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First Mover Americas: Technical Signs Flashing Green for Bitcoin and Ether, Quant Network’s Token Surges 14%

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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.

Price Point

Bitcoin (BTC) was up slightly on the day after trading between $19,300 and $19,900 over the weekend. Ether (ETH) gained slightly more ground on Monday, trading up 3% at $1,322. The CoinDesk Market Index rose 0.8% over the past 24 hours.

In traditional markets, the British pound and U.K. bonds rallied as more of the Prime Minister Liz Truss’ unfunded tax cuts were reversed. U.S. stock futures jumped as investors awaited Bank of America’s earnings report, after four other major U.S. banks reported on Friday.

In the crypto market, the biggest gainer with a market capitalization of more than $1 billion was again Quant Network, whose token jumped 14% over the last 24 hours.

CoinDesk - Unknown

Crypto assets flow chart for the week ended Oct. 14 (CoinShares)

There was a sense of apathy among investors with minor inflows in digital-asset investment products last week of $12 million, according to data from CoinShares.

Bitcoin, the world’s largest cryptocurrency by market value, saw inflows of $8.8 million, marking the fifth consecutive week of inflows.

Short-bitcoin investment products saw inflows of $6.7 million.

“This could be interpreted as marginally supportive were it for the resumption of inflows into short-bitcoin investment products of $6.7 million, implying a net neutral sentiment amongst investors,” the report stated.

Ethereum saw a second week of minor outflows at $3.9 million.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Polymath POLY +27.31% DeFi
Injective INJ +9.89% DeFi
Quant QNT +8.16% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Rally RLY -6.01% Culture & Entertainment
JasmyCoin JASMY -3.56% Computing
Radicle RAD -3.15% Computing

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Chart of the Day

Green Shoots Appear in ETH/BTC Chart

By Omkar Godbole

CoinDesk - Unknown

The ether-bitcoin ratio, or ETH/BTC, holds an upward trendline, characterizing the bull run from June lows. (Source: TradingView.)

  • Technical signs are pointing upward for both bitcoin and ether.

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Source coindesk.com

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