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First Mover Americas: BTC Recovers From Friday's Slide to Reclaim $68.5K
The latest price moves in crypto markets in context for Oct. 28, 2024.
Updated Oct 28, 2024, 12:02 p.m. Published Oct 28, 2024, 12:02 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.
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Bitcoin returned to $68,500 early in the European morning, continuing its rally that recommenced on Sunday. BTC fell as low as $65,700 late Friday after the - Wall Street Journal reported that the DOJ is probing Tether for violations of sanctions and anti-money laundering rules. Tether quickly denied the report, putting a floor under the cryptocurrency’s price. Bitcoin erased its losses over the course of the weekend, rising over 2.4% in the last 24 hours to trade at nearly $68,700. ETH and SOL have registered similar gains as the broader crypto market has climbed over 2%, as measured by the CoinDesk 20 Index. Memecoin DOGE has enjoyed the healthiest bounce, trading around 6% higher at over $0.145.
MicroStrategy's premium to its BTC stash is unsustainable, according to a research report by Steno Research. The new provision for options on spot bitcoin ETFs will lessen demand for MSTR stock meaning the 300% premium will not last, the report said, adding that during the 2021 bull market, it was below 200% most of the time. MicroStrategy's recent 10:1 stock split's positive effects are also diminishing, analyst Mads Eberhardt wrote. As regulators become more favorable to bitcoin and crypto in general, investors may choose to hold bitcoin directly instead of MicroStrategy stock, according to the report. If Donald Trump is re-elected as president, this regulatory trend is expected to continue.
Hong Kong Exchanges and Clearing will launch a virtual asset index series on Nov. 15. The index will be administered and calculated by CCData, a UK-registered benchmark administrator and virtual asset data and index provider. CCData is owned by CoinDesk. The index series will include a reference index for bitcoin and ether, as well as a reference rate for bitcoin and ether. "By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial center,” said HKEX CEO, Bonnie Y Chan.
Chart of the Day
- The chart shows bitcoin's price and the year-on-year growth in the aggregate M2 money supply of the four major central banks – U.S. Federal Reserve, European Central Bank, Bank of Japan, and People's Bank of China.
- The M2 grew 7.5% last month, the fastest since November 2021.
- BTC's previous bull runs have been characterized by faster growth in the M2.
- Source: MacroMicro
- Omkar Godbole
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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.
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Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins
The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
What to know:
- Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
- The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
- Traders are speculating on meme coins as a high-risk, high-reward opportunity amid uneven liquidity and a lack of clear macroeconomic catalysts.
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