Bitcoin, Ethereum, Dogecoin Slightly Down, But Short Liquidations Peak And A Bullish Signal Is 'Within Reach,' Data Says

Cryptocurrency markets are slightly down after a volatile trading day impacted by the German government continuing to liquidate its Bitcoin.

Notable Statistics:

• IntoTheBlock data notes that 82% of Bitcoin holders are currently in profit, down from almost 100% a few weeks ago.
• Coinglass data shows 95,923 traders liquidated for $425.06 million in the past 24 hours. Short liquidations of $206 million were the the highest since May 20 and Bitcoin short liquidations at $106.8 million the highest since March 4.

Notable Developments:

• Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown
• Bitcoin Mining Stock HIVE Digital Is Rising Monday: What’s Going On?
• Why Is Bitcoin Down On Monday? Experts Monitor 4 Key Factors

Top Gainers:

Market intelligence platform Santiment data pointed out that with Bitcoin's retrace to as low as $55,400, a very bullish signal is within reach. Active traders’ average returns in the past year stand at 1.8%, the lowest since Bitcoin bounced above $20,000 in March 2023.  

Crypto analyst Miles Deutscher admits that the current market feels like a massive opportunity. For the shorter term, he lists Mt. Gox and Germany selling. For the longer term, he points to Bitcoin and Ethereum ETFs, the 2024 election, a major political shift on crypto regulation and the $16 billion FTX payout to customers.

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’s Performance For The Rest Of 2024 Hinges On This Historical Pattern

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