Zinger Key Points
- Global cryptocurrency market capitalization is up 0.4% higher to $2.4 trillion as exchanges' netflows rise.
- One trader noted $66,000 as a crucial level for Bitcoin to climb, while another expects one or two weeks of downward momentum.
Cryptocurrency markets are a mixed bag with Bitcoin and Dogecoin going sideways, while Ethereum is down on the day.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $65,750 | +0.1% |
| Ethereum ETH/USD | $3,363 | -2.7% |
| Solana SOL/USD | $178.68 | +3.7% |
| Dogecoin DOGE/USD | $0.129 | -0.8% |
| Shiba Inu SHIB/USD | $0.00001709 | -0.17% |
Notable Statistics:
- IntoTheBlock data shows an 18% increase in large transaction volumes and a 404.8% spike in exchange netflows.
- Coinglass data noted that 33,698 traders were liquidated in the past 24 hours for $83.8 million.
- Radar reported that Russia's parliament passed a bill allowing companies to use cryptocurrency payments for international trade.
- Cryptoquant founder and CEO Ki Young Ju revealed that Bitcoin is in an accumulation phase, with the past month seeing 358,000 BTC moved to permanent holder addresses. In July, global spot ETF inflows were 53,000 BTC.
Notable Developments:
- Ferrari Revs Up Crypto Payments In Europe, Expanding On US Success
- Peter Thiel, Founders Fund Lead $11M Investment In Pudgy Penguins Parent Company: ‘Excited to Drive the Consumer Crypto Revolution Forward’
- Biden’s Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts
- Holding Bitcoin Worth $542K Could Enable You To Get A Portuguese Passport
- $2.8B Mt. Gox Bitcoin On The Move Again — How Does BTC React?
- Riot Platforms Becomes Second Largest US-Listed Miners With Block Mining Acquisition
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Flow FLOW/USD | $0.675 | +11.4% |
| Ethena ENA/USD | $0.4634 | +10.6% |
| Bittensor TAO/USD | $334.79 | +8.9% |
Trader Notes: Crypto chart analyst Ali Martinez, in his latest post ,marked $66,000 as the crucial level for Bitcoin. If it holds, it could bring new all-time highs.
Crypto trader Michaёl van de Poppe said if the Ethereum price action copies the price action of Bitcoin ETFs, Grayscale outflows could lead to a sell-off. He concluded, "One-two weeks for downward momentum, before the real surge of Ethereum towards a new all-time high."
Daan Crypto trades, in their latest X post, highlighted how Bitcoin has made its way "from the bottom all the way to the top of the flag/channel." It will be key to break this resistance for further upside, but market changes are quick and can turn around.
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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