{"id":1494,"date":"2022-11-07T11:19:25","date_gmt":"2022-11-07T11:19:25","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/market-wrap-cryptos-rise-in-an-eventful-week-bitcoin-hovers-over-21k-ether-soars\/"},"modified":"2022-11-07T11:19:25","modified_gmt":"2022-11-07T11:19:25","slug":"market-wrap-cryptos-rise-in-an-eventful-week-bitcoin-hovers-over-21k-ether-soars","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/market-wrap-cryptos-rise-in-an-eventful-week-bitcoin-hovers-over-21k-ether-soars\/","title":{"rendered":"Market Wrap: Cryptos Rise in an Eventful Week; Bitcoin Hovers Over $21K, Ether Soars"},"content":{"rendered":"
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James Rubin is CoinDesk’s U.S. news editor based on the West Coast.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Glenn C Williams Jr, CMT is a Crypto Markets Analyst with an initial background in traditional finance. His experience includes research and analysis of individual cryptocurrencies, defi protocols, and crypto-based funds. <\/p>\n

He owns BTC, ETH, UNI, DOT, MATIC, and AVAX<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Crypto investors liked the tone of the latest jobs report and other economic indicators this week, sending bitcoin<\/b> to a seven-week high and other cryptos well into the green.<\/p>\n<\/div>\n

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The largest cryptocurrency by market value was recently still around $21,000, up about 4% for the last 24 hours and over the upper end of the narrow range it has occupied for weeks. The oldest cryptocurrency has been hovering nearer to $20,000 for much of the past 10 days.<\/p>\n<\/div>\n

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This article originally appeared in <\/b><\/i>Market Wrap<\/b><\/i><\/a>, CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. <\/b><\/i>Subscribe to get it in your inbox every day<\/b><\/i><\/a>.<\/b><\/i><\/p>\n<\/div>\n<\/div>\n

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“Today’s employment report triggered a wave of volatility that ended up being positive for risky assets, which has helped bitcoin rally above the $21,000 level,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in an email.<\/p>\n<\/div>\n

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Ether<\/b> was recently changing hands above $1,600, a more than 6% gain and the first time since mid-September that the second-largest cryptocurrency had topped that threshold. Other altcoins <\/b>enjoyed an upbeat Friday, with MATIC recently rising more than 21% and CRO up over 11%.<\/p>\n<\/div>\n

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As CoinDesk’s Omkar Godbole reported<\/a>, MATIC’s rise may stem from Web2 giant Meta’s decision to launch a toolkit allowing users of social media platform Instagram to mint and sell Polygon-powered non-fungible tokens<\/a> (NFT), or digital collectibles. Polygon is the first partner that Meta has chosen for the new feature.<\/p>\n<\/div>\n

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The CoinDesk Market Index<\/b><\/a>, a broad-based index designed to measure the market capitalization weighted performance of the digital asset market, soared almost 5%.<\/p>\n<\/div>\n

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The crypto market’s spike followed the unexpectedly robust jobs report<\/b> showing that U.S. payrolls added 261,000 jobs in October, beating economist forecasts for 200,000. The unemployment rate rose to 3.7% versus expectations for 3.6%.<\/p>\n<\/div>\n

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The uptick in unemployment and a sizable decline in the household survey of 325,000 jobs encouraged at least one economist, Dartmouth’s Danny Blanchflower, that the hot jobs market was beginning to reverse, a good sign in the ongoing struggle to tame inflation: “We are now in a position … to expect the Fed to go into full reverse gear as the labor market is set to crash,” Blanchflower tweeted<\/a>. “Rate cuts are coming,” he added<\/a>.<\/p>\n<\/div>\n

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Equity markets<\/b> rose more moderately, with the Nasdaq, S&P 500 and Dow Jones Industrial Average all gaining more than a percentage point. Safe haven gold<\/b> made a rare rare comeback, increasing 3%.<\/p>\n<\/div>\n

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Oanda’s Moya noted optimistically, “A downshift to a slower pace of tightening still seems in the cards for the Fed and that should provide some short-term support for cryptos.”<\/p>\n<\/div>\n

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\n CoinDesk Market Index (CMI<\/a>): 1,060.45 +4.3%<\/span><\/p>\n

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\n Bitcoin (BTC<\/a>): $21,099 +4.3%<\/span><\/p>\n

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\n Ether (ETH<\/a>): $1,644 +6.7%<\/span><\/p>\n

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\n S&P 500 daily close: 3,770.55 +1.4%<\/span><\/p>\n

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\n Gold: $1,684 per troy ounce +3.5%<\/span><\/p>\n

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\n Ten-year Treasury yield daily close: 4.16% +0.0<\/span><\/p>\n

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com\/indices.<\/a><\/i><\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n

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Recent Moving Average Crossover May Signal Higher Bitcoin Prices This Month<\/h3>\n<\/div>\n
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Moving average crossover data (CoinDesk)<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n

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Bitcoin has been trading in a narrow range since June, and finding signs of significant movement – up or down – has been challenging. A recently occurring moving average crossover is worth monitoring, however.<\/p>\n<\/div>\n

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On Oct. 28, BTC’s 10-period moving average crossed above its 50-period moving average. BTC’s price dating back to Jan. 1, 2015, shows this trend occurring 27 times over 2,862 trading days.<\/p>\n<\/div>\n

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Following each occurrence, BTC’s price increased by 3% on average for every seven days. BTC prices were about 10% higher on average for 30-day periods following the same signal.<\/p>\n<\/div>\n

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A comparison to all trading data over that period suggests that investors who have gone long BTC following that signal have slightly outperformed a buy-and-hold strategy.<\/p>\n<\/div>\n

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