Share this article
First Mover Americas: Bitcoin Ticks Along Above $34K
The latest price moves in crypto markets in context for Oct. 30, 2023.
Updated Oct 31, 2023, 3:44 p.m. Published Oct 30, 2023, 12:25 p.m.
Make us preferred on Google
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
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin has started the week in the same buoyant mood that saw it gain around 15% last week. The world’s largest cryptocurrency has held steady above $34,000 in Asian and European trading hours, sitting at just over $34,500, up about 1% in the last 24 hours. The CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, is up around 1.4% on the day and over 11% in the past week. The crypto market’s upward trajectory has been carried by enthusiasm at the prospect of a BTC spot ETF finally being approved in the U.S., though this week eyes may turn to the Fed’s interest-rate decision. "While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw," Simon Peters, a markets analyst at eToro wrote in an emailed bulletin. Should crypto’s rally hold firm against a neutral Fed announcement, it could be a sign of further thawing and increased resilience in digital assets.
The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. Notional open interest (OI) – the value locked in the number of active or open contracts – on CME reached $3.54 billion compared with Binance’s $3.83 billion. Open interest in CME’s cash-settled futures contracts surpassed 100,000 BTC for the first time and the exchange’s share in the BTC futures market rose to a lifetime high of 25%. The ascent of a regulated, mainstream financial exchange is a sign for some observers that the recent rally in the crypto market is institutionally led.
Thai bank Kasikorn, also known as K-Bank, said it has acquired a 97% stake in crypto exchange Satang at a valuation of 3.705 billion Thai baht ($102.8 million), a month after the creation of its $100 million fund targeting Web3 and fintech investments. Following the closure of the deal, Satang will be re-branded to Orbix, along with three new subsidiaries: Orbix Custodian, fund manager Orbix Invest and blockchain tech developer Orbix Technology. K-Bank rival Siam Commercial Bank has also been targeting inroads into the digital asset industry, last month inking a partnership with Hashed, one of Thailand’s biggest Web3 investors.
Chart of the Day
- The year-on-year percentage change in the U.S. consumer price index from 2013 to date looks eerily similar to the 1970s.
- If history is a guide, inflation may rebound in the coming months, boosting demand for perceived store-of-value assets.
- Bitcoin, widely considered digital gold, is set to undergo its fourth mining-reward halving in April next year. Reward halvings have historically presaged major bull runs.
- Source: Game of Trades
- Omkar Godbole
Trending Posts
More For You
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Top Stories
