MARKETS DAILY: Crypto Update | Bitcoin vs. Oil Price Fundamentals

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CoinDesk

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4.7 • 698 Ratings

🗓️ 5 October 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores the market reset, crypto funding, the oil price and more. Today's episode is sponsored by CME Group. Today’s Stories: https://twitter.com/KaikoData/status/1709855957344567574?s=20 Crypto Fundraising Hits 3-Year Low as Firms Struggle to Raise Capital: Messari CMCC Global Raises $100M for Hong Kong-Based Blockchain Companies - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group.
0:08.2	It's Thursday, October 5th, 2003, and this is Markets Daily from CoinDesk.
0:15.1	My name is Noel Acheson, CoinDest collaborator and author of the Crypto's Macro Now newsletter on Substack.
0:21.3	On today's show, we're talking about the market reset, crypto funding, the oil price, and more.
0:32.1	So you don't miss an episode, be sure to follow the podcast on your platform of choice.
0:37.3	Just a reminder,
0:38.5	CoinDisc is a new source and does not provide investment advice. Now, a market's roundup.
0:45.1	Crypto seems to be on the move again. After gently climbing most of yesterday, Bitcoin
0:49.7	started out indecisive today, first heading down and then turning around.
0:57.4	Things got more heated as the U.S. market woke up, however.
1:04.0	Early this morning, Bitcoin jumped on no clear catalyst, almost hitting $28,000 again.
1:15.1	According to CoinDesk indices, at 10 a.m. Eastern time, Bitcoin was up almost 2% over the past 24 hours, trading at $27,943.
1:20.6	Ether was up 3 tenths of a percent, trading at $1,640.
1:26.7	Reported exchange data is starting to show an uptick in spot trading volumes.
1:32.3	On a seven-day moving average, however, volumes are still lower than in August. And according to Crypto Market Data provider Kaiko, liquidity has not yet improved.
1:37.3	In this case, liquidity is measured by market depth,
1:41.3	which is the ability of the market to absorb large orders without moving the price.
1:46.3	Moving on to signals in the macro market, yesterday we got the latest data from the ISM services
1:52.2	report. ISM stands for the Institute of Supply Management, which conducts a monthly survey
1:58.1	of purchasing managers in more than 15 non-manufacturing industries.
2:03.6	You may recall that on Monday, the ISM Manufacturing Report came in better than expected.
2:09.4	The services data we got yesterday covers a much broader segment of the economy.
	...

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