Retail Wakes Up to Bitcoin Rally
  The latest moves in crypto markets, in context Edited by Omkar Godbole October 12, 2021 Sponsored by  (Price data as of October 12 @ 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:
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  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 Bitcoin's near-vertical rise continues at the expense of ether and other alternative cryptocurrencies. While the cryptocurrency is currently priced at five-month highs above $57,000, its dominance rate or the share in the total crypto market has jumped to a two-month high of 46.5%.
"Bitcoin's strength is due to the expectation that the SEC will approve the Proshares Bitcoin Strategy ETF on Oct. 18," Jeff Dorman, chief investment officer at Arca Funds, mentioned in the market update published Monday.
While improved prospects of a futures-based exchange-traded fund (ETF) have brought cheer to the market, the product has a downside. They call it contango bleed in the market: a futures-based ETF often underperforms the underlying asset due to longer-dated futures contracts trading at higher prices than shorter-dated contracts. Read the detailed piece here.
In traditional markets, fears of price pressures lurching out of control continue to weigh over the risk sentiment and push bond yields higher. Bloomberg data shows stagflation – a combination of slow economic growth and relatively high inflation – is a major talking point in the market right now.  Chart showing news trend on Stagflation (Source: Bloomberg) Market-based measures of inflation expectations are also rising across the globe in the wake of the energy crisis. All this favors perceived inflation hedges like gold and bitcoin. Market no longer in a state of disbelief Data tracked by blockchain analytics firm Sentiment shows bitcoin-related social media chatter has recovered sharply from three-month lows seen last week. It shows the market is no longer in a state of disbelief for the cryptocurrency's price rally.  Bull runs typically lose steam with a surge in retail investor interest. So, a continued spike in the social media chatter could be taken as a sign of bitcoin nearing an interim price top. No Signs of Overheating in Derivatives Market  Chart showing bitcoin's funding rates (Source: bybt) Bitcoin's funding rates or costs associated with holding long positions in the perpetual futures remain flat to negative on major exchanges compared to elevated levels seen just ahead of the price slide in May and early September. Read the original story here:
Technician's Take by Omkar Godbole  Bitcoin's Impending Bull Cross Bitcoin's impending bull cross of the 100- and 200-day MAs is widely taken to represent a long-term bull market and may invite stronger chart-driven buying pressure.  Bitcoin's daily chart showing an impending bull cross (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:
Bitcoin Blasts Through $56K as Bull Run Continues. SEC Approves Volt Equity's Crypto Stock ETF
"First Mover" team digs into the news that SEC has just approved Volt Equity's crypto stock ETF which will be listed on New York Stock Exchange under the ticker BTCR; Volt Equity CEO Tad Park shares the details of this launch. Bitcoin charging ahead, passing $56K as the bull run continues; CrossTower Co-Founder and CEO Kapil Rathi provides his analysis on the price movements, plus, Blockstream CIO Samson Mow shares his insights on stablecoins and tether as they come under scrutiny.
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 |
