Zinger Key Points
- Global crypto market cap is trading 4.9% lower to 2.21T; however, crypto trading volume increased by 22% over the past 24 hours.
- Analysts foresee a full-on beast mode yet to come while another trader sees Bitcoin’s 100-day EMA at late January levels indicating a pric
Cryptocurrency markets are heavily down on the last day of April, with Bitcoin ETF net outflows continuing to reverse the positive momentum.
What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD are about to close the month with losses of 16%, 19% and 40%, respectively.
A prominent finance and crypto newsletter, WhaleWire, noted that contrary to bullish expectations, the new Hong Kong Bitcoin ETFs may turn out to be a “complete failure.”
The account attributes the price dip to the lackluster start of these ETFs, writing "The six ETFs got on average $1.8 million each, that is the worst-performing ETF launch in history."
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin BTC/USD | -5.0% | $59,636.5 |
| Ethereum ETH/USD | -7.5% | $2,945.2 |
| Dogecoin DOGE/USD | -7.0% | $0.1305 |
At the time of writing at 4:00 p.m. Eastern Time, $380 million worth of positions had been liquidated in the last 24 hours, with $319 million in long liquidations per Coinglass data. In the past 24 hours, 108,929 traders were liquidated.
IntoTheBlock data shows that Bitcoin exchange net flows dropped by 16.1% to $49.7 million, while large transaction volumes and daily active addresses increased by 36% and 20% respectively.
Top Losers
| Cryptocurrency | Gains +/- | Price |
| Sei SEI/USD | -13% | $0.5412 |
| Pendle PENDLE/USD | -12% | $4.2 |
| Wormhole (CRYPTO: W) | -11.2% | $0.584 |
Analyst Notes: Crypto trader Rekt Capital, in his latest tweet, notes that Bitcoin is only 4% and 14 days away from equaling both the deepest and longest retrace in this cycle, with the current pullback being 19% deep and 49 days long.
Crypto technical analyst Ali Martinez points out that Bitcoin is currently testing the 100-day EMA while the RSI dipped to 36. It is the same as it was in late January, sparking a major price rebound.
However, he cautions investors, "A sustained close below the 100-day EMA might signal a drop toward the 200-day EMA."
Heavily followed crypto trader MMCrypto tweets that the full-on beast mode wave is yet to come.
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: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC Meeting—Will History Repeat On Wednesday?
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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