First Mover: Bitcoin Edges Higher Ahead of Busy Week for Economic Data
The price of bitcoin (BTC) rose to nearly $64,000 over the weekend ahead of a busy week for economic data out of the United States. The broader digital asset market also saw gains, with the CoinDesk 20 Index rising by around 1.5% over the past 24 hours.
Latest Prices
- CoinDesk 20 Index: 1,950.34 +1.51%
- Bitcoin (BTC): $62,977.62 +1.55%
- Ethereum (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%
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The price of bitcoin has been on a rollercoaster ride over the past few days, rising to near $64,000 before dropping back to around $63,000. This represents an increase of about 1.6% over the past 24 hours.
The broader digital asset market also saw gains, with the CoinDesk 20 Index rising by around 1.5%. The Federal Open Market Committee (FOMC) minutes and key economic figures are due on Wednesday, which may have contributed to the price action in bitcoin.
Memecoin Frenzy
Meanwhile, memecoins were the big winners over the weekend, with several tokens seeing significant gains. Popcat (POPCAT), a Solana-based token, jumped by over 12% in 24 hours, while mog (MOG) on Ethereum rose by around 10%.
These gains come amid low market volatility in more serious crypto sectors and rising negative sentiment around tokens backed by venture capital funds, which are increasingly perceived as overpriced.
Metaplanet’s Bitcoin Holdings
Tokyo-listed company Metaplanet said it had 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 company has the second-largest bitcoin holdings among Asia-listed companies.
Deribit Options Trading
The most traded option on Deribit in the past 24 hours is the bitcoin put at the $40,000 strike price expiring on November 8, when the U.S. presidential election result will be announced. This suggests that traders are preparing for heightened volatility on results day.
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The price of bitcoin has been on a rollercoaster ride over the past few days. The broader digital asset market also saw gains, with the CoinDesk 20 Index rising by around 1.5%. Memecoins were the big winners over the weekend, while Metaplanet’s bitcoin holdings continue to grow.
The FOMC minutes and key economic figures are due on Wednesday, which may have contributed to the price action in bitcoin. The most traded option on Deribit in the past 24 hours is the bitcoin put at the $40,000 strike price expiring on November 8.
What’s Next?
As we head into a busy week for economic data, it will be interesting to see how the price of bitcoin reacts. Will the token continue its upward trend or drop back as investors become more risk-averse?
One thing is certain: the crypto market is highly volatile and subject to rapid changes in sentiment.
Sources
- CoinDesk 20 Index
- Federal Open Market Committee (FOMC) minutes
- Bureau of Labor Statistics (BLS) inflation data for September and initial jobless claims
- Metaplanet’s bitcoin holdings
- Deribit options trading
This article provides a detailed overview of the latest developments in the crypto market, including the price action of bitcoin, the performance of memecoins, and the growth of Metaplanet’s bitcoin holdings.
It also highlights the importance of economic data releases on the price of bitcoin and the broader digital asset market.
The sources cited in this article provide further information on the topics discussed.
