Cryptocurrency markets are up despite ETFs recording their seventh consecutive day of negative fund flows.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $61,914.65 | +3.3% |
| Ethereum ETH/USD | $3,413.14 | +3.8% |
| Solana SOL/USD | $138.94 | +8.1% |
| Dogecoin DOGE/USD | $0.1281 | +10.6% |
| Shiba Inu SHIB/USD | $0.00001812 | +9.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume up 154%, with daily active addresses spiking 42%. Transactions greater than $100,000 more than doubled to 9,368 from 4,580 in a single day. Exchange netflows increased 71.9%.
- Coinglass data notes 41,349 traders liquidated in the past 24 hours for $137.49 million.
- Watcher Guru shared that SEC Chair Gary Gensler stated that the "process to spot Ethereum ETF approval is going smoothly."
- Radar revealed that Warren Buffett-owned Brazilian bank Nubank plans to integrate the Bitcoin Lightining payments.
Notable Developments:
- German Government Continues Bitcoin Liquidation, Transfers 400 BTC To Exchanges
- Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin
- FTX Faces Customer Backlash Over Proposed Liquidation Plan
- Solana Foundation Launches Tools To Streamline Blockchain Transactions
- Will The Upcoming Debate Between Biden And Trump Impact Bitcoin And Crypto Market — What The Analysts Predict
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Brett (Based) BRETT/USD | $0.1675 | +25.3% |
| Dogwifhat WIF/USD | $2.07 | +24.3% |
| Pepe PEPE/USD | $0.00001281 | +19.8% |
Trader Notes: Trader Rekt Capital noted that Bitcoin is developing a macro bull flag at these price levels.
Blockchainedbb highlighted Bitcoin’s three consecutive daily closes above $60,000. "Bears can pack their bags and go for vacation for 2 months," adds the trader.
Another crypto trader highlighted that every June "Bitcoin found its local bottom & then proceeded to rally over the summer and then make a local top in August."
Bitcoin analyst Willy Woo terms Bitcoin "a fast-emerging asset class." He goes on to add that Bitcoin will 10x from here and rival the U.S. dollar in size, becoming a reserve asset.
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: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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