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First Mover Americas: It’s Payrolls Day Again, and Bitcoin Holds Tight Near $20K
The latest price moves in crypto markets in context for Oct. 7, 2022.
Updated Apr 14, 2024, 10:42 p.m. Published Oct 7, 2022, 12:25 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) dipped below the $20,000 mark Friday, down almost 1% on the day, as traders in both crypto and stock markets awaited September’s jobs report in the U.S.
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The world’s largest cryptocurrency by market value has spent the last four months hovering around the $20,000 mark with little movement either side.
“This could be really important for bitcoin that it has found a base around $20,000 that traders are seemingly comfortable with in these turbulent times,” wrote Craig Erlam, an analyst at Oanda, in a morning note. “It now looks like a very strong region of support that's been reinforced with every test below.”
Erlam said there could well be a case for this level forming a bottom for the cryptocurrency but, of course, another risk-off panic could put this theory to test.
Ether (ETH) was also trading down on the day slightly, but has been slowly making its way back up after the post-Merge drop.
A blockchain linked to the big crypto exchange Binance ordered a suspension on Thursday, after an estimated $100 million to $110 million in assets were moved off chain.
BNB Chain, composed of BNB Beacon Chain and BNB Smart Chain, tweeted the suspension on BSC from its official account, later confirming that the activity stemmed from a “potential exploit.”
Some $7 million of the total crypto has already been frozen.
BNB token is down 3.35%.
In the news, Citigroup’s director of blockchain and digital assets is leaving the U.S. bank to take a role at Six Digital Exchange, according to his LinkedIn page.
A report from Morgan Stanley said the market for cryptocurrency exchange products continues to grow, a sign that institutional interest in the digital assets sector remains strong despite concerns of a crypto winter.
Crypto lender Celsius Network’s top executives withdrew a little over $17 million in cryptocurrency between May and June 2022, right before the company suspended withdrawals and filed for bankruptcy, new court records show.
CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Enzyme MLN +5.38% DeFi STEPN GMT +4.37% Culture & Entertainment Terra Luna Classic LUNC +3.72% Smart Contract Platform
Biggest Losers
Asset Ticker Returns DACS Sector Alien Worlds TLM -2.28% Culture & Entertainment COTI COTI -2.25% Currency Project Galaxy GAL -1.65% Digitization
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
US Wage Growth May Be the Most Important Figure for Risk Assets
By Omkar Godbole
- An expected slowdown in the headline nonfarm payrolls (NFP) report may do little to bring relief to risk unless accompanied by a meaningful deceleration in the average hourly earnings.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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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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