  The latest moves in crypto markets, in context Edited by Omkar Godbole October 29, 2021 Sponsored by  (Price data as of October 29 @ 12:20 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.
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 It's been a shiba inu (SHIB) week. The self-proclaimed dogecoin killer has nearly doubled in value, extending a four-week winning trend. Such has been the frenzy, that recently a couple in India received some 300,000 SHIB as a marriage gift. That's according to an unverified image circulating on Telegram-based shiba inu trading groups.
SHIB's last price pump in early May was followed by a market-wide sell-off. So, several analysts have recently expressed caution. The logic is that these meme coins are at the far end of the risk curve, and frantic buying in these tokens reflects excess greed and too much liquidity, which often marks market tops in traditional markets.
For example, historically, record art auction rates and sharp rallies in shares of Sotheby's, the world's leading art auction houses, have served as leading indicators of impending economic crisis and stock market sell-offs.  Sotheby's stock price (Source: Barchart.com) A CryptoPunk non-fungible token (NFT) was purchased for a staggering half-billion dollars on Tuesday in a publicity stunt, as CoinDesk's Andrew Thurman reported. That again points to too much money sloshing around in the system.
However, while there is reason to be cautious, the bitcoin market currently appears to be in a much healthier state than early May, as evidenced by a continued decline in exchange balances.  The number of bitcoins held on exchanges rose in April, breaching a year-long downtrend and warning of a price decline. Besides, bitcoin's bull run looked exhausted back then, with prices coiled in the range of $50,000 to $60,000 for several weeks. So, the market took a hit after China renewed its crackdown on cryptocurrencies, and Tesla suspended bitcoin payments citing environmental concerns.
As of now, the price chart is showing no signs of uptrend fatigue, and the recent launch of a futures-based exchange-traded fund (ETF) has calmed regulatory fears. More importantly, markets have a new bullish catalyst to look forward to – Ethereum's transition to the proof-of-stake mechanism.
All things considered, top coins may be in for a pullback, but a crash looks unlikely unless, of course, traditional markets tank – tracking the rising odds of faster rate hikes by advanced national central banks. |
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Technician's Take
by Omkar Godbole
Ether Tops $4,400
Ether rose to new lifetime highs above $4,400 early Friday.
The MACD histogram, an indicator used to gauge trend strength and trend changes, continues to diverge from the rising price, indicating scope for consolidation or pullback before a continued rally.
Ether's daily price chart with MACD histogram (Source: TradingView)
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BOLO
Be on the lookout for the following events today:
- 12:30 UTC (08:30 a.m. ET):
- U.S. Personal Spending Est: 0.5%
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts dig into today's top stories. Shiba Inu coin is the most talked-about cryptocurrency on Twitter in India. SHIB managed to flip DOGE for the 9th position on the top cryptocurrency by market cap list before it crashed about 30% earlier Thursday, allowing DOGE to regain its title as the 9th biggest coin. Indian crypto exchange WazirX Founder & COO Siddharth Menon provides his insights into the rise of SHIB. Associated Press is launching NFT collections of historical moments on Binance. Dwayne Desaulniers, AP Blockchain and Data licensing director, discusses the significance of this initiative. Plus, markets insights from Eddie Ghabour, Key Advisors Group co-owner and managing partner.
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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
- Here's Why a CryptoPunk Sold for $530M
A half-billion-dollar NFT "sale"? On-chain analysts say it may have just been an elaborate publicity stunt.
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Richard Li, Winklevoss-Backed CMCC Global Targets $300M for Latest Crypto Fund
CMCC Global an early investor in the Solana blockchain, has also backed Cosmos and Terra.
- BSN Architect Red Date to Launch NFT Infrastructure in China
"Open permissioned" chains on the BSN are the only way NFTs will be allowed in China, says Red Date CEO Yifan He.
- MicroStrategy Adds Almost 9,000 Bitcoins to Its Holdings in Third Quarter
The company's bitcoin holdings are worth just over $7 billion, while its entire market capitalization is roughly $7.4 billion.
- Crypto.com Looks to Cash In on Bull Market With $100M Advertising Campaign
The ad, "Fortune Favors the Brave," stars actor Matt Damon and is directed by Oscar-winning cinematographer Wally Pfister.
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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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