Bitcoin Higher After Jobs Report and Arweave’s Meta Effect

by James · November 4, 2022

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Table of Contents

Latest prices

● CoinDesk Market Index (CMI): 1,037.98 +2.72%

● Bitcoin (BTC): $20,576.64 +2.14%

● Ether (ETH): $1,580.09 +3.08%

● S&P 500 futures: 3,753.50 +0.69%

● FTSE 100: 7,294.10 +1.46%

● Ten-year return on the treasury: 4.16% +0.03

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 spot price for COMEX. Information on CoinDesk indices can be found at coindesk.com/indices.

The main things

Bitcoin (BTC) was higher despite a US jobs report showing faster-than-expected growth in October – suggesting the Federal Reserve may need to stay aggressive in pushing to cool the labor market.

Fidelity Investments has opened the waiting list for Fidelity Crypto, which will offer commission-free bitcoin and ether trading for retail users. Fidelity already offers crypto investing to institutional clients and has previously issued a bitcoin exchange-traded fund (ETF) in Canada and has several crypto ETFs in the US, although spot bitcoin ETFs have not yet been approved in the US

Twitter has put its plans on hold to build a crypto wallet, and beforehand, the price of dogecoin dropped more than 10% after the announcement. The cancellation is part of a new roadmap being aggressively implemented by Twitter’s new owner, Elon Musk. The wallet is reportedly intended to enable users to deposit and withdraw their money without relying on third-party services.

Chaos engulfed the Gala Games late Thursdayas fears of a potential billion-dollar hack – or perhaps a carpet-pull – drove the original GALA token down 20%, while a firm apparently linked to the crypto-play-to-earn platform said it had actually attacked itself effectively preventing bad actors from running away with users’ money.

Today’s Chart: The Meta Effect

AR, the initial token of the decentralized storage protocol Arweave, surged over 40% in the past 48 hours thanks to Meta’s decision to use the Web3 platform to archive Instagram creators’ digital collectibles.
The chart above shows open interest or the total dollar amount locked in futures tied to AR, which inflated 190% to $40 million in two days, indicating an influx of new money into the market.
A rise in open interest, along with a rise in the underlying asset’s price, is a strong indicator of a bullish trend.

– Omkar Godbole

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Sector classifications are provided via 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 market capitalization-weighted performance of the digital asset market subject to minimum trading and stock exchange eligibility requirements.