First Mover Americas: Bitcoin, Ether Sink Amid U.S. Stagflation Fears

The latest price moves in crypto markets in context for April 29, 2024.

AccessTimeIconApr 29, 2024 at 1:26 p.m. UTC

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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Prices FMA April 29 2024 (CoinDesk)

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Bitcoin and ether dipped during the Asian morning on Monday amid renewed fears of U.S. stagflation. Bitcoin was down around 2% at $62,345 at the time of writing, while ether was 4% lower at $3,170. The CoinDesk 20 (CD20), a measure of the most liquid digital assets, was also down around 4%."The weaker than expected [U.S.] GDP print points to a more sluggish economy while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed's side," QCP wrote in a note over the weekend. The stagflationary combination of slower growth rate and sticky inflation has further weakened the probability of the Fed rate cuts.

Slowdown in bitcoin ETF inflows is a short-term pause and not the beginning of a negative trend, broker Bernstein wrote in a research report on Monday. “There is a natural gestation time to bitcoin becoming an acceptable portfolio allocation recommendation and the platforms establishing the compliance framework to sell bitcoin ETF products,” analysts Gautam Chhugani and Mahika Sapra wrote. The broker added that there is no clear momentum up or down in bitcoin, which has been largely range-bound since the halving. Bernstein's expectation is that BTC hits a cycle high of $150,000 by 2025, owing to "unprecedented ETF demand inflows."

The first spot bitcoin ETFs could be approved in Australia by the end of the year, Bloomberg reported. At least two entities - DigitalX andVanEck - have applied to list such funds with the Australian Securities Exchange and another one is working on it, according to the report. ASX accounts for 90% of the Australian enquiry market. Its smaller rival Cboe Australia received an application to list a spot BTC ETF earlier this month from Monochrome Asset Management. Momentum for bitcoin ETFs has been building in the Asia-Pacific region for some months, culminating in Hong Kong officially approving the first batch of funds last week.

Chart of the Day

COD FMA April 29 (
  • The chart shows daily active NFT users on Solana and Bitcoin over the past four weeks.
  • Daily active users on Solana hit a record high of 59,300 on Apr. 23.
  • "The increase in trader count is driven by wallets trading at <$10 daily on Magic Eden and Tensor," crypto analytics newsletter OurNetwork said.
  • Bitcoin daily active traders hit a historical high of 25,600 on Apr. 18.
  • Source:

- Omkar Godbole

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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.