First Mover Americas: BTC Rebounds to $67K After Subdued U.S. Economic Data Reading
2024-10-24

CoinDesk 20 Index: 2,064.97 -0.48% Bitcoin BTCUSD: $67,040.16 +0.87% Ether ETHUSD: $2,525.17 -2.31% S&P 500: 5,797.42 -0.92% Gold: $2,736.32 +0.71% Nikkei 225: 38,143.29 +0.1%
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Bitcoin returned to $67,000 during the Asian morning after economic data from the U.S. on Wednesday seemed to support the case for a quarter-point rate cut in November. The Fed's latest Beige Book survey of economic conditions across the U.S. released Wednesday portrayed a subdued outlook, with nine out of 12 regional banks reporting stagnant or slightly weak economic activity since early September. BTC traded either side of $67,000 during the European morning, around 0.75% higher in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen about 0.4%.
The number of so-called whales or network entities owning at least 1,000 BTC jumped to 1,678 early this week, reaching the highest since January 2021, according to data tracked by Glassnode and Bitwise. The growing accumulation by large holders alongside solid uptake for alternative vehicles, especially the U.S.-listed spot ETFs, suggests increasing confidence in bitcoin's price prospects. Meanwhile, retail investor accumulation has slowed, with the cryptocurrency's price nearing $70,000, according to analytics firm CryptoQuant."Retail holdings have risen by just 1K Bitcoin in the last thirty days, a historically slow pace," analysts at CryptoQuant told CoinDesk.
SOL has led gains in the last 24 hours, jumping over 4% to $173, extending its weekly increase to 14% as it reached price levels last seen in early August. SOL set a record high against ether, while network-based memecoins POPCAT, BONK and GOAT rose as much as 70% amid a bump in network volumes and trading activity. TThe Solana ecosystem is a flourishing hotbed for trading activity for its engaged community and prevalence of small-cap trading, where a frenzied memecoins trend often lasts a few weeks that boosts SOL prices. Over 40,000 new tokens were created on Solana in the past 24 hours, SolanaFloor data shows.
- Omkar Godbole