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| The latest moves in crypto markets, in context Edited by Omkar Godbole October 14, 2021 Sponsored by Bitcoin (BTC) +5.4% $57,650 Ether (ETH) +5.7% $3,650 (Price data as of October 14 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Polkadot's DOT Token Rallies 20% And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Urs Bernegger, Co-Head Markets and Investment Solutions at SEBA Bank Mary Beth Buchanan, President, Americas and Global Chief Legal Officer at Merkle Science – Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainer: Polkadot (DOT): +18.5%Top Loser: There are no losers in CoinDesk 20 todayThe 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 Hopes that the U.S. Securities and Exchange Commission (SEC) would approve at least four bitcoin futures-based exchange-traded funds (ETF) this month continue to power the cryptocurrency higher.
Bitcoin climbed to a new five-month high of $58,500 early today but underperformed ether, Polkadot's DOT token, and several other cryptocurrencies, marking a shift from the recent trend of leading the broader market higher.
Polkadot's announcement of the long-awaited parachain auctions where projects are allocated slots for building on the Polkadot cryptocurrency network seems to have put a bid under DOT and revived interest in altcoins, in general.
In traditional markets, gold traded at a per ounce price of $1,800 for the first time in four weeks, as treasury yields dipped and the dollar, the yellow metal's biggest nemesis, softened against major fiat currencies. The futures tied to the S&P 500 signaled risk-on sentiment with a 0.8% gain. Polkadot Rallies 20% Polkadot's DOT token surged to a five-month high above $42 early today, taking the month-to-date gain over 45%. Dot is used for three primary purposes: staking, fee payment, and bonding and governance.
Per analysts, the token is responding to the Polkadot community's approval of parachain auctions – the long-awaited core technical element Polkadot needs to implement multichain interoperability.
"Parachains represent the final piece of the puzzle that was proposed five years ago by Polkadot, it will make the multichain aspect of Polkadot a reality, opening up possibilities for new use cases," Denis Vinokourov, head of research at Synergia Capital, said. DOT's daily chart showing a rally to five-month highs (Source: TradingView) Blockchain interoperability refers to the ability of blockchain networks to communicate and share data with each other.
The parachain auctions could also suck out DOT's supply from the market, leading to more substantial price rallies. That's because to acquire a parachain slot, DOTs must be bonded [locked up] for the duration of the parachain slot lease period.
However, the upward momentum may cool in the short term, according to Laurent Ksiss, director of CEC Capital. Polkadot has witnessed a sharp uptick in trading volume and contributed to DOT's price trending higher. But the excitement may wane somewhat as active positioning took place already last week, but overall volumes remain strong still based on momentum-driven strategies," Ksiss said.
Read the original story here: Declining Interest in Bitcoin-Margined Futures Promises Lesser Price Volatility
Technician's Take by Omkar Godbole Bitcoin's Chart Shows Negative RSI Divergence Bitcoin's 4-hour chart relative strength index (RSI) has decoupled from the rising price since Oct. 6. The indicator’s negative divergence suggests a loss of upward momentum and scope for a pullback. Bitcoin's 4-hour chart showing bearish divergence of the RSI (Source: TradingView) Progress above daily highs near $58,500 is needed to negate RSI’s bearish divergence and open the doors for new record highs above $64,801.Read the original story here: Bitcoin Eases After Rejection at $58.5K; Support at $54K
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BOLO Be on the lookout for the following events today: 17:00 UTC (01:00 p.m. ET): Fed's Williams Speech
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts discuss bitcoin's price movements as it retreats from the $57K level. B2C2 Co-CEO Rob Catalanello shares his insights as trading data from his firm suggests retail traders are not driving bitcoin's latest bullish surge. Fred Schebesta, CEO and co-founder of Finder, explains the newly released survey and key findings on crypto adoption worldwide. Plus, Strips Finance is raising $8.5 million to launch a new derivatives platform in November. CEO Ming Wu explains the details behind the new venture.
A Message from CoinDesk While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
Latest Headlines DeFi Pushes N. America to World’s Second-Biggest Crypto Market China started losing its position in global crypto markets before this year’s crackdown. Shatner May Have Conquered Space, But 4 South Korean ETF’s Beat Him to the Metaverse One fund is actively managed; the other three follow metaverse-related indexes. What Jamie Dimon Doesn’t Understand About Bitcoin The JPMorgan CEO thinks the bitcoin supply cap is changeable. He ain’t wrong, but he definitely ain’t right. Polkadot Sets Date for Hotly Anticipated Parachain Auctions There could still be minor changes to the schedule, but the first auction is slated to begin on Nov. 11. Putin Says Crypto Can’t Yet Replace Dollar in Settling Oil Trades: Report The Russian president had been asked whether he thought bitcoin or other crypto could be used as an alternative to the dollar in the context of U.S.-imposed dollar-denominated economic sanctions.
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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