Ether jumps 5.3% as altcoins outpace bitcoin, MSCI rules hit Strategy

Ether led a broad altcoin rebound overnight, rising 5.31% in 24 hours to $2,455 while bitcoin gained a smaller 2.46%. CoinDesk reports that altcoins outpaced bitcoin as Fed Chair Warsh gave no sign on interest rates, and Decrypt notes that crypto majors rebounded despite hot US PPI data.

Bitcoin holds its bounce

Bitcoin traded at $81,882 at the time of the CoinGecko snapshot, up 2.46% over 24 hours but down 1.42% over seven days. The 24-hour range ran from $80,074 to $82,816. That low sits just above the $80,000 line that bitcoin briefly broke yesterday. Spot volume was $30.2 billion and market value $1,645.6 billion.

The price is little changed from our last evening recap near $82,100. CoinDesk's live coverage says crypto held its bounce after the sub-$80,000 dip, but investors kept pulling money from ether, SOL and ZEC funds. You can follow the move on the BTC/USD chart.

Ether and the majors

Every major in our tracking list rose over 24 hours, yet all remain lower on the week. Ether's gain was the largest. Its 24-hour range was $2,337.17 to $2,488.84 (ETH/USD chart).

Outside the majors, CoinDesk says celestia jumped 16%, injective rose 7.7% and layerzero added 7.3%.

Breadth and sentiment

CoinGecko puts total crypto market value at $2.765 trillion. Its aggregate figure shows a 0.81% fall over 24 hours, which does not match the gains across the majors, so we treat that number with caution. Bitcoin dominance stands at 59.2% and ether dominance at 10.8%.

The Fear & Greed Index rebounded to 63 (Greed) from a neutral 53 yesterday. That reverses the drop seen during the dip. The reading has swung over the past week: 69 on October 12, 57 on October 13, 62 on October 14 and 53 on October 15.

Main news drivers

MSCI rules threaten Strategy's index place

MSCI adopted rules that would make companies that exist mainly to hold investments ineligible for its equity indexes, CoinDesk reports. According to Cointelegraph, Strategy, Metaplanet and Upexi were previously identified for deletion, and MSCI is set to announce its final list on November 11.

Quantum risk back in focus

Google's Willow chip cut errors 40 times on the "magic states" quantum computers consume, Decrypt reports. Separately, CoinDesk says nine crypto firms launched a Quantum Alliance amid warnings that 6.4 million bitcoin face a future quantum threat. Members disagree on timing and on whether vulnerable BTC should be frozen.

Institutions and stablecoins

Cointelegraph reports that Deutsche Bank is preparing a German crypto custody launch and plans to expand into Asian financial centers. Circle is targeting 40 new markets as stablecoin demand grows, according to CoinDesk.

Ledger fallout and Gemini ruling

Chainalysis found that a task scammer lost about $4.8 million in bitcoin to tampered Ledger wallets, Decrypt and CoinDesk report. A US judge also rejected a bid by Gemini and the CFTC to undo Gemini's $5 million settlement, Cointelegraph reports.

On the macro side, our sister site covers how the dollar slid as a bond rally outweighed hot US PPI.

What to watch next

• MSCI final list on November 11, which Cointelegraph says will settle whether Strategy and other treasury firms are removed.
• New prediction contracts: CoinDesk says traders will soon be able to bet on whether Coinbase, Robinhood and Marathon hit their targets.
• Fund flows in ether, SOL and ZEC products, where CoinDesk reports continued outflows.
• Solana's Shanghai event, postponed after registrations exceeded the attendance cap, per Cointelegraph.