First Mover Americas: Bitcoin Rises to $57K as ETFs End Losing Streak
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 20 Index: 1,817.62 +2.4%
Bitcoin (BTC): $57,160 +3.54%
Ether (ETH): $2,349.98 +1.54%
S&P 500: 5,471.05 +1.16%
Gold: $2,504.83 −0.07%
Nikkei 225: 36,159.16 −0.16%
Top Stories
Bitcoin fluctuated around $57,000 during the European morning having gained about 3% in the last 24 hours. Still, it remains around 3% lower in September and more than 20% below the all-time high of $73,000 in March. The broader digital asset market has risen about 2.35%, as measured by the CoinDesk 20 Index. Bitcoin ETFs registered net inflows for the first time in over a week on Monday, gaining $28.7 million. Despite the rally, NYDIG has noted that bitcoin’s “near-term catalysts … are sparse.” The firm wrote on Monday that September is a notoriously weak month for bitcoin prices but, on the bright side, October is generally one of the strongest.
BTC and ETH options trading on derivatives exchange Deribit shows a bias for bearish puts over bullish calls, suggesting traders remain concerned about crypto price weakness in the short term. “Given the velocity of last week’s dip, the market is still very cautious about downside risk,” QCP’s market insights team said in a Telegram broadcast. “Risk reversals until October are still skewed towards puts in both BTC and ETH.” The cautious sentiment perhaps stems from historical data, which shows recessions and risk aversion tend to follow the start of a Fed rate-cutting cycle. The central bank is widely expected to cut rates by 25 basis points next week. Price rallies could, therefore, be fleeting until the Fed meeting.
Blockchain data provider Nansen bought staking platform StakeWithUs as CEO Alex Svanevik looks to expand beyond data provision into offering investment services for institutions and retail traders. While the purchase price was not disclosed, a spokesperson for the company said it was a seven-figure sum. StakeWithUs, which is backed by the Singapore government’s innovation project SGinnovate, provides staking across multiple blockchains. Following its integration, Nansen will offer non-custodial staking for over 20 assets, including SOL, SUI, OSMO and ATOM. “By enabling staking within Nansen, we are not only expanding our service offerings but also enhancing our support for the blockchain ecosystems we integrate with,” Svanevik said in a statement.
Chart of the Day
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZUABOPHNIVGJFNE2QHHXJDDU4U.jpeg)
-
The chart shows ether’s session-wise price performance over the past four weeks.
-
Ether has dropped over 12% in one month, with most losses happening during the U.S. trading hours.
-
The Asia-Pacific hours have been a source of bullish pressures for the cryptocurrency.
-
Source: Velo Data
Trending Posts
Edited by Sheldon Reback.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
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.
