First Mover Americas: Bitcoin Lower as U.S. Futures Slide; Ether Continues to Steal Crypto Market Share

• Price Point: The action was in dogecoin (DOGE) Wednesday as bitcoin slid in sync with traditional markets. Celsius offers a financial update in U.S. bankruptcy proceedings, as the cash-flow situation looks increasingly bleak.
• Market Moves: Is there a flippening happening? Ether still has a ways to go before its market capitalization tops bitcoin’s, but lately the numbers have been moving in that direction.
• Chart of The Day: Bitcoin under pressure as U.S. bond yield ends a two-month downtrend.

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

Both bitcoin (BTC) and ether (ETH) were trading down on Wednesday, as U.S. stock-index futures fell.

Chart of the Day

Bitcoin Under Pressure as US Bond Yield Ends Two-Month Downtrend

by Omkar Godbole

• The yield on the U.S. 10-year note jumped to 2.9%, ending the two-month downtrend.
• The breakout suggests the crypto market may be wrong in predicting that inflation has peaked and the Fed would slow rate hikes.
• Analysts at ING foresee renewed tightening of financial conditions – uptick in the dollar index and bond yields – in the coming weeks.
• The Fed may use minutes of the July meeting, scheduled for release later Wednesday, to push back against hopes of a 2023 easing cycle.

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