First Mover Asia: All Eyes On Aptos; Cryptos Trade Down Even As Stocks Rise

Good morning. Here's what happened:

Valuations – Bitcoin and other cryptocurrencies have weakened slightly as traditional financial markets have risen.

Outlook – Cryptocurrency investors and other stakeholders are eyeing Aptos.

Prices

● CoinDesk Market Index (CMI): 942.68 -1.4 %

● Bitcoin (BTC): $19,306 1.1%

● Ether (ETH): $1,306 -2.0 %

● S&P 500 close of the day: 3719.98 + 1.1%

● Gold: $1,658/oz + 0.5%

● Daily yield on 10-year Treasuries at close: 4.00% 0.02

Bitcoin, Ethereum and Gold prices are taken around 4:00 pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether (ETX) price index; Gold is the spot value of Comex. Information about CoinDesk indices is available at coindesk.com/indices.

The collapse of Bitcoin and other cryptocurrencies

Written by James Rubin

Bitcoin continued to rise above $19,000 in Tuesday trading but was also stuck.

The largest cryptocurrency by market cap recently traded above $19,300, down 1.1% over the past 24 hours. Ether followed a somewhat choppy path as it briefly fell below the most recent support level at $1,300 before recovering later in the day. The second largest cryptocurrency by market capitalization recently fell 2% to $1,300 since Monday.

Other major cryptocurrencies with a market capitalization of more than $1 billion have recently fallen by about 3 percent, with XRP and ADA wearing various shades of red for most of the day. UNI is over 2%. The CoinDesk Market Index, a broad market index that measures the performance of a basket of cryptocurrencies, is down 0.35% in the last 24 hours.

“Cryptocurrencies are locked in consolidation mode and will continue to do so until investors believe in the threat of the Fed tightening too much and pushing the economy into a deep recession,” wrote Edward Moya, founder of the Oanda forex market. Email mail

Cryptocurrency has hit equity markets with the Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) rising for a second day amid encouraging third-quarter earnings reports from several global brands. Including Goldman Sachs, earnings fell but beat targets. Investment banking has increased its interest in cryptocurrencies over the past year.

In the latest crypto news, venture capital giant Andreessen Horowitz (a16z) stated that he did not agree with the vision of the founder of MakerDAO, one of the largest decentralized finance protocols for cryptocurrencies, to break into smaller units. Three business groups representing a broad spectrum of the cryptocurrency industry have filed a memo with amicus in support of Grayscale Investments' lawsuit against the Securities and Exchange Commission (SEC) over the company's rejection of its bid to acquire an exchange-traded fund. (BTC) Bitcoin.

Is Bitcoin related to stocks?

According to CoinDesk, data released on Tuesday showed that the asset size limit for most of 2022 has recently been lowered. According to data from cryptocurrency and analytics firm IntoZBlock, the 30-day correlation between Bitcoin and the S&P 500 dropped to 0.04 for no apparent reason, as a near-zero correlation indicates no price correlation.

This was stated by the head of research at IntoTheBlock, Lucas Otomoro.

big winner

source	Headband	Result	CSR sector
doecoin	dog	+ 0.3%	exchange rate

big loser

Thoughts

All eyes on Aptos

Written by Sam Reynolds

Last year was Solana's summer. Will Aptos fail this year?

Solana began last year in the midst of a bull market when DeFi was just taking off. Ethereum was slow, expensive, and congested, making the market look like a fast, cheap alternative.

According to the network, Aptos was worried about gas prices, not just oil, but just hypothetical loans. The average gas price under the contract until the end of October 2021 is now $27 more than $100.

But Solana, despite her speed, lacks what Ethereum has: trust. Solana accounts for just 1.7% of the total value of closed decentralized finance (DeFi) (TVL), according to Defilama.

This is partly due to the number of bad actors in Solana.

Ethereum certainly has its share, but given the size of the protocol, it doesn't have that high status. There is Ian and Dylan Masilao who pretend to be 11 different developers and lie about the size of the Solana developer community. In addition, Abraham Eisenberg is part of a group that raised $67 million last week from the $114 million Defi Mango marketplace in Solana, not by hacking, but by exploiting weaknesses in its market structure. All of the above have stated that they are interested in moving to Aptos.

According to CoinGecko data, the first day of trading for Aptos will attract a lot of attention as traders increased the token by almost 34% in the first hour of trading. Many people are unhappy with the protocol tokens owning the majority of the tokens, and VCs and core developers are willingly moving to Binance derivative contracts to shorten the protocol.

But if something works as advertised, Aptos transactions happen in seconds. The block explorer data shows that TPS has already crossed the 25 mark and is rising in the first few hours. More than 4,000 people currently live in Solana, but this is just the beginning.

Hopefully with Apricot Finance, the APT channel, product confusion will be reduced.

Important events

CoinDesk Ideas 2022 (New York)

TechCrunch Disruption 2022 (San Francisco)

14:00 HKST/Singapore time (6:00 UTC) Bank of England CPI (year) (September)

Penny desktop TV

In case you missed it, here's the latest episode of Pathfinder on CoinDesk TV:

The Securities and Exchange Commission, Commodity Futures Trading Commission, is investigating three actions. Rep. Jim Himes on the future of crypto regulation

Trailblazer was broadcast live from the CoinDesk Summit on Investing in Digital Enterprises and Assets (IDEAS) in New York and highlighted key investment ideas through Web3 and the digital economy at large. Host Christine Lee spoke with Jim Himes (D-Conn) about Central Bank Digital Currencies (CBDCs) and other important crypto regulatory issues. Other guests included Brent Shun, CEO of Umi, and Genero D'Urso, a scientist who uses the DAO to better analyze the cryptocurrency markets and find drugs.

addresses

Dapradar says Decentraland has 650 daily active users - Dapradar now controls 3,553 Decentraland smart nodes on Ethereum and Polygon.

Meta follows cryptocurrency privacy group MPC Alliance to join blockchain companies. Meta joins Bolt Labs, Ciphermode Labs and Partisia Blockchain to join the group.

Terra co-founder Do Kwon says he's still not running: The Korean developer also continues to deny claims related to $67 million on crypto exchanges OKX and Kucoin.

Failed cryptocurrency lender Voyager plans to settle CFO and loan CFO of Three Arrows: An internal investigation found that 3AC's risky loans were based on hedge funds' meager financial disclosures.

The growing popularity of cash-margined bitcoin futures suggests that cryptocurrencies may be rare: cash-margined contracts are relatively short-term and mathematically simple, making them easy for retail investors to understand and liquidate.