Bitcoin Puts Become Pricier

One Million ETH Burned

The latest moves in crypto markets, in context Edited by Omkar Godbole November 25, 2021 Sponsored by     Bitcoin (BTC) See the latest price here Ether (ETH)  See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and happy Thanksgiving to all of our First Mover readers! Many of us here at CoinDesk are taking a much-needed holiday break, but we wanted to provide a special limited edition today for those of you who are following 24-7 cryptocurrency markets.    Bitcoin is looking to establish a foothold above resistance at $57,653 (Oct. 28 low) amid mounting concerns that the U.S. Federal Reserve (Fed) may chalk out a faster end to its two-year stimulus program.    Minutes from the November Fed meeting released Wednesday showed that policymakers were willing to raise interest rates if inflation continued to rise.    Put options, derivatives offering downside protection continue to become pricier, implying fears of an extended price pullback. According to data provided by the crypto derivatives research firm Skew, the three-month put-call skew, which measures the cost of puts relative to calls, turned positive to hit a six-week high of 3%.   "Ether, the second-largest cryptocurrency by market value, is looking to breakout of its recent narrowing price range with a move above $4,300. According to data from Dune Analytics, one million ether, worth more than $4 billion, has been burned since the activation of the Ethereum Improvement Proposal 1559 on Aug. 5."   Gaming tokens continue to surge, with MANA and SAND hitting fresh record highs. Curve dao (CRV), the governance token of the automated market maker protocol Curve Finance, peeped above $6 early Thursday, hitting a 14-month high.   Biggest Movers Here are the biggest price moves in the CoinDesk 20 over the past 24 hours.   The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A Message from Bybit Did you know that you can claim up to $200 in bonuses on Bybit's Rewards Hub for completing certain tasks? If you are a new user: 1. Tap on the 'A Big Deal' promo and make a first time deposit of selected asset(s) to receive up to $50 in bonuses; and 2. Start trading Inverse Contracts to keep the momentum going! Here are the details on Inverse Contracts — Bybit's Inverse Perpetual Contracts use BTC/ETH/EOS/XRP/BIT/DOT as the base currency. For instance, if you are looking to trade a BTCUSD Inverse Contract, you must hold and use BTC as your base currency. It's easy and fuss-free to start trading Inverse Perpetual Contracts on Bybit! Get Started Here!   Latest Headlines Grayscale Says Metaverse Is a Trillion Dollar Market Opportunity Revenue from virtual gaming worlds could grow to $400 billion in 2025. SHIB Slumps as Large Holders Take Profits Although retail traders' interest in the token remains strong, an increasing number of wallets with significant holdings have reduced their SHIB positions. Animoca Brands and Hex Trust to Provide Institutional-Grade Wallets for GameFi Hex Trust will offer financial services to users of Animoca Brands' ecosystem. Celsius Network Series B Expands to $750M The crypto lender said in October that the $400 million it raised then would reassure regulators of the credibility of its businesses. BlockFi Ends Free Withdrawals for Some Coins, Citing High Ethereum Network Costs The crypto lender said it doesn't expect to profit from customer withdrawal fees. A Message from Rocket Dollar Crypto in your IRA?!   To put it bluntly, the heyday of the 60/40 retirement portfolio is long behind us. Take your retirement account to the next level with Rocket Dollar.    With a Rocket Dollar IRA, you can invest in alternative assets like private equity, real estate, and cryptocurrency directly from your tax-preferred retirement accounts (à la Peter Thiel).  Sign up with code COINDESK for $50 off your Rocket Dollar account and start investing today. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Is El Salvador's Bitcoin City All a Fantasy? Ambassador of El Salvador to the US Explains Country's Bitcoin Ambitions   El Salvador is doubling down on its bitcoin adoption by planning to build a bitcoin city and issue a bitcoin bond. Will El Salvador succeed? "First Mover" hosts speak to Milena Mayorga, Ambassador of El Salvador to the United States. Plus, markets insights from Greg King, Osprey Funds Founder & CEO. His firm is planning to launch NFT funds by early next year.    A Message from CoinDesk Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email