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First Mover Americas: Bitcoin Stays Above $19K as US Stocks Futures Slip Ahead of Earnings Reports
The latest price moves in crypto markets in context for Oct. 20, 2022.
Updated Nov 7, 2022, 6:34 p.m. Published Oct 20, 2022, 12:28 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Price Point
Bitcoin (BTC) was trading flat on Thursday, with little movement over the last 24 hours. The world’s largest cryptocurrency briefly dropped below $19,000 early Thursday but soon stabilized back just above at around $19,150.
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Ether (ETH) was down slightly on the day, at around $1,290. It is still up slightly on the week, however
Top gainers on the day were Elrond’s EGLD and Huobi’s HT token, both up 3%.
In traditional markets, European stocks fell while yields on U.K. government bonds rose. U.S. stock futures slipped. Tesla’s shares dropped 5.4% in premarket trading after the electric-car maker reported third-quarter revenue that missed analysts’ expectations.
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CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Chain XCN +12.17% Currency Radicle RAD +7.2% Computing Biconomy BICO +7.07% Smart Contract Platform
Biggest Losers
Asset Ticker Returns DACS Sector Ribbon Finance RBN -5.38% DeFi MetisDAO METIS -2.88% Smart Contract Platform Rally RLY -2.75% Culture & Entertainment
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
Chart of the Day
Crypto Volatility Meltdown in Full Swing
By Omkar Godbole
- Stocks have become more volatile than bitcoin for the first time since July 2021.
- "This has only happened on four other occasions in bitcoin’s history, each time near a significant local bottom," Noelle Acheson, author of the Crypto is Macro Now newsletter, said in a note to subscribers.
- "Obviously, patterns don’t always repeat, but it is worth noting," Acheson added.
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More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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