  The latest moves in crypto markets, in context Edited by Omkar Godbole November 8, 2021 Sponsored by  (Price data as of November 8 @ 11:00 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 The cryptocurrency market is worth more than ever, with over $3 trillion in total market capitalization.
The new high comes as real or inflation-adjusted bond yields continue to slide, contradicting Federal Reserve Chairman Jerome Powell's long-held view that high inflation is due to transitory factors. Data from U.S. Department of Treasury Shows the 10-year real yield dipped to -1.09% on Friday, the lowest since Aug. 30.
In a world where interest rates are near zero or below and most traditional assets struggle to beat inflation, investors are increasingly flocking to bitcoin, ether, gaming tokens, and several other cryptocurrencies, including meme coins like shiba inu.
And it's not just retail investors dabbling with cryptocurrencies. Large funds, asset and wealth managers have poured money into crypto markets over the past 12 months. Both ether and bitcoin options markets have seen solid growth this year, signaling increased participation by sophisticated investors.
"In October 2020, ether spot trades averaged roughly $93 million per day combined for seven major exchanges; a year later, that daily average was $1.6 billion, according to figures compiled by data provider Skew. Meanwhile, options daily volumes jumped to $335 million from a mere $23 million the previous year," CoinDesk's Lawrence Lewitinn noted.
Bitcoin topped $66,000 during the European hours, ending an almost three-week-long consolidation as ether tapped fresh record highs above $4,700.
"A slower than expected end to quantitative easing [Federal Reserve's liquidity-boosting program] appears to be driving risk-taking behavior reflected in new highs throughout both traditional and crypto markets," blockchain analytics firm IntoTheBlock said in the weekly market update.
Analysts expect the bullish trend to continue. "From the macro side, this week's U.S. consumer price index could stir up market's concern about inflation and push the breakeven inflation rate – the market measure of expected inflation – higher, which will, in turn, could fuel another leg up for bitcoin, given their strong correlations for the past several weeks," Yuya Hasegawa, crypto market analyst at Japan-based bitbank exchange, said in an email.
Fed's Powell is scheduled to deliver a speech later on Monday at a diversity conference jointly organized by the Federal Reserve, the European Central Bank and the Bank of Canada
Bitcoin and asset prices, in general, may face selling pressure if Powell deviates from his "inflation is transitory" view. That would bolster fears of faster interest rate hikes. Read the original story here: Bitcoin Tops $66K, Resuming Uptrend as Real Bond Yields Slide |
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Technician's Take
by Damanick Dantes, CMT
Bitcoin Peeps Above April High
Bitcoin weekly price chart (Source: TradingView)
Bitcoin (BTC) surpassed resistance at $64,899 (April high), having failed to keep gains above the same in the third week of October.
Another bull failure, if any, would signal a double top pattern and perhaps yield a notable price pullback. The 10-week moving average (MA) is seen at $55,225.
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BOLO
Be on the lookout for the following events today:
- 15:30 UTC (10:30 a.m. ET):
- Fed's Chair Powell Speech
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ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Circle CEO and Founder Jeremy Allaire on White House Stablecoin Report
"First Mover" hosts speak with stablecoin USDC issuer Circle CEO Jeremy Allaire as the company facing increasing scrutiny from the regulators amid Biden Administration's stablecoin report. Voyager Digital CEO Steve Ehrlich shares insights into the multi-year partnership signed with Mark Cuban's Dallas Mavericks. Plus, Blockchain Research Institute Co-founder and Executive Chairman Don Tapscott shares his take on big tech diving into Metaverse.
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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
- House Sends Infrastructure Bill With Crypto Tax Provision to US President The vote passed with bipartisan support on Friday night.
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US Stablecoin Report Gets Mixed Reviews From Crypto Industry
Issuers' reactions ranged from effusive to diplomatic, but lobbyists pushed back against recommendations by the President's Working Group on Financial Markets.
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Argo Blockchain Mining Revenue Rose 32% in October
The company mined 167 bitcoin or bitcoin equivalent during the month.
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Every Big Bank Will Think About Crypto Trading, Says Ex-Citi CEO Pandit
Vikram Pandit believes every major financial institution will be considering trading crypto "in one to three years."
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Poland's Largest Crypto Exchange Revamps to Go License Shopping
Zonda (formerly BitBay) plans to push into Switzerland early next year, with U.K. and Canada next on the roadmap.
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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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