m. ET yesterday to $54,270. Ether (ETH) is down 1.4% to $3,577.
Stay tuned to CoinDesk for further updates on market movements and breaking news in the cryptocurrency and traditional markets.
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by Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin (BTC) and the broader crypto market experienced a slight rebound on Wednesday, only to slip back into the red on Thursday. The CoinDesk 20 Index (CD20) also fell over 1% to 4,163 points.
One of the main reasons behind this fresh stumble is believed to be the continued strength of the dollar index (DXY), which is diminishing the attractiveness of USD-denominated assets, including cryptocurrencies.
Additionally, the ongoing U.S. government shutdown is keeping traders in a state of uncertainty as they eagerly await Federal Reserve Chair Jerome Powell’s speech later on Thursday for insights into the direction of monetary policy, especially in light of the temporary halt in fresh jobs and inflation data.
On the global front, there was a glimmer of hope on Thursday as President Trump announced a peace deal between Israel and Hamas, with potential hostage releases expected by Monday as confirmed by Qatar media. However, oil prices edged slightly above $62, indicating that traders are still wary about the sustainability of the agreement.
Turning to the cryptocurrency space, Solana digital asset treasury company Helius revealed plans to acquire at least 5% of Solana’s supply. Coinbase launched decentralized exchange (DEX) trading within its app for U.S. users (excluding New York residents), and the founder of Polymarket hinted at a potential launch of their native token, POLY.
In traditional markets, gold remained resilient above $4,000 despite the dollar’s rally, while S&P 500 futures hovered near record highs. Jamie Dimon, the chief executive of JP Morgan, expressed concerns to the BBC about the possibility of a significant stock market decline in the coming months.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Oct. 9, 11:30 a.m.: Casper (CSPR) Core Team is hosting an Execution Engine monthly update via Google Meet.
- Oct. 9, 12 p.m.: Cronos (CRO) team is hosting an AMA on X.
- Macro
- Oct. 9, 8 a.m.: Brazil Sept. headline inflation rate YoY Est. 5.22%, MoM Est. 0.22%.
- Oct. 9, 8 a.m.: Mexico Sept. inflation rate. Headline YoY Est. 3.79%, MoM Est. 0.27. Core YoY Est. 4.28%, MoM Est. 0.32%.
- Oct. 9, 8:30 a.m.: U.S. Jobless Claims. Initial ((for week ended Oct. 4) Est. 223K, Continuing (for week ended Sept. 27) Est. 1930K. (Report delayed due to current federal government shutdown)
- Oct. 9, 8:30 a.m.: Fed Chair Jerome H. Powell delivers welcome remarks at the Community Bank Conference, Washington, D.C. Watch live.
- Earnings (Estimates based on FactSet data)
For more token events, governance votes & calls, unlocks, and token launches, refer to CoinDesk’s “Crypto Week Ahead.”
On the topic of Token Talk, Binance has launched Meme Rush, a platform designed to help users capitalize on the trend of Chinese-language memecoins. The platform integrates early-stage meme token curation and trading within its Wallet, sourcing listings through community launch hubs and ranking them based on on-chain volume and social traction.
Despite the market movements, with BTC down 0.84% and ETH down 1.4%, there are still notable winners like SHIB (+23.3%), ETC (+6.6%), and LSK (+5.2%). On the other hand, notable losers include ALGO (-9.4%), LUNA (-9.2%), and LRC (-7.3%).
As the day unfolds, it’s crucial to stay updated on the latest developments in both the cryptocurrency and traditional markets. Keep an eye on CoinDesk for real-time updates and analysis.
After a slight decline in the past 24 hours, the price of Ethereum (ETH) is currently at $4,005.03, down 3.5%. The overall market sentiment seems to be bearish, with ETH down 11.10% from its recent high. Similarly, the CoinDesk 20 index is also down 2.49% at 4,161.60.
