First Mover Americas: Bitcoin Due for Big Move, Solana's TVL Tanks After Mango Exploit

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.

Price Point

Bitcoin (BTC), the world’s largest cryptocurrency by market value, remains at the $19,000 level after hitting a low of $18,860 on Tuesday. The cryptocurrency has been holding fairly resilient recently, compared to the rest of financial markets: The S&P 500 and Nasdaq declined Tuesday in a volatile session, with the Nasdaq falling into its second bear market of the year.

On Wednesday, U.S. stocks appeared on track for a modest recovery.

According to Bitfinex analysts, bitcoin might be gearing up for a significant price move, with coins apparently being pulled down from centralized exchanges; that’s typically seen as moving the cryptocurrency to storage, which means the owners have little intention of selling out of positions anytime soon.

The largest bitcoin outflows in the last three months occurred over three days during the last week (Oct. 1-4), according to data from Bitfinex.

“This buying pressure most likely indicates that many traders and investors bought the recent rally and are anticipating soon-to-be new highs,” said Bitfinex.

But crypto trading adviser at CEC Capital Laurent Kssis, predicts the move will be downward.

The crypto market is currently unfavorable as a protection of any sort and it seems people are purely speculating that a rally will occur,” said Kssis in an interview with CoinDesk. “Without any convincing evidence that the crypto market has any impetus I remain bearish for the near term.”

Ether (ETH) gained 2% on the day, holding the $1,300 level. Hedera Hashgraph (HBAR), a distributed ledger technology, surged 10%.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Terra LUNA +16.7% Smart Contract Platform
Numeraire NMR +12.41% DeFi
Celsius CEL +9.33% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Rally RLY -3.85% Culture & Entertainment
Injective INJ -2.63% DeFi
Maker MKR -2.53% DeFi

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

Chart of the Day

Solana's TVL Drops to $1B After Mango Exploit

The total value locked (TVL) in Solana-based DeFi ecosystem has slipped to lowest since July 2021. (DefiLlama)

By Omkar Godbole

  • Mango Markets, a Solana-based decentralized exchange, apparently accounted for 8% of the total TVL locked in the Solana DeFi ecosystem before it was exploited early Wednesday.
  • Solana's TVL has declined from $1.3 billion to $1 billion, with Mango losing $104 million in an exploit.