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Bitcoin, Stock Futures Up Before Key CPI Data & G20 Meeting


  • Bitcoin and Ether rose 0.42% and 1.34%, respectively
  • Stock futures are up as investors await inflation data
  • OECD to present crypto-asset reporting framework at G20 meeting

The trading volume for Bitcoin (BTC) is declining and is currently below its 20-day moving average, indicating a drop in activity. Additionally, the trend suggests that markets will stay in a range for the foreseeable future. BTC tested $19,150 to start the 13:00 UTC (9:00 a.m. ET) hour before returning to its current price.

The price of BTC is currently down 1.65% in October, demonstrating the general lack of volatility. Since 2014, October has consistently been a good month for BTC daily returns, averaging a gain of 0.57% per day. 

Bitcoin/U.S. dollar daily chart

Bitcoin/U.S. dollar daily chart

BTC’s daily chart shows an “inside day,” which is when the current day’s high price dips below the previous day’s while the current day’s low price is higher than the prior day’s.

Wednesday’s price range falls completely within Tuesday’s. An inside day can signal uncertainty from market participants specific to price direction. This is also the second inside day within the most recent seven days because it occurred on Sunday as well.

The ongoing lack of volatility and price direction leaves little room for traders who look to profit from price movement. Traders may find some hope in long bouts of low activity because An “inside day” is when the current day’s high price dips below the previous day’s while the current day’s low price rises above the previous day’s, as can be seen on BTC’s daily chart.

ETH (Ethereum) was trading at just under $1,300, up more than 1%. The volume fell short of its 20-day average once more, the 12th day in a row that this has happened. Given that puts (i.e., the option to sell ETH) outnumber calls (i.e., the option to buy ETH) at the $1,300 strike price by a 2:1, ETH may have trouble rising above current levels.

The CoinDesk Market Index (CMI), a broad-based market index that gauges the performance of a selection of cryptocurrencies, decreased 0.90% in the larger cryptocurrency markets. 

Stock Futures Rose Slightly

Stock futures went up on Wednesday as investors awaited the inflation figures and the minutes from the Federal Reserve’s recent meeting,

The Dow Jones Industrial Average futures rose 208 points, or 0.7% Futures for the S&P 500 and Nasdaq 100 both increased by 0.9% and 1%, respectively.

The move followed a fifth consecutive day of declines for the S&P 500 and Nasdaq Composite, which both fell by 0.65% and 1.1%, respectively. The Dow gained about 36 points at the day’s end, but it lost the majority of the gains it had made during a rally earlier in the session.

Early in the day, the September producer price index, a measure of inflation based on wholesale prices for final demand, exceeded forecasts. In September, it increased by 0.4%, exceeding the 0.2% consensus estimate from Dow Jones.

As the consumer price index is released Thursday morning, investors will have additional data to consider. According to consensus estimates from Dow Jones, the CPI increased by 0.3% in September compared to just 0.1% in August. By doing so, the annual rate of inflation would drop to 8.1% from 8.3%.

There will also be a release of the initial weekly report on unemployment claims. The general consensus is for a rise from 219 thousand last week to 225 thousand this week.

The U.S. central bank will probably continue its recent policy of sharp interest rate increases as a result of higher inflation, which will likely slow economic growth and reduce demand for riskier assets like cryptocurrencies.

Krosby claimed that markets could be put to the test if the CPI print is higher than anticipated, particularly in bond yields, despite what she called a lukewarm reaction to PPI data and the Fed’s meeting minutes. 

Macro News

In Washington, D.C., the Crypto-Asset Reporting Framework (CARF) will present its work as part of the most recent OECD Secretary-Tax General’s Report to the G20 Finance Ministers and Central Bank Governors on October 12-13.

The new global tax transparency framework, created in collaboration with the G20 countries, addresses the reporting and sharing of data regarding crypto-assets and coincides with the quick adoption of the use of crypto-assets for a variety of financial and investment purposes. 

Earnings Release

Taiwan Semiconductor Manufacturing Company Ltd is set to give its latest quarterly earnings report today. Analysts estimate that Taiwan Semiconductor will report earnings per share of $1.70.

BlackRock, Inc. will also be releasing the third quarter earnings on Thursday morning. The company snapped its streak of eight consecutive quarters of earnings growth in Q2. Wall Street analysts predict yet another low season.

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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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