The Ether CESR Composite Staking Rate has decreased by 4 basis points to 2.85%, indicating a decrease in staking activity. On the other hand, the BTC funding rate on Binance is at 0.0054% (5.9141% annualized), suggesting a relatively stable funding rate for Bitcoin.
In the traditional markets, the DXY (US Dollar Index) remains unchanged at 98.90. Gold futures are down 0.37% at $4,055.60, while silver futures are down 0.45% at $48.78. The Nikkei 225 closed up 1.77% at 48,580.44, while the Hang Seng closed down 0.29% at 26,752.59. The FTSE is down 0.45% at 9,506.23, and the Euro Stoxx 50 is up 0.11% at 5,655.94.
In the US stock market, the DJIA closed unchanged at 46,601.78, the S&P 500 closed up 0.58% at 6,753.72, and the Nasdaq Composite closed up 1.12% at 23,043.38. The S&P/TSX Composite closed up 0.5% at 30,501.99, and the S&P 40 Latin America closed up 1.17% at 2,873.25. The US 10-Year Treasury rate is down 0.2 basis points at 4.129%.
Looking at Bitcoin-specific stats, the BTC dominance is at 59.38%, with the Ether to bitcoin ratio at 0.03568, down 2.78%. The hashrate (seven-day moving average) is at 1,011 EH/s, with a hashprice (spot) of $50.97. The total fees are 3.37 BTC or $414,551, and the CME Futures Open Interest stands at 146,530 BTC.
In terms of technical analysis, Ether has dropped to $4,350 from $4,750 in two days, invalidating the bullish breakout from the flag pattern. The stochastic indicator has turned sharply lower from above 80, confirming the bearish case for ETH.
In the cryptocurrency equities market, Coinbase Global (COIN) closed at $387.27, Circle Internet (CRCL) closed at $150.46, Galaxy Digital (GLXY) closed at $41.39, and other companies like Bullish (BLSH), MARA Holdings (MARA), Riot Platforms (RIOT), Core Scientific (CORZ), CleanSpark (CLSK), CoinShares Valkyrie Bitcoin Miners ETF (WGMI), and Exodus Movement (EXOD) also showed mixed performance.
In the crypto treasury companies sector, companies like MicroStrategy (MSTR), Semler Scientific (SMLR), SharpLink Gaming (SBET), Upexi (UPXI), and Lite Strategy (LITS) displayed varying levels of performance.
ETF flows for spot BTC and ETH ETFs show a daily net flow of $440.7 million for BTC and $69.1 million for ETH. The cumulative net flows for BTC are $62.53 billion, holding approximately 1.35 million BTC, and for ETH, $15.11 billion with around 6.88 million ETH.
Overall, the cryptocurrency market continues to experience volatility and price fluctuations, influenced by a combination of market sentiment, technical analysis, and external market factors. Investors and traders should closely monitor these indicators to make informed decisions in the ever-evolving crypto landscape. Bullish Group, majority owned by Block.one, is a prominent player in the blockchain and digital asset industry. With significant holdings of digital assets, including bitcoin, both companies have diversified interests in various blockchain and digital asset businesses.
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As the cryptocurrency market continues to evolve, it is essential to stay informed about the latest trends and developments. CoinDesk provides valuable insights, news, and analysis on cryptocurrencies like Bitcoin, Ethereum, XRP, blockchain technology, DeFi, digital finance, and Web 3.0.
Whether you are a seasoned investor or just getting started in the world of digital assets, CoinDesk offers a wealth of resources to help you navigate this rapidly changing landscape. From price updates and market cap data to in-depth articles and videos, CoinDesk is your go-to source for all things related to cryptocurrencies.
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Explore CoinDesk’s API for a deeper dive into cryptocurrency data and trends. Whether you are looking for price charts, trading volumes, or market capitalization figures, CoinDesk has you covered. Trust CoinDesk to be your reliable partner in the world of digital assets. The benefits of practicing mindfulness meditation
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