Zinger Key Points
- Global cryptocurrency market capitalization is down 2.2% to $2.4 trillion as liquidations in crypto and Bitcoin spiked.
- One trader was curious if this was an unexpected pullback while another marked an important support level for Bitcoin to hold on.
Cryptocurrency markets are down, with Ethereum as the notable example on the launch day of Ethereum ETFs.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $65,612 | -3.8% |
| Ethereum ETH/USD | $3,463 | -1% |
| Solana SOL/USD | $172.23 | -5.8% |
| Dogecoin DOGE/USD | $0.314 | -8% |
| Shiba Inu SHIB/USD | $0.00001711 | -4.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume up by 75% and daily active addresses up by 24.4%. Transactions greater than $100,000 also spiked from 5,287 to 8,307.
- Coinglass data shows total crypto long liquidations at $131.88 million, the highest since July 8. In the past 24 hours, 71,840 traders were liquidated. Bitcoin's short liquidations ($8.2 million) came in at their lowest since July 7.
- Bloomberg analyst Eric Balchunas noted Ethereum ETFs hitting $600 million after half of the trading day, around 20% of the $4.6 billion Bitcoin ETFs did on day one.
Notable Developments:
- Donald Trump To Announce A Strategic Bitcoin Reserve? Crypto Bettors Think It’s Unlikely But Possible
- EXCLUSIVE: How AI Can Unlock The True Potential Of Web3
- Bitwise To Donate 10% Of Ethereum ETF Profits To Open-Source Developers
- Winklevoss-Backed Real Bedford Soccer Club Embraces Michael Saylor Bitcoin Philosophy, Accumulates 82.7 BTC
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Celestia TIA/USD | $6.51 | -13.5% |
| Dogwifhat WIF/USD | $2.55 | -10.8% |
| Popcat POPCAT/USD | $0.8166 | -10% |
Trader Notes: Crypto chart analyst Ali Martinez predicted that Bitcoin needs to hold the support level of $66,000.
Crypto analyst Caleb Franzen highlighted that Bitcoin is back in the same effective support zone. He continues, "$BTC has continued to make higher highs and higher lows from a short-term perspective during this recent price action."
Rekt Capital commented on Bitcoin's pullback, saying the crypto king needs to continue holding above $65,000 or at the very least, hold $65,000 as support on any unexpected pullback.
Heavily followed crypto trader Marco Polo believes Bitcoin always gives a second chance.
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:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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