Ether Leads Bitcoin Higher as Markets Push Back Fed Rate Hike Bets

ETH/BTC Charts a Bullish Breakout

The latest moves in crypto markets, in context Edited by Omkar Godbole November 30, 2021 Sponsored by     Bitcoin (BTC) +1.8%  $58,000 Ether (ETH)  +7.2%  $4,610 (Price data as of November 30 @ 12:15 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: ETH Saves The Day for Bitcoin   Technician's Take: ETH/BTC Ratio Signals Ether Leadership Ahead 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.   – Omkar Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Top Gainers: Dogecoin (MATIC): +9.5% Aave (AAVE): +8.4% Litecoin (LTC): +8.3% Top Losers:  The Graph (GRT): -1.3% 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 It's always a good time to join Bybit's global community of traders, but there's simply no better time than right now! With Bybit Rewards Hub, you can earn up to $200 for completing simple tasks while making trades.   There are several rewards currently available, including 'A Big Deal'. If you are a new user, all you have to do is make a first time deposit of selected asset(s) to receive a $50 coupon*.   Plus, make it a win-win when you invite your friends to join Bybit! For every successful referral, both you and your friend will be entitled to a $20 bonus.   Kickstart your trading journey with Bybit and get rewarded for it. *Terms and conditions apply.   Sign up now!   Market Moves by Omkar Godbole Bitcoin and risk assets, in general, faced renewed selling pressure in Asia after drugmaker Moderna's CEO Stéphane Bancel said existing vaccines could be much less effective against the newfound coronavirus variant Omicron.    Ether, the native token powering smart contract blockchain Ethereum, stayed relatively resilient and jumped 4%, hitting two-week highs above $4,600 during the early U.S. hours, helping bitcoin and the broader crypto market regain poise.    Ether's outperformance comes a day after Kelly Strategic Management, an investment firm headed by Kevin Kelly, filed in the U.S. for a futures-based exchange-traded fund tied to ETH.    "The cryptocurrency's supply is dropping," MintingM, a Mumbai-based crypto asset management company, told CoinDesk. "The number of ETH locked in with the ETH 2.0 Deposit contract has reached an all-time high and keeps rising. The EIP-1559 has also been responsible for reducing ETH's supply significantly. It has burned approximately $4.5 billion worth of ether over three months."   On the macro front, money markets pushed back expectations for the Fed rate hike in the wake of renewed COVID scare, fully pricing a 25 basis point hike in September 2022 versus July 2022 last week. That could bode well for bitcoin, gold, silver, and asset prices, in general.    That said, we are keeping an eye on the number of bitcoins held on exchanges. The tally has gone up by 24,950 BTC in the past four days, violating the five-month downtrend. A continued rise may portend a deeper drawdown, as seen in May.  Bitcoin's exchange balance (Source: Glassnode) Also read: Bitcoin's 6-Month 'Put-Call Skew' Flips Bearish for First Time Since May Technician's Take by Omkar Godbole Ether to Outshine Bitcoin, Charts Suggest Ether-bitcoin's weekly chart (Source: TradingView) Ether-bitcoin (ETH/BTC) ratio's weekly chart shows a symmetrical triangle breakout – a technical pattern, indicating a resumption of the rally from December lows and ether leadership ahead.    Also read: Bitcoin Tops $58K With Focus On Omicron and Fed's Powell Speech A Message from Amber Amber Group is an integrated digital asset platform serving retail and institutional clients by providing deep liquidity, attractive yields, and sophisticated portfolio management tools. With 12 offices on three continents, and nearly a trillion dollars in volume traded, Amber Group offers clients personalized, compliant, and secure service across dozens of digital assets.   Find out more at www.ambergroup.io   BOLO Be on the lookout for the following events today: 15:00 UTC (08:30 a.m. ET): Fed Chair Powell Speech 15:00 UTC (08:30 a.m. ET): U.S. Consumer Confidence (Nov)   ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Bitcoin Rebounds to $58K Level, The Sandbox Raises $93M Led by SoftBank to Expand Its NFT Metaverse   "First Mover" hosts speak to The Sandbox Co-Founder & COO Sebastien Borget for an insider look into the Metaverse gaming space as the firm launches Sandbox Metaverse Alpha. GlobalBlock CEO Rufus Round shares market insights as bitcoin rebounds from a steep selloff. Pat Duffy & Alex Wilson, co-founders of The Giving Block, share how charities and nonprofits can utilize crypto for donations.  A Message from CoinDesk Will bitcoin kill the U.S. dollar? Will money become tokenized? How do we use cash?   Since we don't have a crystal ball, we reached out to some of the brightest minds in crypto to share their predictions on "the future of money."   There's only one thread that cuts through all 20 predictions: Whatever the future of money holds, it won't be boring. Read more here. Latest Headlines Five Things to Know About Twitter's New CEO Parag Agrawal Agrawal is a "champion" of Twitter's project to develop decentralized social media, the project's leader said. Indian Finance Minister Says Monitoring Crypto Ads; Not Weighing Ban The Indian government is set to bring out a new crypto draft bill in the winter session of parliament. Griid Infrastructure Set for NYSE Listing Through $3.3B Merger Cincinnati-based Griid has three mining facilities in the U.S. and aims to have capacity of 734 megawatts operational by 2023. Huobi Group Picks Singapore as Regional Headquarters The crypto exchange has already moved significant parts of its operations to Singapore. Crypto Miner DMG Blockchain Purchases 1,800 New Generation Bitmain Miners The machines, delivery of which will commence in July next year, will generate an additional 252 PH/s. 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