Bitcoin's UPtober?
  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Omkar Godbole, Senior Reporter October 1, 2021 Sponsored by  (Price data as of October 1 @ 11:20 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers:
Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
A message from ByBit  Earn Up to 600 BIT — And Be Part of BitDAO
We're giving you so many ways to earn BIT, there's practically no way you can miss out on joining the world's largest decentralized autonomous organizations, BitDAO.
All you have to do to earn up to 600 BIT is to meet the min. all-time trading volume threshold in both Spot and Derivatives since joining Bybit.
And here's a tip: Your Spot trading volume will count for much, much more. Only from 00:00AM UTC on Sept. 29, 2021 to 00:00AM UTC on Oct. 16, 2021.
Learn more about this exclusive offer on Bybit today.
Market Moves by Omkar Godbole Bitcoin Resilient to Stock Market Weakness Bitcoin has jumped to two-week highs above $47,000 despite classic risk-off action in traditional markets. S&P 500 e-mini futures are nursing a loss, indicating a lower opening for the benchmark stock index.
The cryptocurrency's resilience has raised investors' hopes for a stellar rally in October, with several analysts and traders referring to October as "Uptober" on Twitter – a newly coined slang, representing expectations for a price rally this month.
October is a seasonally bullish period, and bitcoin's recent stability amid stock-market losses and China's blanket ban on virtual currency businesses is reminiscent of the cryptocurrency's resilience in the face of the negative news seen just before the beginning of the bull run from $10,000 in September-October 2020.  Bitcoin's performance relative to S&P 500 in final four months of 2020 (Source: TradingView) It remains to be seen if history will repeat itself. While rising inflation expectations across the globe and falling real or inflation-adjusted bond yields are supportive of a renewed bull run, the Fed's impending taper – or scaling back – of stimulus may slow down the ascent.
Fears of faster Fed taper may grip markets, bringing pain for asset prices, in general, if the U.S. core personal consumption expenditure data due at 12:30 UTC today blows past expectations. Read the original story here: Bitcoin Climbs Above $47K Amid Stock Market Weakness, Eyes Fed's Preferred Measure of Inflation
Technician's Take by Damanick Dantes, CMT  Bitcoin Rallies Above $47K; Resistance at $50K Strong demand from short-term buyers has pushed bitcoin above $47,000 for the first time in two weeks. Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July.  Bitcoin's daily chart with RSI (Source: TradingView, CoinDesk)
A Message from ErisX  Are you looking for crypto insight on a more frequent basis? Follow us on Twitter and Facebook for regular market updates on bitcoin and ether as well as crypto market structure and analysis. ErisX is the only spot and U.S. regulated futures market with low fees, instant credits and reliable systems.
Open an account, refer a friend and you are both rewarded $50 after they make their first trade.
BOLO ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts talk to Aarika Rhodes (D-Calif.), a STEM teacher and U.S. Congressional Candidate for California's 30th District who wants to meet with Twitter CEO Jack Dorsey to discuss financial literacy in the age of bitcoin. Bitcoin is rising toward $45K; where is the support level? Carlos Domingo, Securitize founder & CEO, provides his analysis. Plus, CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De shares his insights as the U.S. House of Representatives brace for the $1 trillion infrastructure bill vote Thursday.
A Message from CoinDesk  Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021 on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
Latest Headlines
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved. 250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions | Unsubscribe from all CoinDesk email |
