Cryptocurrency markets are trading sideways, as Elon Musk weighs in on growing crypto adoption.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,266 | -1.3% |
| Ethereum ETH/USD | $3,309 | +1% |
| Solana SOL/USD | $186.7 | +0.9% |
| Dogecoin DOGE/USD | $0.1294 | -0.5% |
| Shiba Inu SHIB/USD | $0.00001676 | -0.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume declining by 36.2% and a 16% fall in daily active addresses. However, exchange netflows increased by 14.6%. Currently, 93% of Bitcoin holders are making a profit, while 5% are at breakeven.
- Coinglass data shows 43,849 traders liquidated in the past 24 hours, with total liquidations at $181.7 million. Bitcoin's open interest spiked to $37.5 billion, the highest level since June 7.
- Watcher Guru data highlighted the U.S. government moving $2 billion worth of BTC to a new address. This comes on the heels of Donald Trump saying he would create a strategic national Bitcoin stockpile and the government would keep 100% of the Bitcoin it owns if he was elected.
- The U.S. Marshall Service is sending Bitcoin to Coinbase for custodianship but not to sell. The contract is valued at $32.5 million and structured as a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) agreement, with an initial ordering period of five years.
Notable Developments:
- Will Bitcoin Surge Past $70,000? 10x Research Highlights Key Factors To Watch
- Crypto Related Stocks Like Coinbase, Marathon Digital And Others Surge After Trump’s Pro-Bitcoin Comments
- University Of Wyoming Launches First-Ever Academic Bitcoin Research Institute
- If Michael Saylor’s $13M Forecast For Bitcoin In 2045 Comes True, BTC Market Cap Will Be Bigger Than Combined GDP Of Top 10 Countries, But How Likely Is It?
- Pro-Bitcoin Demographic Will Boost Trump’s Vote Share By At Least 1%, Predicts Vivek Ramaswamy
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Book Of Meme BOME/USD | $0.01014 | +13% |
| Bitcoin SV BSV/USD | 52.04 | +12% |
| MOG Coin MOG/USD | $0.000001892 | +7.8% |
Trader Notes: Crypto trader CrypNuevo is curious if the choppy price action persists until the FOMC meeting on Wednesday. He adds that whenever there is a big event like this, "markets tend to be choppy until the news come out. Big players step in with caution. Not an easy week."
Cryptoquant founder & CEO Ki Young Ju sees Bitcoin entering the U.S.
Crypto trader Altcoin Sherpa predicts Bitcoin's path to $100,000 is programmed, but with some bumps on the way. He suggests, "Don’t get shaken out and lose yourself along the way."
In a cautionary tweet, crypto trader Emperor advises that buying when prices are at a big resistance, expecting a breakout is interesting but stupid. He indicates that instead, it is at that level when the market turns excited. "So many people entered at $70,000 when the entry was at $63,500."
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:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
