The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 12, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.Read MoreCoinDesk
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.
Bitcoin (BTC), the world’s largest cryptocurrency by market value, remains at the $19,000 level after hitting a low of $18,860 on Tuesday. The cryptocurrency has been holding fairly resilient recently, compared to the rest of financial markets: The S&P 500 and Nasdaq declined Tuesday in a volatile session, with the Nasdaq falling into its second bear market of the year.
On Wednesday, U.S. stocks appeared on track for a modest recovery.
According to Bitfinex analysts, bitcoin might be gearing up for a significant price move, with coins apparently being pulled down from centralized exchanges; that’s typically seen as moving the cryptocurrency to storage, which means the owners have little intention of selling out of positions anytime soon.
The largest bitcoin outflows in the last three months occurred over three days during the last week (Oct. 1-4), according to data from Bitfinex.
“This buying pressure most likely indicates that many traders and investors bought the recent rally and are anticipating soon-to-be new highs,” said Bitfinex.
But crypto trading adviser at CEC Capital Laurent Kssis, predicts the move will be downward.
“The crypto market is currently unfavorable as a protection of any sort and it seems people are purely speculating that a rally will occur,” said Kssis in an interview with CoinDesk. “Without any convincing evidence that the crypto market has any impetus I remain bearish for the near term.”
Ether (ETH) gained 2% on the day, holding the $1,300 level. Hedera Hashgraph (HBAR), a distributed ledger technology, surged 10%.
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.
Solana’s TVL Drops to $1B After Mango Exploit
By Omkar Godbole
Mango Markets, a Solana-based decentralized exchange, apparently accounted for 8% of the total TVL locked in the Solana DeFi ecosystem before it was exploited early Wednesday.
Solana’s TVL has declined from $1.3 billion to $1 billion, with Mango losing $104 million in an exploit.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin has reached a major milestone by surpassing the $90,000 price mark, marking a significant…
The massive Bitcoin (BTC) rally following Donald Trump’s victory in the US presidential election is…
“We believe that the underlying strength in BTC represents a systematic shift in the market…
Bitcoin (BTC) recently reached a new all-time high (ATH) of $93,477, as the leading digital…
Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains…
Michael Saylor says the US should and will build a reserve of bitcoin and explains…