Share this article
First Mover Americas: Bitcoin Recedes to $67K as Crypto Market Sees Slight Dip
The latest price moves in crypto markets in context for Oct. 17, 2024.
Updated Oct 17, 2024, 12:01 p.m. Published Oct 17, 2024, 12:01 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 20 Index: 2,039.00 -1.08%
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
S&P 500: 5,842.47 +0.47%
Gold: $2,688.52 +0.54%
Nikkei 225: 38,911.19 -0.69%
Top Stories
Bitcoin pulled back to $67,000 throughout the Asian and European mornings, showing signs of a consolidation following Wednesday's jump above $68,000. BTC was about 0.7% lower in the last 24 hours as of the late European morning, trading just above $67,000. Other major tokens showed similar minor retracements, with the broader digital asset market dipping 1%, as measured by the CoinDesk 20 Index. For the time being, bitcoin appears to have avoided an outright rejection following its move above $68,000 on Wednesday and is instead taking a breather, as traders wait for the next catalyst.
Donald Trump's lead over Kamala Harris in the prediction markets has spread beyond Polymarket to Kalshi, which is now also showing strong momentum for the Republican candidate. Trump is currently leading against Harris 56-44 on Kalshi, with a surge occurring in early October. The rise in Trump's odds on Kalshi isn't an entirely unexpected event, Jack Such, a market research analyst at Kalshi, wrote in a note Wednesday. "Harris is falling in key demographics and has lost ground in every “Blue Wall” state over the past three weeks," Such wrote. Trump's lead on Polymarket has spread to 20 points, with traders seeing a 60% chance of him returning to the White House in 2025.
A growing number of Asia-based private wealth managers are entering the crypto market, with some forecasting bitcoin will hit $100,000 by year's end, according to a report by digital asset technology platform Aspen Digital. Digital assets have emerged as an alternative investment class for private wealth in Asia, with 76% of family offices and high-net-worth individuals investing in cryptocurrencies and 16% planning to do so in the future. That's a notable improvement from the previous study in 2022, when 58% had exposure to digital assets and 34% planned to invest. Most respondents cited higher returns as a primary driver, with an increasing number of respondents citing diversification and inflation hedge appeal as key motivations to invest in digital assets, the report shared with CoinDesk said.
Chart of the Day
- The chart shows top blockchains by the total dollar value of cryptocurrencies bridged in the past four weeks.
- Ethereum leads the way, followed by Coinbase's layer 2 Base, which has seen significantly higher activity than its rival Arbitrum.
- Source: Artemis
- Omkar Godbole
Trending Posts
More For You
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.
More For You
Bitcoin eyes longest daily winning streak in 3 months
Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
What to know:
- Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
- The broader crypto market, including major cryptocurrencies like XRP, solana, and ether, also saw gains of up to 1%.
- Tax-loss selling has subsided, one analyst said explaining the upswing, while others attributed the uptick to haven demand.
Top Stories
