First Mover Americas: Bitcoin Slips Below $39K

The latest price moves in crypto markets in context for Jan. 23, 2024.

AccessTimeIconJan 23, 2024 at 1:05 p.m. UTC
Updated Mar 9, 2024 at 5:46 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.

Latest Prices

Price FMA Jan. 23, 2024 (CoinDesk)

Top Stories

Bitcoin slipped below $39,000 during the European morning, its lowest level since the start of December, as institutional sales tied to recently launched ETFs continue to weigh down BTC. CoinDesk 20, a liquid index that tracks the highest tokens by capitalization, fell nearly 6%, indicative of average declines in the broader crypto market. Analysts at crypto exchange Bitfinex said in a Tuesday note that the recent slump in bitcoin prices had wiped out gains for short-term investors – with realized losses increasing, adding to a market drop. “Many holders, especially those who acquired BTC less than a month ago, are now exiting the market at a loss,” the analysts said. “Such a substantial decrease in average profits for short-term holders, who tend to react more acutely to short-term market fluctuations, can be a precursor to selling pressure or exit liquidity.”

FTT, the native token of bankrupt crypto exchange FTX, bucked the trend of the wider market to rise as much as 11% after CoinDesk reported that FTX’s bankruptcy estate had dumped 22 million shares of Grayscale’s GBTC bitcoin ETF. These were worth nearly $1 billion and accounted for almost half of all GBTC sales since the product went live early this month. FTT tokens have been largely a speculative instrument since FTX's collapse, but plans of an FTX restart or creditor repayments have previously caused brief price spikes. FTT trading volumes jumped to $90 million from Sunday’s $22 million, CoinGecko data shows.

Donald Trump reiterated his opposition to central bank digital currencies (CBDCs) at a rally in Laconia, New Hampshire Monday Night, crediting former Republican candidate Vivek Ramaswamy for the policy. “Vivek wanted this: I will never allow the creation of a Central Bank Digital Currency,” Trump said. He had previously called a digital dollar a dangerous threat to freedom…[giving] a federal government absolute control over your money." Digital assets have not been a central issue in the 2024 U.S. presidential race but have kept reappearing in the spotlight as a peripheral topic by Republican candidates. Still, with recent candidate dropouts, its prominence in discussions may further diminish.

Chart of The Day

COD FMA Jan. 23, 2024 (Amberdata)
  • The chart shows a seven-day call-put skew for ether since October.
  • The metric has dropped to -7%, the lowest in three months, indicating a bias for puts or options allowing buyers to profit from or hedge against price slides.
  • Source: Amberdata

- Omkar Godbole

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Edited by Omkar Godbole.


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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; 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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