First Mover Americas: Bitcoin, Ether Flat Ahead of Busy Earnings Week, Dogecoin-Linked Token Soars
The latest price moves in crypto markets in context for Oct. 24, 2022.
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.
Bitcoin (BTC) continued to trade in a tight range Monday, remaining at around $19,300 as investors await the next batch of earnings from some of the world's largest companies.
U.S. futures declined and European markets opened higher Monday as the Conservative Party in the U.K. chooses a new prime minister. Crypto-friendly Rishi Sunak, former chancellor of the exchequer, took a step forward to becoming the new leader after former Prime Minister Boris Johnson pulled out of the contest. Sunak has said that he wants to make the U.K. a “global hub” for crypto assets.
Ether (ETH) has also traded in a tight range over the last week and is up 2% on the day at $1,337.
“There appears to be a growing sense of anticipation among crypto-asset watchers as prices have held firm now for multiple weeks,” Simon Peters, a market analyst at trading platform eToro, wrote in a morning note.
In other altcoin action, HT, the token of the Huobi exchange, dropped 5% on the day, and Polygon’s MATIC gained 7%.
Also, Dogechain, a Polygon Edge-based smart contract system for popular meme token dogecoin, has surged over 200% in the last seven days, according to data from CoinGecko.
CoinDesk Market Index
|Elrond||EGLD||+2.67%||Smart Contract Platform|
|Axie Infinity||AXS||-4.5%||Culture & Entertainment|
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.