin then retreated to trade just above $65,500. Spot bitcoin ETFs in the U.S. enjoyed a monster day on Thursday, registering inflows of $365 million and bringing the weekly total to over $600 million. The broader digital asset market, as measured by the CoinDesk 20 Index, is also higher by around 1.8%, with dogecoin leading the gains. DOGE jumped around 9% to nearly $0.125 amid a surge in memecoin prices. |
China's plans for a huge stimulus package lit a fire under memecoins, with both SHIB and FLOKI registering double-digit gains. Memecoin prices tend to respond positively to liquidity injections because the increased availability of cash nurtures a greater appetite for risk among traders. Memecoins are community-driven and jump when the market displays risk-on behavior. "Leading the gains are the SOL and BTC ecosystems, indicating a strong focus on meme coins as overall liquidity grows. While not nearly as explosive as meme coins on the aforementioned chains, meme coins on Ethereum, such as $PEPE and $SHIB, are also experiencing heightened interest from the market," HashKey OTC CEO Li Liang said. TIA, the token of data-availability network Celestia, posted its best monthly gain this year, confounding traders who'd positioned for a drop in the price as the result of a $1.13 billion token unlock due next month. September's market-beating 40% surge takes place against a background of some market participants seeking downside hedges due to concerns the token unlock due Oct. 31, equivalent to 16% of its total supply, will flood the market and depress prices. However, the bias for shorts, likely stemming from the hedging activity, might have led to a short squeeze, contributing to the TIA rally. "Traders tried to sell ahead of the [unlock] event from Julyish. I'd argue the squeeze has already happened," Jake Ostovskis, an over-the-counter trader at Wintermute, told CoinDesk. |
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Market Insight: Bitcoin's 'Outside Day' Sets Stage for $70K |
Earlier this week, analysts at the Bitfinex crypto exchange said August's $65,200 high is the level to beat for bitcoin bulls. The breakout happened Thursday and how. Bitcoin jumped over 3%, the most in nine days, to the highest since July 31 with a wider trading range than Tuesday, according to charting platform TradingView. In other words, the cryptocurrency formed a bullish "outside day" pattern, signaling an end of the recent consolidation below $65,000 and a resumption of the rally from lows under $53,000. The breakout flipped the August high into a support level, shifting focus to the next resistance closer to $70,000. The resistance is identified by the trendline connecting highs registered in March and June. The positive bias would be invalidated if prices fell below Thursday's low of $62,805. |
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| The chart shows the dollar value locked in the number of active XRP call and put options on Deribit.At $18.7 million, open interest in calls is at least five times greater than in put options, a sign of bias for bullish bets.Source: Amberdata |
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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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