First Mover Americas: Bitcoin Dominance Continues to Climb

The latest price moves in crypto markets in context for Oct. 10, 2023.

AccessTimeIconOct 10, 2023 at 12:35 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.

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The Bitcoin market dominance rate, which tracks the largest cryptocurrency's share of the total digital asset market, rose to 51.2% on Tuesday, near a 26-month high of 52% reached at the end of June. The world’s largest cryptocurrency has gained 66% year to date, compared with the second largest cryptocurrency by market value, ether, which has gained 32%. According to LMAX Digital, ether’s underperformance against bitcoin is due to ether’s recent “healthy increase” in ether supply over the past month. LMAX also notes that “decreased transaction activity on Ethereum means less ether being burned, which has translated to an increase in the overall supply,” as a contributing factor to ether’s underperformance.

Bitstamp, the longest-running cryptocurrency exchange, says it’s in talks to help three large European banks begin offering crypto services around the first quarter of next year. The news, revealed by a senior executive during an interview with CoinDesk, suggests the European Union’s major crypto regulatory effort, called Markets in Crypto Assets, or MiCA, is easing the way for conventional financial firms to get into digital assets. That’s a stark contrast with the U.S., where regulators are cracking down, thus keeping old-school firms hesitant and forcing crypto companies to consider moving elsewhere.

Lawyers for Sam Bankman-Fried want to quiz FTX co-founder Gary Wang about his reliance on legal advice when agreeing to a series of loans from linked hedge fund Alameda Research, according to a legal filing made late Monday night. The letter, sent as Bankman-Fried’s trial enters its second week, seeks carve-outs from a judge who’s previously proved reluctant to let the crypto tycoon blame the alleged fraud on his lawyers. Prosecutors have already probed Wang about the $200 million- $300 million loan he received from Alameda, which he used to make venture investments and buy himself a house in the Bahamas.

Chart of The Day

  • The chart shows market-implied probabilities for the Fed funds rate over different time frames.
  • The market is currently assigning just 10% probability of the Fed raising rates by 25 basis points to the 5.5%-5.75% range.
  • On Monday, top Fed officials said that rising yields on longer duration government bonds could keep the central bank from raising rates.
  • Source: CME

- Omkar Godbole

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Edited by Parikshit Mishra.


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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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