  The latest moves in crypto markets, in context Edited by Bradley Keoun November 11, 2021 Sponsored by  (Price data as of November 11 @ 12:47 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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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 Lyllah Ledesma Bitcoin is down 5% in the last 24 hours after peaking at an all time high of around $68,950 on Wednesday.
Bitcoin's all-time high was reached just after the U.S. Consumer Price Index (CPI) report showed higher-than-expected inflation in October. The U.S. Department of Labor said in the report that the CPI rose 6.2% in October versus 12 months prior, the fastest pace in three decades.
At 21:00 coordinated universal time on Wednesday, the price of bitcoin dropped to $62,000, just a few hours after trading at around $68,950, representing a 10% decline.
The shakeout appeared to coincide with a turn lower in U.S. stock markets, as analysts digested the CPI report, according to IntoTheBlock's Juan Pellicer.
"The S&P 500 and Nasdaq reacted badly to the announcement," said Pellicer. This then influenced the crypto market, he said.
In a report early Thursday, Lennard Neo of Stack Funds wrote that the delayed market reaction in stocks and bitcoin might have stemmed from an end-of-day assessment that faster inflation might trigger a quicker response from the Federal Reserve to tighten monetary policy.
As signaled by CoinDesk earlier this week, a more hawkish tilt at the U.S. central bank might put downward pressure on prices of riskier assets.  Chart of bitcoin (blue) versus ether (light green) and the S&P 500 (dark blue) shows the asset prices dropping in tandem on Wednesday. (IntoTheBlock) Read the original story here:
Technician's Take by Bradley Keoun  Ethereum transactions spike  Chart shows a recent pickup in transactions on the Ethereum blockchain, plotted against the price of ether. (Source: Glassnode/Stacks Funds) The recent move higher in the price of ether (ETH) appears supported by an increase in transactions over the Ethereum blockchain, writes Lennard Neo, head of research for the cryptocurrency products issuer Stack Funds, in a newsletter on Thursday.
According to Neo, the 30-day moving average transaction count has spiked up 10% in the past two weeks.
"The consolidation that occurred since July should add further depth to support the next leg up," Neo wrote.
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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 speak to crypto OG and the founder of MakerDAO, a decentralized credit platform on Ethereum that supports the Dai stablecoin, Rune Christensen. He shares his thoughts on the Biden administration's stablecoin report and the latest decentralization within his organization. Oanda Senior Market Analyst Edward Moya provides markets analysis as bitcoin retreats from an all-time high. Plus, Foundry announces a Digital Assets Staking Business and Range of Services for Institutions supporting 20 blockchains and counting. Foundry CEO Mike Colyer shares details of this launch.
A Message from CoinDesk  CoinDesk's "Most Influential" recognizes individuals who've had a big impact on the cryptocurrency and blockchain industry in a calendar year. Chosen by readers and editorial staff, the list features 50 people from across the space, including entrepreneurs, traders, coders, regulators, celebrities and the odd surprise. To have your say on who should make this year's list, check out the form here. The results will be announced on Dec. 6, 2021.
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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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