First Mover Americas: Bitcoin, Ether Slip as UK Inflation Hits 40-Year High
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Bitcoin (BTC) lost ground on Wednesday, trading down 2%, as U.S. stock futures inched up ahead of earnings reports from major companies. The British pound fell after the release of a report that showed U.K. inflation in September rose faster than what economists had expected and hit a new 40-year high.
Ether (ETH), the second-largest cryptocurrency by market value, was also down on the day by around 1.6%. Altcoins Aave’s AAVE and Uniswap’s UNI each rose about 5%, while the rest of the market was weaker.
After launching on mainnet on Monday, Aptos’ cryptocurrency has plunged in value. The highly anticipated layer 1 token was listed in the $9 range and is trading down 40% on the day, according to data from CoinGecko.
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Chart of the Day
Coinbase Registers Biggest Daily BTC Outflow Since June
By Omkar Godbole
- A pickup in exchange outflows is often taken to represent renewed accumulation.
- In the past, Coinbase has brokered institutional bitcoin investments.
- That said, on-chain data has its limitations and drawing definite conclusions is difficult. The bitcoin net exchange flows metric doesn't adjust for internal reshuffling of coins into new wallets by an exchange.