  The latest moves in crypto markets, in context Edited by Omkar Godbole December 6, 2021 Sponsored by  Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole The crypto market remains in a risk-off mode after Saturday's crash, which saw bitcoin falling as low as $42,400 on some exchanges. The BTC/USDC pair trading on Huobi Global crashed to $28,801. The crash liquidated derivative positions worth more than $2.5 billion.
The slide happened in the wake of the Fed's hawkish turn and debt-ridden Chinese property developer Evergrande warning of default late Friday.
"We expect that cryptocurrencies will continue to be driven by the appetite for risk in other markets," said Matthew Dibb, COO and co-founder of Stack Funds. "New COVID variant concerns, as well as tapering, have been a major concern here, and we see this being a predominant theme for the remainder of Q4."
The People's Bank of China (PBOC) said early Monday it freed up 1.2 trillion yuan ($190 billion) for banks to lend by reducing the reserve requirement ratio in a bid to calm Evergrande jitters. While the move seems to have calmed nerves in traditional markets, it is yet to lift spirits in the crypto markets. ETH/BTC Rally
While bitcoin tanked last week, pulling the broader crypto market lower, there was one bright spot. The ether-bitcoin (ETH/BTC) ratio rose 13%, reaching a 3.5-year high and registering its best weekly performance since May.
The move was unique. Historically the pair has rallied during market-wide bull runs characterized by buying frenzy in ETH and other alternative cryptocurrencies.
Several factors, including the Ethereum blockchain's EIP-1559 upgrade implemented in August, appear to have helped ETH/BTC chalk out gains in a risk-off environment.
"One of bitcoin's main value propositions over ETH has been its monetary policy. However, after the London upgrade (and specifically EIP-1559), many perceive ETH as having a sounder monetary policy," Alex Svanevik, CEO of blockchain data company Nansen, told CoinDesk in a Telegram chat.
Bitcoin's declining role as a funding currency may be another reason for ETH/BTC's outperformance.
"Stablecoin tether's volume (as quote asset) are 10x bigger than BTC volume as quote asset," Clara Medalie, research lead at Kaiko, told CoinDesk in a WhatsApp chat.
That's a change compared with pre-2020, when bitcoin served as a gateway to altcoins. So the unwinding of long altcoin trades now puts a bid under stablecoins. Previously, it would bring demand for bitcoin, helping the cryptocurrency outperform other coins. 
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
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Technician's Take by Omkar Godbole  Tron's TRX Token Flirting With Long-Held Support  TRX's weekly chart (Source: TradingView)
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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 Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 as his firm has just released its annual crypto theses. Bitcoin is range-bound. Horizon Fintex President Mark Elenowitz shares his market insights. Plus, what's the Indian government's plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shares his take.
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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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