FOMO Over SHIB

The latest moves in crypto markets, in context

Edited by Omkar Godbole

November 2, 2021

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Bitcoin (BTC)

+1.8% $63,170

Ether (ETH)

+2.8% $4,435

(Price data as of November 2 @ 11:50 UTC)

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Good morning, Here's what's happening this morning:

Market Moves: FOMO Over SHIB

Technician's Take: Bitcoin Retakes $63K

CoinDesk TV's "First Mover" show hosted by Christine Lee, Emily Parker and Lawrence Lewitinn will be back in action on Wednesday.

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Top Gainers:

Litecoin (LTC): +4.7%

Top Losers:

There are no losers in CoinDesk 20 today.

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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Market Moves

by Omkar Godbole

Ether rose to $4,480 during the European hours, surpassing the previous peak price of $4,458 reached on Oct. 29, according to CoinDesk 20.

The move to new record highs happened in the wake of continued bullish flows in the options market. Data tracked by Swiss-based Laevitas shows several large bull call spreads crossed the tape on the Deribit exchange on Monday.

"Since mid-October, we have seen higher interest in year-end and March upside ETH exposure," Deribit's Institutional Newsletter for October said.

Bitcoin traded higher at $63,200 even as the U.S. stock futures dipped and the anti-risk Japanese yen gained ground against major currencies.

Ethereum-based virtual reality platform The Sandbox's SAND token tapped record highs above $3, taking the seven-day gain to over 300%. Other gaming tokens like enjoin coin, lluvium's ILV token also traded higher.

FOMO Over SHIB

Google search value for the term "Buy SHIB" (Source: GoogleTrends)

Google Trends currently shows a value of 100 for the India search query “SHIB” over the past 12 months – a sign of peak retail interest mostly seen at market tops.

“Cheap price has been the biggest factor, and to see $100 becoming $1000 in no time is driving madness,” Siddharth Menon, co-founder of WazirX, said. “We had seen this with DOGE in 2017, where memes became life-changing for some. I missed out on that hype back then too.” The exchange published a blog post on Nov. 1 explaining how to buy SHIB in India.

Also Read:

This Diwali Season Indians FOMO Over Shiba Inu

Technician's Take

by Omkar Godbole

Bitcoin Retakes $63K

Consecutive bullish patterns in bitcoin's four-hour chart indicate the pullback has run its course and a re-test of the record high of $66,974 could be in the offing.

A failure to keep gains above the inverted head-and-shoulders (H&S) support level would negate the bullish view.

Bitcoin's 4-hour chart (Source: TradingView)

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BOLO

Be on the lookout for the following events today:

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Could SEC Approve Grayscale’s Bitcoin Spot ETF Application Soon? Ethereum Jumped to Record High Amid Decentralization Boom

Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to convert its bitcoin trust to a bitcoin spot ETF. Will the SEC give it the green light soon? What could it mean for the crypto community at large? Grayscale Global Head of ETFs Dave LaValle shares insights on today's "First Mover." NFT.NYC is underway. NFT42 CEO Jimmy McNelis explains the latest NFT trend and the seed funding round for his company Nameless. Plus, regulatory news from CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De.

A Message from CoinDesk

What will 2022 bring? Crypto 2022 is CoinDesk’s ambitious effort to scope out what’s next. This week it's Policy Week, a week devoted to exploring the complex ways governments are interacting with the cryptocurrency ecosystem, and how policy decisions or lack thereof will affect the year ahead. Read more here.

Latest Headlines

At stake: The ownership of Satoshi Nakamoto’s 1.1 million BTC.

Europe’s MiCA Crypto Rules Are Coming Soon. Here’s Why They Matter

The European Union’s Markets in Crypto-Assets framework would dramatically simplify how crypto businesses can expand through the 27-nation bloc.

The Sandbox metaverse counts 500,000 registered wallets, the startup said.

If U.S. lawmakers don’t act, regulators have the authority to take their own measures, according to the long-awaited report from the President’s Working Group on Financial Markets.

The play-to-earn token inspired by the hit Netflix show has plunged to nearly zero after a dizzying rise.

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.

First Mover

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