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First Mover Americas: Bitcoin Stays Above $20K as US Stock Futures Drop After 2 Days of Big Gains

The latest price moves in crypto markets in context for Oct. 5, 2022.

By Lyllah Ledesma, Bradley Keoun
AccessTimeIconOct 5, 2022 at 1:04 p.m. UTC
Updated Nov 7, 2022 at 5:29 p.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.

Price Point

Bitcoin (BTC) managed to remain above $20,000 overnight as risk appetite appeared to improve. The world’s largest cryptocurrency by market value was up by around 1% on the day. U.S. stock futures fell after major indexes clocked in their biggest two-day point and percentage gains in more than two years. European stocks also fell.

The rally in traditional markets picked up on Tuesday following the release of weaker-than-expected U.S. labor market data.

Meme-based token dogecoin gained 5% on the day as Tesla CEO and dogecoin proponent Elon Musk said he will buy Twitter for the price originally agreed to. Twitter’s shares surged to 22% on the news. Meanwhile, XRP rose 3%, and ether (ETH) was down slightly on the day.

In the news, Fidelity’s new Ethereum Index Fund will offer clients access to ether. The fund has raised about $5 million since sales started on Sept. 26, according to a filing with the U.S. Securities and Exchange Commission. The minimum investment is $50,000.

Crypto lender Celsius Network co-founder and Chief Strategy Officer S. Daniel Leon resigned on Tuesday. He is the latest executive to depart the company after now-former CEO Alex Mashinsky announced his departure last week

CoinDesk’s Sam Reynolds reported that the move of Starry Night Capital's NFTs (non-fungible tokens) to a Gnosis Safe wallet was Three Arrows Capital's liquidators taking control of the digital assets, a filing from Teneo confirmed. Teneo is Three Arrrows' liquidator.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Radicle RAD +7.27% Computing
NEAR Protocol NEAR +1.7% Smart Contract Platform
Zcash ZEC +0.98% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
SHIBA INU SHIB -9.09% Currency
LCX LCX -4.76% Currency
Render Token RNDR -4.58% Computing

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.

Chart of the Day

October Gains in Bitcoin Erase September's Loss

By Bradley Keoun

Chart of bitcoin’s returns since end of August show how October’s gains have erased September’s losses. (CoinDesk)
Chart of bitcoin’s returns since end of August show how October’s gains have erased September’s losses. (CoinDesk)

Despite ample turmoil in financial markets over the past couple months, bitcoin has stayed remarkably resilient.

  • Bitcoin slid 2.5% in September.
  • So far in October, the largest cryptocurrency has climbed 3.2%.

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.

Lyllah Ledesma
Lyllah Ledesma

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

Follow @LedesmaLyllah on Twitter
Bradley Keoun
Bradley Keoun

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

Follow @Liqquidity on Twitter

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