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First Mover Americas: Bitcoin Tests $64K Ahead of Busy U.S. Economic Data Week
The latest price moves in crypto markets in context for Oct. 7, 2024.
Oct 7, 2024, 12:01 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk 20 Index: 1,950.34 +1.51%
Bitcoin : $62,977.62 +1.55%
Ether : $2,451.18 +1.29%
S&P 500: 5,751.07 +0.9%
Gold: $2,656.7 +0.22%
Nikkei 225: 39,332.74 +1.8%
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Bitcoin rose to near $64,000 ahead of a busy week for economic data out of the U.S. It subsequently dropped back to $63,000, around 1.6% higher over 24 hours. The broader digital asset market rose about 1.5%, as measured by the CoinDesk 20 Index. The Federal Open Market Committee (FOMC) minutes and key economic figures are due on Wednesday. The Bureau of Labor Statistics (BLS) will release inflation data for September and the number of initial jobless claims for the week ended Oct. 5.
Memecoins rose over the weekend as social sentiment and riskier behavior among crypto traders grew. Talks and posts of the so-called “memecoin supercycle,” a prediction that the tokens will lead the next crypto bull market, trended on social app X. Solana-based and Ethereum-based mog (MOG) jumped over 12% in 24 hours, while BNB Chain-based simon’s cat (CAT) rose 10%. Cat-themed memecoins continue to lead their dog-themed counterparts and remain the preferred choice for riskier memecoin bets. Interest in memecoins comes amid low market volatility in more serious crypto sectors, such as layer-2 blockchains, and rising negative sentiment around tokens backed by venture capital funds – which are increasingly perceived as overpriced and a bad bet for retail traders.
Metaplanet said it bought another $6.7 million worth of bitcoin to take its stash to 639.5 BTC, worth approximately $40.6 million at current prices. The Tokyo-listed company purchased around 108.8 BTC at an average price of just under 9.2 million yen ($61,900) per coin. It has now spent just shy of 6 billion yen on the largest cryptocurrency by market value, paying an average price of 9.3 million yen apiece. The company has the second-largest bitcoin holdings among Asia-listed companies, behind Hong Kong-based technology firm Meitu. Metaplanet shares rose 7.9% to 988 yen and are over 500% higher year-to-date.
Chart of the Day
- The bitcoin put at the $40,000 strike price expiring on Nov. 8, when the U.S. presidential election result will be announced, is the most traded option on Deribit in the past 24 hours.
- Traders seem to be preparing for heightened volatility on results day, with potential implications for crypto regulation.
- Source: Velo Data
- Omkar Godbole
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Kevin O'Leary says power is now more valuable than bitcoin
"Shark Tank" investor Kevin O'Leary is pivoting his crypto strategy from tokens to energy infrastructure, declaring that power generation is now the real prize.
What to know:
The big pivot: O'Leary has moved capital away from smaller tokens to focus on physical infrastructure like land, power, and copper.
- He believes power is now "more valuable than bitcoin" and has secured significant land deals with stranded natural gas in Alberta and the U.S.
- His thesis is driven by the massive energy needs of bitcoin mining and AI, noting that entities controlling power can serve either market.
- He advises investors to look at copper and gold, noting copper prices have nearly quadrupled for his projects in the last 18 months.
- He views Robinhood and Coinbase as "no-brainer" infrastructure investments, having reallocated capital from altcoins into these platforms. He describes Robinhood as the premier bridge for managing equity and crypto in one portfolio, while labeling Coinbase the "de facto standard" for businesses to manage stablecoin transactions and vendor payments once regulatory acts pass.
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