Share this article
First Mover Americas: Bitcoin Drops as China's Stimulus Plans Disappoint
The latest price moves in crypto markets in context for Oct. 8, 2024.
Oct 8, 2024, 12:00 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
CoinDesk 20 Index: 1,929.84 -0.85%
Bitcoin : $62,503.74 -0.55%
Ether : $2,433.31 -0.78%
S&P 500: 5,695.94 -0.96%
Gold: $2,646.96 +0.14%
Nikkei 225: 38,937.54 -1%
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin pulled back after China's stimulus plans fell short of expectations. Risk assets such as BTC have been buoyed over the last week by the prospect of a massive stimulus package from the People's Bank of China stirring some life into the country's economy. However the National Development and Reform Commission's (NDRC) briefing seemed to lack urgency or specifics, denting market sentiment. Bitcoin traded at around $62,500, about 0.5% lower in the last 24 hours. The broader digital asset market fell about 0.8%, as measured by the CoinDesk 20 Index.
Ether ETFs in the U.S. saw no money flow in or out on Monday for only the second time since their listing in July. Bitcoin ETFs, meanwhile, enjoyed their highest inflows since Sept. 27, adding a net $235.2 million. Fidelity's FBTC led the gains with $103.7 million while BlackRock's IBIT garnered $97.9 million. In contrast, the nine ether ETFs registered zero flows in either direction. The only other time this occurred was Aug. 30. The figures underline the differing fortunes of BTC and ETH products in the U.S. Bitcoin ETFs have seen inflows of nearly $18.75 billion since they listed in January, while their ether equivalents are $500 million in the red since becoming available in July.
Consensus among Polymarket bettors is divided over who will be identified as Satoshi Nakamoto on Tuesday's HBO documentary, "Money Electric: the Bitcoin Mystery." Odds climbed as high as 55% that the late Len Sassaman would be revealed as Bitcoin's elusive creator, but these have sunk to 7.5% following an interview with his widow in which she said he was not Satoshi. The overwhelming favorite choice on Polymarket is now "Other/Multiple", which carries 65% support. The leading individual candidate is Nick Szabo with 12.5%. The program will be screened at 02:00 UTC on Wednesday (9 p.m. Tuesday ET).
Chart of the Day
- The chart shows privacy-focused cryptocurrency monero's weekly candlestick price chart since mid-2021.
- Prices have again turned lower from the long-held resistance at $180, extending its prolonged range play.
- Cryptocurrency exchange Kraken recently said that it will delist XMR/USD and XMR/EUR pairs on Oct. 31, aligning with regulatory and compliance obligations.
- Source: TradingView
- Omkar Godbole
Trending Posts
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
The company's bitcoin stack remained at 11,509 coins, worth about $1 billion at BTC's current price near $89,000.
What to know:
- Tesla made no changes in its bitcoin holdings during the fourth quarter, continuing to hold 11,509 coins.
- The company recorded a $239 million after-tax mark-to-market loss on its digital assets due to bitcoin's decline from about $114,000 to $88,000 during the year's final three months.
Top Stories
