First Mover Americas: Ether's Breaking Out on Bullish Supply-Demand Picture

The latest price moves in crypto markets in context for Oct. 31, 2022.

AccessTimeIconOct 31, 2022 at 12:55 p.m. UTC
Updated Nov 15, 2022 at 11:55 a.m. UTC
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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.

Latest Prices

CoinDesk Market Index (CMI): 1,041.51 +1.17%

Bitcoin (BTC): 20,733 +0.0%

Ether (ETH): $1,624 +1.49%

S&P 500 Futures: 3,893 -0.23%

FTSE 100: 7,056.62 +0.13%

US 10 Year Treasury Yield: 4.045% +0.028

CMI, BTC, ETH prices mark the 24hr change; S&P and FTSE are since Friday close

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Top Stories

Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. It appears that the Ethereum blockchain's recent technological overhaul (aka the “Merge”) is beginning to have a bullish effect on the token price. ETH rose over 16% in the seven days up to Sunday, topping bitcoin's (BTC) 5% rise.

Furious dogecoin trading over the weekend saw the Shiba Inu-themed coin reach a market capitalization of over $10 billion, almost doubling its value over what it was a week ago and making it one of the most liquidated coins among futures that track major cryptocurrencies. Dogecoin futures racked up over $89 million in liquidations since Friday, the same day Elon Musk – the self-proclaimed “dogefather” – confirmed his purchase of social network Twitter (TWTR).

Hong Kong is warming up to digital assets, according to a statement the city’s Legislative Council released to kick off FinTech week. The government is “open to the possibility” of virtual-asset exchange traded funds as well as tokenized securities, the statement says, pledging to protect investors with the right regulatory framework. The government says it’s ready to engage with virtual-asset service providers and invite them to the city.

Chart of the Day

(TradingView)
(TradingView)
  • The above chart shows ether's daily price action going back to September 2021.
  • Ether has recently outperformed bitcoin on the back of positive changes in demand-supply dynamics and now looks set to rise past a descending trendline, characterizing the 12-month bear market.
  • A breakout may bring more chart-based traders to the market.

Omkar Godbole

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


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