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First Mover Americas: Bitcoin, Ether Flat Ahead of Busy Earnings Week, Dogecoin-Linked Token Soars
The latest price moves in crypto markets in context for Oct. 24, 2022.
Updated Nov 7, 2022, 6:03 p.m. Published Oct 21, 2022, 12:41 p.m.
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.
Price Point
Bitcoin (BTC) continued to trade in a tight range Monday, remaining at around $19,300 as investors await the next batch of earnings from some of the world's largest companies.
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U.S. futures declined and European markets opened higher Monday as the Conservative Party in the U.K. chooses a new prime minister. Crypto-friendly Rishi Sunak, former chancellor of the exchequer, took a step forward to becoming the new leader after former Prime Minister Boris Johnson pulled out of the contest. Sunak has said that he wants to make the U.K. a “global hub” for crypto assets.
Ether (ETH) has also traded in a tight range over the last week and is up 2% on the day at $1,337.
“There appears to be a growing sense of anticipation among crypto-asset watchers as prices have held firm now for multiple weeks,” Simon Peters, a market analyst at trading platform eToro, wrote in a morning note.
In other altcoin action, HT, the token of the Huobi exchange, dropped 5% on the day, and Polygon’s MATIC gained 7%.
Also, Dogechain, a Polygon Edge-based smart contract system for popular meme token dogecoin, has surged over 200% in the last seven days, according to data from CoinGecko.
CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Render Token RNDR +7.34% Computing JasmyCoin JASMY +7.03% Computing Elrond EGLD +2.67% Smart Contract Platform
Biggest Losers
Asset Ticker Returns DACS Sector Enzyme MLN -12.58% DeFi Axie Infinity AXS -4.5% Culture & Entertainment Celsius CEL -4.47% Currency
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
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Bitcoin Swings Wildly as Fed's Powell Straddles Labor Market and Inflation Issues
"Powell is threading the needle between their two mandates," said one analyst.
What to know:
- Crypto prices were volatile on Wednesday, erasing much of their gains following the Fed's rate cut earlier.
- In his post-meeting press conference, Fed Chair Jerome Powell took note of a labor market that might be weaker than previously thought, while also sounding cautious about gains made in fighting inflation.
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