Is Bitcoin Still a Risk Asset?
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 15, 2021 Sponsored by  (Price data as of November 15 @ 12:50 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:
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Top 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.
Market Moves by Omkar Godbole Bitcoin was in consolidation near $66,000 early Monday amid increased demand for coins associated with lesser-known gaming sector protocols like Dvision Network and PLA and decentralized exchange (DEX) aggregator UMA protocol's UMA token.
Exchange aggregator ParaSwap announced the launch of its utility plus governance token PSP, which can be claimed for some 20,000 eligible Ethereum addresses. The token allows users to stake in liquidity pools in exchange for platform rewards, and participate in its newly formed decentralized autonomous organization (DAO) governance.
In traditional markets, the futures tied to the Dow Jones Industrial Average rose 100 points, signaling risk-on sentiment. Wall Street snapped a five-week winning run last week as hotter-than-expected U.S. inflation data sparked fears of an early interest rate hike by the Federal Reserve (Fed). Bitcoin Still a Risk Asset The "bitcoin is an inflation hedge" drumbeat is growing louder, as the cryptocurrency tapped fresh record highs near $69,000 last Wednesday, after the U.S. reported inflation at a three-decade high.
That was perhaps the first time the decade-old cryptocurrency traded as a store of value asset in response to economic data bolstering fears of price pressures moving out of control. However, traditional finance experts are still not convinced about its growing acceptance as digital gold, a safe haven.
"Bitcoin's reaction to inflation was seemingly more aligned to the stock market's reading into the implications for a perhaps stretched speculative exposure rather than the dollar's value erosion," said John Kicklighter, chief strategist at forex research portal DailyFX. "The cryptocurrency's use seems to be less as a utility (like an anti-fiat) rather than a speculative vehicle to diversify into."
The comments suggest that the cryptocurrency needs to develop resilience to stock market sell-offs to cement its position as a risk-off asset and attract more safe haven demand from traditional market investors. Read the full story here: Bitcoin Still a Risk-Asset Despite Last Week's Inflation-Led Rally, TradFi Experts Say
Technician's Take by Omkar Godbole  Ether's Doji Candle  ETH's weekly chart (Source: TradingView) Ether carved out a doji candle last week, indicating indecision at record highs.
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BOLO Be on the lookout for the following events today:
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A Message from CoinDesk  Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.
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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.
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