First Mover Americas: Bitcoin Holding Up at $19.5K Despite Bearish Conditions
The latest price moves in crypto markets in context for Oct. 18, 2022.
Oct 18, 2022 at 12:57 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TPZCHNV7SVAO3KV5G4XTPHPNJU.jpg)
Bitcoin is holding up despite the bearish macro environment. (mana5280/Unsplash)
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Price Point
Bitcoin (BTC) managed to stay at about $19,500 on Tuesday, up 1% on the day. The world’s largest cryptocurrency by market value appears to be holding up well despite bearish news and economic uncertainty. The CoinDesk Market Index slipped 0.3%.
U.S. stocks surged in premarket trading on Tuesday and European stocks gained as investors awaited another batch of corporate earnings.
Bitcoin sold off last week after the U.S. Consumer Price Index came in worse than expected, but the cryptocurrency quickly recovered.
“The fact that crypto is holding up so well with bearish news tells me that the market is already too well positioned for the downside and is happy to take on some risk going forward,” Matteo Bottacini, an analyst at Crypto Finance AG, wrote in a note Tuesday morning.
Ether (ETH) made small gains over the last 24 hours, Lido DAO was up 5%, and Polygon’s MATIC was also up 5%.
Exchange tokens were trading in the green with Crypto.com’s CRO posting a 5% gain on the day and Huobi’s token HT up 3.5%.
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
Crypto Market May Be in Doldrums, but Web3 Developers Are More Active Than Ever
By Omkar Godbole
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- Weekly downloads of crypto-related JavaScript codes have increased 10 times since 2018 and tripled in the past 12 months.
- Contrary to 2017 and 2020, which saw smart contract deployment drop 45% mid-cycle, smart contract deployments have increased 50% since 2021.
- It shows that "blockchain technology adoption continues strongly despite the drop in crypto prices," Ilan Solot, a partner at the Tagus Capital Multi-Strategy Fund, said.
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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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