Cryptocurrency markets are dipping despite a Senate vote to overturn a controversial accounting rule and $303 million net inflows into spot Bitcoin ETFs.
What Happened: Major cryptocurrencies are trading lower at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $65,152.50 | -1.1% |
| Ethereum ETH/USD | $2,941.42 | -2.5% |
| Solana SOL/USD | $158.47 | -2.3% |
| Dogecoin DOGE/USD | $0.1496 | -2.9% |
| Shiba Inu SHIB/USD | $0.00002435 | +0.7% |
Notable Statistics:
- IntoTheBlock data noted a 24.3% increase in large transaction volumes, while daily active addresses expanded by 5.6%. Exchange netflows plunged by 106% despite an increase in total exchange inflows and outflows.
- Coinglass data noted total liquidations of $42.88 million in the past 24 hours, with short liquidations of $20.99 million.
- Senate voted to disapprove the SEC's SAB 121, which will prevent regulated financial institutions from custodying Bitcoin and other crypto assets.
- After a pro-crypto legislation was passed in the Senate, U.S. Senator Cynthia Lummis posted Bitcoin laser eyes.
- Around 937 financial firms revealed spot Bitcoin ETF Holdings in Q1 2024 compared to Gold ETFs which had only 95 firms invested in the same period.
Notable Developments:
- Robinhood Crypto Trading Volume Slumped 57% In April
- Morgan Stanley Declares $270M Investment Into Bitcoin ETFs In Q1, Leads Institutional Inflow Of ‘Historical Scale’
- Senate Votes To Overturn Controversial SEC Crypto Rule, But Will Biden Veto It?
- CME Group Eyes Bitcoin Trading Amid Surging Wall Street Demand (UPDATED)
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Notcoin NOT/USD | $0.007388 | -48.9% |
| Ethena ENA/USD | $0.6745 | -8.5% |
| Stacks STX/USD | $1.98 | -8.5% |
Analyst Notes: Macro Economist and technical analyst Seth, in his latest tweet, noted $300 million wiped out in open interest on Bitcoin's 1-hour chart. He said, "Adding back a small partial of the Long here. Will add more on these levels. ~$64,000 and ~$63,000 $BTC."
Crypto and equity trader Justin Bennett cautions traders that if Bitcoin cannot hold those former highs, there will be a sweep of the $60,000 lows.
CrediBULL Crypto, in his latest post, answers why he closed the Bitcoin short before his target was hit. He noted that the current market shows a significant bid depth below the price, with fewer asks above. This indicates more visible support below than resistance above, suggesting caution against shorting.
Additionally, open interest has decreased slightly from its initial rise but still has the potential to decline further.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Before You Trust Another Crypto Guru, Read This Study’s Results
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
