Share this article

First Mover Americas: Bitcoin Stays Above $20K as US Stock Futures Drop After 2 Days of Big Gains

The latest price moves in crypto markets in context for Oct. 5, 2022.

Updated Nov 7, 2022, 5:29 p.m. Published Oct 5, 2022, 1:04 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.

Price Point

Bitcoin (BTC) managed to remain above $20,000 overnight as risk appetite appeared to improve. The world’s largest cryptocurrency by market value was up by around 1% on the day. U.S. stock futures fell after major indexes clocked in their biggest two-day point and percentage gains in more than two years. European stocks also fell.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The rally in traditional markets picked up on Tuesday following the release of weaker-than-expected U.S. labor market data.

Meme-based token dogecoin gained 5% on the day as Tesla CEO and dogecoin proponent Elon Musk said he will buy Twitter for the price originally agreed to. Twitter’s shares surged to 22% on the news. Meanwhile, XRP rose 3%, and ether (ETH) was down slightly on the day.

In the news, Fidelity’s new Ethereum Index Fund will offer clients access to ether. The fund has raised about $5 million since sales started on Sept. 26, according to a filing with the U.S. Securities and Exchange Commission. The minimum investment is $50,000.

Crypto lender Celsius Network co-founder and Chief Strategy Officer S. Daniel Leon resigned on Tuesday. He is the latest executive to depart the company after now-former CEO Alex Mashinsky announced his departure last week

CoinDesk’s Sam Reynolds reported that the move of Starry Night Capital's NFTs (non-fungible tokens) to a Gnosis Safe wallet was Three Arrows Capital's liquidators taking control of the digital assets, a filing from Teneo confirmed. Teneo is Three Arrrows' liquidator.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector Radicle RAD +7.27% Computing NEAR Protocol NEAR +1.7% Smart Contract Platform Zcash ZEC +0.98% Currency

Biggest Losers

Asset Ticker Returns DACS Sector SHIBA INU SHIB -9.09% Currency LCX LCX -4.76% Currency Render Token RNDR -4.58% 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

October Gains in Bitcoin Erase September's Loss

By Bradley Keoun

Chart of bitcoin’s returns since end of August show how October’s gains have erased September’s losses. (CoinDesk)

Despite ample turmoil in financial markets over the past couple months, bitcoin has stayed remarkably resilient.

Bitcoin slid 2.5% in September.
So far in October, the largest cryptocurrency has climbed 3.2%.

First Mover Bitcoin Ether Markets Altcoins

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.

Bradley Keoun

Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.