First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball

The latest price moves in crypto markets in context for Oct. 11, 2022.

AccessTimeIconOct 11, 2022 at 12:35 p.m. UTC
Updated Apr 9, 2024 at 11:31 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) and ether (ETH) both started the day trading down on Tuesday, with traditional markets still in the lurch.

The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.

Altcoins took a larger hit, with ethereum classic (ETC) down 8.5%, NEAR down by 8% and XRP by 6%.

Crypto funds saw outflows totaling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.

Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Injective INJ +7.43% DeFi
Ribbon Finance RBN +4.36% DeFi
Celsius CEL +4.09% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Request REQ -6.25% Currency
LCX LCX -5.07% Currency
Stellar XLM -4.99% Currency

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

Bitcoin Bouncing Ball

Bitcoin's price structure looks similar to 2018. (TradingView)
Bitcoin's price structure looks similar to 2018. (TradingView)

By Omkar Godbole

  • Bitcoin's price structure resembles the path of a dropped ball that bounced off the floor.
  • The ball is losing energy with every bounce from price support (around $18K) and could soon fizzle into a flat forward roll.
  • The longer the flat forward roll continues, the bigger the risk of gravity eventually taking a toll as it did in November 2018.

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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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