First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball
The latest price moves in crypto markets in context for Oct. 11, 2022.
Oct 11, 2022 at 12:35 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/J6IBXWAH5FDENPSNJBX4LGVSCM.jpg)
(Midjourney/CoinDesk)
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
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.
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
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
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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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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