  The latest moves in crypto markets, in context Edited by Omkar Godbole October 25, 2021 Sponsored by  (Price data as of October 25 @ 11:30 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, Here's what's happening this morning:
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:
– Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Top Losers: 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 Bitcoin kicked off the final week of October on a positive note, trading 3.6% higher near $63,000 on Monday. The move came after a successful defense of the psychological support of $60,000 over the weekend and put a bid under alternative cryptocurrencies.
Programmable blockchain Solana's SOL token topped $200, extending last week's 26% rally, while shiba inu, the self-proclaimed dogecoin killer, took a breather, having set new record highs over the weekend.
In traditional markets, the futures tied to the S&P 500 traded flat, as a spike in coronavirus cases in Asia-Pacific and Europe revived concerns of supply chain bottlenecks, labor shortages, and inflationary pressures.
"Covid is flaring up in Europe and Asia-Pacific. Among other things, it underscores the risk that supply chain disruptions persist, which means elevated prices," Marc Chandler, chief market strategist at Bannockburn Global Forex, noted in a blog post.
So, market-based measures of inflation expectations could continue to rise, bringing more buyers to the bitcoin market. The U.S. 10-year breakeven rate, which represents how the market foresees long-term inflation, rose to a decade high of 2.64% on Friday, data provided by the Federal Reserve Bank of St. Louis shows.
According to JPMorgan, bitcoin's appeal as a store of value asset has played a bigger role than the recent launch of futures-based exchange-traded funds (ETFs) in powering bitcoin higher this month. Bitcoin Valuations Don't Appear Overstretched  Bitcoin's MVRV Z-score (Source: Glassnode) Bitcoin's MVRV Z-score that measures the deviation of market value from realized value and is used to assess undervalued and overvalued conditions has doubled to 3.91 this month, according to data source Glassnode Also read: |
As the CME's Volume Gets Pumped, the Bitcoin ETF's Quirky Structure Could Explain Some of It
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Technician's Take
by Omkar Godbole
Dogecoin Stuck at 200-day MA
While shiba inu has rallied over 450% this month, dogecoin, the meme cryptocurrency, has gained less than 30% and is again struggling to take out the 200-day moving average (MA) resistance.
Bitcoin's daily chart with the Mayer Multiple (Source: TradingView)
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A UTC close above the 200-day MA would bring the August high of $0.35 in focus.
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The daily chart relative strength index (RSI) is biased bullish.
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The Oct. 12 low of $0.21 is the level to defend for the bulls.
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BOLO
Be on the lookout for the following events today:
- 15:00 UTC (10:30 a.m. ET):
- U.S. Dallas Fed Manufacturing Business Index (Sep)
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" team discusses Valkyrie Funds launching the second bitcoin futures ETF in the U.S., under the ticker "BTF" on the Nasdaq this morning. CEO of Valkyrie Leah Wald shares insights into this launch. The Chicago Mercantile Exchange (CME) has replaced Binance as the world's biggest bitcoin futures platform, thanks to the strong investor appetite for the recently launched ProShares Bitcoin Strategy ETF. Amar Gautam, CEO of Hyperlinq, provides analysis on the news and crypto markets. Plus, Lyn Ulbricht, mother and advocate for the founder of the now-defunct Silk Road website Ross Ulbricht, joins as CoinDesk's Crypto Policy Week guest.
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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.
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Latest Headlines
- FTX Crypto Exchange Finalizes LedgerX Acquisition
The unit will now operate as FTX US Derivatives.
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Valkyrie's ETF Debut Soured by Falling Bitcoin Market
A new exchange-traded fund is joining the race to attract stock market investors looking for bitcoin exposure. But out of the gate on Friday, the ETF's share price was tracking bitcoin lower.
- Walmart Has Quietly Begun Hosting Bitcoin ATMs
The retail giant is offering bitcoin through 200 of its Coinstar kiosks in a tie-up with crypto ATM firm Coinme. We made sure it's real.
- Saudi Central Bank Mulls Blockchain for Finance, Rejects Phasing Out Cash: Report
Saudi Arabia was one of the first countries to experiment with a CBDC.
- Over 3 Million CoinMarketCap Email Addresses Leaked to Dark Web: Report
The 3.1 million addresses are trading on "hacking forums," haveibeenpwned reported. CoinMarketCap acknowledges "correlation" with its subscriber base but maintains its servers weren't breached.
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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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