Cryptocurrency markets are trading relatively flat despite positive macroeconomic data fueling hopes of a September interest rate cut.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $57,371.10 | -0.09% |
| Ethereum ETH/USD | $3,107.17 | -0.05% |
| Solana SOL/USD | $136.57 | -3.3% |
| Dogecoin DOGE/USD | $0.1071 | -0.8% |
| Shiba Inu SHIB/USD | $0.0000164 | +0.35 |
Notable Statistics:
- IntoTheBlock data notes a 79.8% increase in exchange netflows, while daily activity addresses rose by 4.2%. Transactions greater than $100,000 increased from 7,269 to 8,500 in a single day.
- Coinglass data notes 38,109 traders liquidated for $104.46 million over the past 24 hours.
- Sentiment data shows that during the current downtrend, Bitcoin whale and shark wallets are increasing while small traders sell off their bags. It highlighted a net increase of +261 wallets that now hold at least 10 BTC.
- The German government's Bitcoin is running out as it sent another 5,000 BTC to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu.
Notable Developments:
- SEC Ends Investigation Into Paxos, Marking Win For Crypto Industry
- Bitcoin Option Traders Expect Near-Term Volatility, Crypto-Asset Trading Experts Say
- Crypto Markets Entangled With $100B In Illicit Funds Since 2019: Report
- Bitcoin Mining Stocks Marathon Digital, CleanSpark And Riot Platforms Are Rising: What’s Going On?
- ‘Bitcoin Development Company’ MicroStrategy Announces 10-For-1 Stock Split
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| MANTRA OM/USD | $1.07 | +13% |
| Stacks STX/USD | $1.61 | +6.4% |
| NEAR Protocol NEAR/USD | $4.94 | +6.3% |
Trader Notes: Crypto trader Poseidon noted that Bitcoin's daily chart is still bearish and price is below range low. He suggested two scenarios for traders:
Another crypto trader noted that if Bitcoin wants to rally to $60,600 going into the weekend, it will need a daily close "above the black resistance to invalidate the early-stage lower high and set price up for that rally."
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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