First Mover Americas: Bitcoin Set to Ring in the New Year Up Nearly 160%

The latest price moves in crypto markets in context for Dec. 29, 2023.

AccessTimeIconDec 29, 2023 at 1:06 p.m. UTC
Updated Mar 9, 2024 at 5:47 a.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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(CoinDesk)
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Bitcoin ticked back toward the $43,000 mark during European morning trading hours having slipped down to $42,173.76 during the Asian session. At the time of writing BTC is trading at $42,884, down just 0.45% in the last 24 hours. On the last working day of 2023, bitcoin looks set to close the year up around 158% against its price of around $16,500 12 months ago. The CoinDesk Market Index, a measure of the weighted performance of the digital-asset market, gained 139% in 2023.

Privacy tokens dash, monero and ZCash slumped as much as 10% after crypto exchange OKX said it will delist their trading pairs on Jan. 5. The exchange is making the move "based on feedback from users and the OKX Token Delisting/Hiding Guideline," OKX wrote on its website. While OKX did not explicitly say it was banning the tokens because they offer enhanced privacy for transactions, many of those listed fall into that category. Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks. They make it difficult to work out who sent what to whom, which is useful for those who do not want their financial activity to be monitored and, not surprisingly, are unpopular with regulators.

The Avalanche Foundation, which supports the Avalanche blockchain ecosystem, said it is considering buying meme coins as part of a drive that recognizes the distinct niches of the cryptocurrency market. Avalanche-based meme coins like COQ, husky and shibx have gained as much as 25% in the last 24 hours, with most of those gains coming after the foundation's announcement. The selection process will be based on criteria such as the number of holders, liquidity thresholds, project maturity and overall social sentiment, the foundation said in a post on X. “These coins, often inspired by internet culture and humor, go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities,” the post read.

Chart of The Day

(TradingView)
(TradingView)
  • The chart shows the U.S. dollar index (DXY), which gauges the greenback's exchange rate against a basket of fiat currencies, including the euro, has declined by 4.7% in the fourth quarter.
  • The weakness in the DXY likely helped bitcoin and other risk assets perform positively in the three months.
  • BTC has risen by nearly 60% this quarter.
  • Source: TradingView

- Omkar Godbole

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Edited by Sheldon Reback.

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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.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


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