First Mover Americas: Bitcoin Soars to Highest Level Since August

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices CoinDesk Market Index (CMI) 1,154 +77.1 ▲ 7.2% Bitcoin (BTC) $24,532 +1713.6 ▲ 7.5% Ethereum (ETH) $1,685 +94.3 ▲ 5.9% S&P 500 futures 4,150.50 −7.8 ▼ 0.2% FTSE 100 8,012.76 +15.0 ▲ 0.2% Treasury Yield 10 Years 3.81% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC) Top Stories

Bitcoin (BTC) surged more than 10% over the past 24 hours, moving to just shy of $25,000. The world’s largest crypto ran to as high as $24,898 early Thursday, its strongest level since Aug. 15. It’s since retreated to just under $24,500. Bitcoin in recent days had dipped below $21,600 amid growing investor concern over regulatory risk teamed with ideas that the U.S. central bank still had a long way to go to tame inflation. Investors, for now, appear to be shrugging off those concerns.

• The chart shows increased activity in bitcoin call options or bullish bets relative to puts or bearish options in the past 24 hours.
• Per Patrick Chu, director of institutional sales and trading at over-the-counter tech platform Paradigm, big call spreads, a bullish strategy, have been traded in the wake of Interactive Brokers’ decision to roll out BTC, and ETH trading to professional investors in Hong Kong.
• “Animal spirits waking up in Asia,” Chu tweeted while noting the bullish options market flows.

– Omkar Godbole

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