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First Mover Americas: DOGE Doubled in October, Coinbase Goes to Bat for Ripple
The latest price moves in crypto markets in context for Nov. 1, 2022.
Updated Nov 15, 2022, 11:51 a.m. Published Nov 1, 2022, 12:28 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.
Latest Prices
● CoinDesk Market Index (CMI): 1,033.77 +1.2%
STORY CONTINUES BELOW
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● Bitcoin (BTC): $20,519.7 −1.01%
● Ether (ETH): $1,590.71 −1.86%
● S&P 500 Futures: 3,920.75 +1.0%
● FTSE 1000: 7,209 +1.6%
● Ten-year Treasury yield daily close: 4.08% +0.1
Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.
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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Meme token dogecoin finished October with 17 times bitcoin’s gain for the month as DOGE supporter Elon Musk’s $44 billion Twitter deal drove speculation in the coin, whose price more than doubled during the month, rising 104%. Bitcoin rose 5.5%, and ether gained 18%.
Crypto exchange Coinbase has filed to support Ripple Labs against the U.S. Securities and Exchange Commission, which sued Ripple at the end of 2020 on allegations it sold XRP as an unregistered security. Coinbase joins a trade group and others in arguing the SEC's case threatens the broader industry.
India's central bank is introducing a pilot program for a central bank digital currency on Tuesday, and a retail version will start within a month. In a statement, the Reserve Bank of India said the use case for the wholesale digital rupee is the "settlement of secondary market transactions in government securities" because it would reduce transaction costs.
Chart of the Day
- The above chart provided by Decentral Park Capital portfolio manager Lewis Harland shows bitcoin has closely tracked the Federal Reserve's net U.S. dollar liquidity indicator since 2021.
- The dollar liquidity is again falling, a headwind for risky assets, including cryptocurrencies.
– Omkar Godbole
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Long-Term Holders Hit Cyclical Low as Sell Pressure Finally Eases
Long-term holder supply bottomed when bitcoin sank to $80K, signaling that the wave of spot-driven selling may be nearing exhaustion as prices rebound to $90K.
What to know:
- Long-term holder supply fell to 14.33M BTC in November, its lowest level since March, coinciding with bitcoin’s $80K correction low.
- The rebound to $90K suggests the bulk of spot-driven selling from seasoned holders has passed after a 36% peak-to-trough decline.
- Unlike prior cycles, LTH behavior in 2025 shows more measured distribution rather than blow-off-top capitulation, signaling a shift in market structure.
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