Bitcoin Turns Lower as Traders Rethink October Inflation Report

ALSO: Ethererum transactions rise

The latest moves in crypto markets, in context Edited by Bradley Keoun November 11, 2021 Sponsored by     Bitcoin (BTC) -3%  $64,849 Ether (ETH)  -1.2%  $4,689 (Price data as of November 11 @ 12:47 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin's price was retreating from Wednesday's all-time high, and some crypto traders might be having second thoughts about the takeaways from a report showing U.S. inflation at a three-decade high.     Technician's Take: Ethereum transactions are on the rise, possibly supporting the recent gains in the price of ether (ETH), according to Stack Funds.  And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's guests:   Rich Rosenblum, co-founder and president, GSR Francis Suarez, mayor of Miami Martin Bruncko, EVP for Europe Binance – Brad Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Top Gainers: Chainlink (LINK): +3.2% Algrorand (ALGO): +2.5%  Top Losers:  Ethereum classic (ETC): -8.1% Litecoin (LTC): -7.1% The Graph (GRT): -6.9% 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 Not part of the Bybit community yet? From now until Nov. 18, 2021, 10AM UTC, join us and get a 10 USDT coupon when you make your first ever deposit. You'll also get additional bonuses of up to $3,000 when you deposit at least $500 worth of eligible assets. T&Cs apply. More than three million traders have experienced Next Level Trading. What about you? Market Moves by Lyllah Ledesma Bitcoin is down 5% in the last 24 hours after peaking at an all time high of around $68,950 on Wednesday.   Bitcoin's all-time high was reached just after the U.S. Consumer Price Index (CPI) report showed higher-than-expected inflation in October. The U.S. Department of Labor said in the report that the CPI rose 6.2% in October versus 12 months prior, the fastest pace in three decades.   At 21:00 coordinated universal time on Wednesday, the price of bitcoin dropped to $62,000, just a few hours after trading at around $68,950, representing a 10% decline.   The shakeout appeared to coincide with a turn lower in U.S. stock markets, as analysts digested the CPI report, according to IntoTheBlock's Juan Pellicer.   "The S&P 500 and Nasdaq reacted badly to the announcement," said Pellicer. This then influenced the crypto market, he said.   In a report early Thursday, Lennard Neo of Stack Funds wrote that the delayed market reaction in stocks and bitcoin might have stemmed from an end-of-day assessment that faster inflation might trigger a quicker response from the Federal Reserve to tighten monetary policy.   As signaled by CoinDesk earlier this week, a more hawkish tilt at the U.S. central bank might put downward pressure on prices of riskier assets. Chart of bitcoin (blue) versus ether (light green) and the S&P 500 (dark blue) shows the asset prices dropping in tandem on Wednesday. (IntoTheBlock) Read the original story here: Bitcoin Retreats From All-Time High, Ether Follows Technician's Take by Bradley Keoun Ethereum transactions spike Chart shows a recent pickup in transactions on the Ethereum blockchain, plotted against the price of ether. (Source: Glassnode/Stacks Funds) The recent move higher in the price of ether (ETH) appears supported by an increase in transactions over the Ethereum blockchain, writes Lennard Neo, head of research for the cryptocurrency products issuer Stack Funds, in a newsletter on Thursday.    According to Neo, the 30-day moving average transaction count has spiked up 10% in the past two weeks.    "The consolidation that occurred since July should add further depth to support the next leg up," Neo wrote.  A Message from Chainalysis Looking for your ticket #ToTheMoon? 🚀   Market Intel by Chainalysis - the blockchain data platform - arms you with the most complete on-chain dataset for crypto research and investment decisions.   Whether you're an Asset Manager searching for a signal...   A Quant Analyst interested in spotting market trends...   Or a VC looking to fund the next emerging crypto player...   Market Intel will help you reach your goals, utilizing 53 metrics across 10 categories—like whales, exchanges, liquidity, and supply. To get started, head to markets.chainalysis.com. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   MakerDAO Is Now Fully Decentralized, Foundry Announces Digital Assets Staking Business and Range of Services for Institutions   "First Mover" hosts speak to crypto OG and the founder of MakerDAO, a decentralized credit platform on Ethereum that supports the Dai stablecoin, Rune Christensen. He shares his thoughts on the Biden administration's stablecoin report and the latest decentralization within his organization. Oanda Senior Market Analyst Edward Moya provides markets analysis as bitcoin retreats from an all-time high. Plus, Foundry announces a Digital Assets Staking Business and Range of Services for Institutions supporting 20 blockchains and counting. Foundry CEO Mike Colyer shares details of this launch.  A Message from CoinDesk CoinDesk's "Most Influential" recognizes individuals who've had a big impact on the cryptocurrency and blockchain industry in a calendar year. Chosen by readers and editorial staff, the list features 50 people from across the space, including entrepreneurs, traders, coders, regulators, celebrities and the odd surprise. To have your say on who should make this year's list, check out the form here. The results will be announced on Dec. 6, 2021.  Latest Headlines Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity The asset manager still has a spot Bitcoin ETF filing in the pipeline. More Firms Embracing the Metaverse and Gaming Stocks Have Already Benefited, Morgan Stanley Says The metaverse is important because it can "fundamentally change the medium through which we socialize with others," the Wall Street firm wrote in a research note.  FTX US Trading Volumes Soared 512% During Q3 The crypto derivatives exchange hit a peak total trading volume of $807 million during a 24-hour period in early September. Hut 8′s Revenue Rose More than 700% in Q3, Beating Analyst Estimates The Canadian crypto miner beat third quarter revenue and earnings estimates and held about $342 million in bitcoin. Indonesia's Religious Leaders Declare Crypto Illegal for Muslims: Report Crypto could be traded as a commodity if it abides by Shariah law and demonstrates a clear benefit. As Crypto Bulls And Bears Abound, Who Should You Believe? Many crypto critics and enthusiasts are focused on cryptocurrencies as investible asset classes. Yet the true staying power of digital assets is in the growth and potential of their underlying technology, Christopher Robbins writes.  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. 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