Share this article
Markets
First Mover Americas: Bitcoin Tests $64K Ahead of Busy U.S. Economic Data Week
The latest price moves in crypto markets in context for Oct. 7, 2024.
Updated Oct 7, 2024, 12:01 p.m. Published Oct 7, 2024, 12:01 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.
Latest Prices
CoinDesk 20 Index: 1,950.34 +1.51%
Bitcoin (BTC): $62,977.62 +1.55%
Ether (ETH): $2,451.18 +1.29%
S&P 500: 5,751.07 +0.9%
Gold: $2,656.7 +0.22%
Nikkei 225: 39,332.74 +1.8%
Top Stories
Bitcoin rose to near $64,000 ahead of a busy week for economic data out of the U.S. It subsequently dropped back to $63,000, around 1.6% higher over 24 hours. The broader digital asset market rose about 1.5%, as measured by the CoinDesk 20 Index. The Federal Open Market Committee (FOMC) minutes and key economic figures are due on Wednesday. The Bureau of Labor Statistics (BLS) will release inflation data for September and the number of initial jobless claims for the week ended Oct. 5.
Memecoins rose over the weekend as social sentiment and riskier behavior among crypto traders grew. Talks and posts of the so-called “memecoin supercycle,” a prediction that the tokens will lead the next crypto bull market, trended on social app X. Solana-based popcat (POPCAT) and Ethereum-based mog (MOG) jumped over 12% in 24 hours, while BNB Chain-based simon’s cat (CAT) rose 10%. Cat-themed memecoins continue to lead their dog-themed counterparts and remain the preferred choice for riskier memecoin bets. Interest in memecoins comes amid low market volatility in more serious crypto sectors, such as layer-2 blockchains, and rising negative sentiment around tokens backed by venture capital funds – which are increasingly perceived as overpriced and a bad bet for retail traders.
Metaplanet said it bought another $6.7 million worth of bitcoin to take its stash to 639.5 BTC, worth approximately $40.6 million at current prices. The Tokyo-listed company purchased around 108.8 BTC at an average price of just under 9.2 million yen ($61,900) per coin. It has now spent just shy of 6 billion yen on the largest cryptocurrency by market value, paying an average price of 9.3 million yen apiece. The company has the second-largest bitcoin holdings among Asia-listed companies, behind Hong Kong-based technology firm Meitu. Metaplanet shares rose 7.9% to 988 yen and are over 500% higher year-to-date.
Chart of the Day
- The bitcoin put at the $40,000 strike price expiring on Nov. 8, when the U.S. presidential election result will be announced, is the most traded option on Deribit in the past 24 hours.
- Traders seem to be preparing for heightened volatility on results day, with potential implications for crypto regulation.
- Source: Velo Data
- Omkar Godbole
Trending Posts
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
