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First Mover Americas: BTC Below $62.5K While Altcoins Wipe Gains
The latest price moves in crypto markets in context for April 16, 2024.
Updated Apr 16, 2024, 12:34 p.m. Published Apr 16, 2024, 12:31 p.m.
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.
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Bitcoin fell 6% to below $62,500, while Ether held just above $3,000. The CoinDesk 20, a measure of the world's largest and most liquid digital assets, dropped 8%. CoinDesk's Indices Bitcoin Trend Indicator (BTI), a daily signal communicating the direction and strength of bitcoin's price trends, flipped to neutral from bullish, signaling a weakening of upside momentum. According to LMAX Digital, as long as bitcoin holds above $59,000, the outlook remains highly constructive “with fresh record highs on the horizon." Some altcoins slumped, with dogwifhat (WIF) sliding 18%, Ethena Labs’ ENA down 14% and Immutable X losing 16% over the past 24 hours. Solana fell 12% and Avalanche declined 9%, erasing its year-to-date gains.
OKX, the fourth-largest crypto exchange, said its new layer-2 blockchain, X Layer, has gone live on its public mainnet, joining other major crypto companies in starting its own distributed network. X Layer, previously known as X1, makes use of Polygon's Chain Development Kit (CDK), a customizable toolkit that lets developers build their own chains by making use of zero-knowledge technology. The firm joins other major cryptocurrency exchanges that have pursued their own layer-2 networks over the past year. In August, Coinbase launched its “Base” blockchain, which is built with Optimism’s OP Stack. Kraken is reportedly also interested in creating its own layer-2 blockchain.
Bitcoin miners may have underperformed the cryptocurrency this year, but their CEOs remain upbeat as the reward halving approaches, broker Bernstein said in a research report on Monday. The underperformance has been caused by strong moves in spot bitcoin and exchange-traded funds (ETFs), which have sucked "retail liquidity" from mining stocks, and by concerns about the impact of the halving on miner revenues, analysts Gautam Chhugani and Mahika Sapra wrote. The quadrennial halving is when miner rewards are reduced, slowing the rate of growth in bitcoin supply. The next halving is due around April 19-20.
Chart of the Day
- The chart shows the U.S. dollar's (USD) exchange rate against the Chinese yuan (CNY).
- The USD/CNY pair rose to a five-month high Tuesday as the slide in the Japanese yen weighed on Asian currencies, including the Chinese yuan.
- The Yuan's depreciation means China is incentivized to keep bitcoin under pressure to discourage Chinese investors from using the cryptocurrency to move capital overseas, according to the founders of the newsletter service LondonCryptoClub.
- Source: TradingView
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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