First Mover Americas: Technical Signs Flashing Green for Bitcoin and Ether, Quant Network's Token Surges 14%

The latest price moves in crypto markets in context for Oct. 17, 2022.

AccessTimeIconOct 17, 2022 at 12:41 p.m. UTC
Updated Nov 7, 2022 at 6:50 p.m. UTC
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Price Point

Bitcoin (BTC) was up slightly on the day after trading between $19,300 and $19,900 over the weekend. Ether (ETH) gained slightly more ground on Monday, trading up 3% at $1,322. The CoinDesk Market Index rose 0.8% over the past 24 hours.

In traditional markets, the British pound and U.K. bonds rallied as more of the Prime Minister Liz Truss’ unfunded tax cuts were reversed. U.S. stock futures jumped as investors awaited Bank of America’s earnings report, after four other major U.S. banks reported on Friday.

In the crypto market, the biggest gainer with a market capitalization of more than $1 billion was again Quant Network, whose token jumped 14% over the last 24 hours.

Crypto assets flow chart for the week ended Oct. 14 (CoinShares)
Crypto assets flow chart for the week ended Oct. 14 (CoinShares)

There was a sense of apathy among investors with minor inflows in digital-asset investment products last week of $12 million, according to data from CoinShares.

Bitcoin, the world’s largest cryptocurrency by market value, saw inflows of $8.8 million, marking the fifth consecutive week of inflows.

Short-bitcoin investment products saw inflows of $6.7 million.

“This could be interpreted as marginally supportive were it for the resumption of inflows into short-bitcoin investment products of $6.7 million, implying a net neutral sentiment amongst investors,” the report stated.

Ethereum saw a second week of minor outflows at $3.9 million.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Polymath POLY +27.31% DeFi
Injective INJ +9.89% DeFi
Quant QNT +8.16% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Rally RLY -6.01% Culture & Entertainment
JasmyCoin JASMY -3.56% Computing
Radicle RAD -3.15% 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

Green Shoots Appear in ETH/BTC Chart

By Omkar Godbole

The ether-bitcoin ratio, or ETH/BTC, holds an upward trendline, characterizing the bull run from June lows. (Source: TradingView.)
The ether-bitcoin ratio, or ETH/BTC, holds an upward trendline, characterizing the bull run from June lows. (Source: TradingView.)
  • Technical signs are pointing upward for both bitcoin and ether.

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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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