Market Cheers Polkadot's Parachain Auctions
  The latest moves in crypto markets, in context Edited by Omkar Godbole October 14, 2021 Sponsored by  (Price data as of October 14 @ 11:00 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 Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
– Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainer:
Top Loser:
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  Here's One Way to Optimize Your Spot Trades
Having a proper trading strategy may give you a better P&L. But you know what will help you optimize your Spot trades Every. Single. Time? Not having to pay maker fees.
Don't miss out on this limited promotion on Bybit. Zero maker fees for all Spot trades, only until 10AM UTC on Oct. 31.
Market Moves by Omkar Godbole Hopes that the U.S. Securities and Exchange Commission (SEC) would approve at least four bitcoin futures-based exchange-traded funds (ETF) this month continue to power the cryptocurrency higher.
Bitcoin climbed to a new five-month high of $58,500 early today but underperformed ether, Polkadot's DOT token, and several other cryptocurrencies, marking a shift from the recent trend of leading the broader market higher.
Polkadot's announcement of the long-awaited parachain auctions where projects are allocated slots for building on the Polkadot cryptocurrency network seems to have put a bid under DOT and revived interest in altcoins, in general.
In traditional markets, gold traded at a per ounce price of $1,800 for the first time in four weeks, as treasury yields dipped and the dollar, the yellow metal's biggest nemesis, softened against major fiat currencies. The futures tied to the S&P 500 signaled risk-on sentiment with a 0.8% gain. Polkadot Rallies 20% Polkadot's DOT token surged to a five-month high above $42 early today, taking the month-to-date gain over 45%. Dot is used for three primary purposes: staking, fee payment, and bonding and governance.
Per analysts, the token is responding to the Polkadot community's approval of parachain auctions – the long-awaited core technical element Polkadot needs to implement multichain interoperability.
"Parachains represent the final piece of the puzzle that was proposed five years ago by Polkadot, it will make the multichain aspect of Polkadot a reality, opening up possibilities for new use cases," Denis Vinokourov, head of research at Synergia Capital, said.  DOT's daily chart showing a rally to five-month highs (Source: TradingView) Blockchain interoperability refers to the ability of blockchain networks to communicate and share data with each other.
The parachain auctions could also suck out DOT's supply from the market, leading to more substantial price rallies. That's because to acquire a parachain slot, DOTs must be bonded [locked up] for the duration of the parachain slot lease period.
However, the upward momentum may cool in the short term, according to Laurent Ksiss, director of CEC Capital. Polkadot has witnessed a sharp uptick in trading volume and contributed to DOT's price trending higher. But the excitement may wane somewhat as active positioning took place already last week, but overall volumes remain strong still based on momentum-driven strategies," Ksiss said.
Read the original story here: Declining Interest in Bitcoin-Margined Futures Promises Lesser Price Volatility
Technician's Take by Omkar Godbole  Bitcoin's 4-hour chart relative strength index (RSI) has decoupled from the rising price since Oct. 6. The indicator's negative divergence suggests a loss of upward momentum and scope for a pullback.  Bitcoin's 4-hour chart showing bearish divergence of the RSI (Source: TradingView)
A Message from Chainalysis  Looking for your ticket #ToTheMoon? 🚀
Market Intel by Chainalysis - the blockchain data platform - arms you with the most complete on-chain dataset for crypto research and investment decisions.
Whether you're an Asset Manager searching for a signal...
A Quant Analyst interested in spotting market trends...
Or a VC looking to fund the next emerging crypto player...
Market Intel will help you reach your goals, utilizing 53 metrics across 10 categories—like whales, exchanges, liquidity, and supply.
BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts discuss bitcoin's price movements as it retreats from the $57K level. B2C2 Co-CEO Rob Catalanello shares his insights as trading data from his firm suggests retail traders are not driving bitcoin's latest bullish surge. Fred Schebesta, CEO and co-founder of Finder, explains the newly released survey and key findings on crypto adoption worldwide. Plus, Strips Finance is raising $8.5 million to launch a new derivatives platform in November. CEO Ming Wu explains the details behind the new venture.
A Message from CoinDesk  While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
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 |
