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First Mover Americas: Bitcoin Recedes to $67K as Crypto Market Sees Slight Dip
The latest price moves in crypto markets in context for Oct. 17, 2024.
Updated Oct 17, 2024, 12:01 p.m. Published Oct 17, 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.
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CoinDesk 20 Index: 2,039.00 -1.08%
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Bitcoin pulled back to $67,000 throughout the Asian and European mornings, showing signs of a consolidation following Wednesday's jump above $68,000. BTC was about 0.7% lower in the last 24 hours as of the late European morning, trading just above $67,000. Other major tokens showed similar minor retracements, with the broader digital asset market dipping 1%, as measured by the CoinDesk 20 Index. For the time being, bitcoin appears to have avoided an outright rejection following its move above $68,000 on Wednesday and is instead taking a breather, as traders wait for the next catalyst.
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Donald Trump's lead over Kamala Harris in the prediction markets has spread beyond Polymarket to Kalshi, which is now also showing strong momentum for the Republican candidate. Trump is currently leading against Harris 56-44 on Kalshi, with a surge occurring in early October. The rise in Trump's odds on Kalshi isn't an entirely unexpected event, Jack Such, a market research analyst at Kalshi, wrote in a note Wednesday. "Harris is falling in key demographics and has lost ground in every “Blue Wall” state over the past three weeks," Such wrote. Trump's lead on Polymarket has spread to 20 points, with traders seeing a 60% chance of him returning to the White House in 2025.
A growing number of Asia-based private wealth managers are entering the crypto market, with some forecasting bitcoin will hit $100,000 by year's end, according to a report by digital asset technology platform Aspen Digital. Digital assets have emerged as an alternative investment class for private wealth in Asia, with 76% of family offices and high-net-worth individuals investing in cryptocurrencies and 16% planning to do so in the future. That's a notable improvement from the previous study in 2022, when 58% had exposure to digital assets and 34% planned to invest. Most respondents cited higher returns as a primary driver, with an increasing number of respondents citing diversification and inflation hedge appeal as key motivations to invest in digital assets, the report shared with CoinDesk said.
Chart of the Day
- The chart shows top blockchains by the total dollar value of cryptocurrencies bridged in the past four weeks.
- Ethereum leads the way, followed by Coinbase's layer 2 Base, which has seen significantly higher activity than its rival Arbitrum.
- Source: Artemis
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- Omkar Godbole
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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