Cryptocurrency markets are plummeting as recession fears and geopolitical tensions weigh on financial markets.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $54,530 | -10.5% |
| Ethereum ETH/USD | $2,389 | -13.6% |
| Solana SOL/USD | $127 | -10.6% |
| Dogecoin DOGE/USD | $0.09318 | -11.4% |
| Shiba Inu SHIB/USD | $0.00001291 | -5.5% |
Notable Developments:
- Trump’s Bold Plan To Use Bitcoin To ‘Wipe Out’ $35T US Debt Questioned By Economist Justin Wolfers: ‘That’s Not How Crypto Works’
- ‘Bitcoin Development Company’ MicroStrategy Plunges Almost 15% In Pre-Market: What’s Going On?
- Peter Schiff Thinks Bitcoin ‘Will Never Be A Reserve Asset,’ But Others See The Drop As A ‘Testament To Bitcoin’s Potential’
- Bitcoin Bull Mike Novogratz Says Unrest In This Country Illustrates Another Reason To Buy King Crypto: Safe Place To Store ‘Fruits Of Your Labor’ A Human Right
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by 23.8%, while exchange netflows widened by 498%.
- Coinglass data shows 270,324 traders liquidated in the past 24 hours, with total liquidations at $1.07 billion. Bitcoin liquidations spiked to $405 million in the past 24 hours.
- Crypto chart analyst Ali Martinez noted that the key support level for BTC is around $47,140, where almost 900,000 addresses earlier purchased 489,000 BTC.
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Lido DAO LDO/USD | $1.01 | -20.5% |
| Artificial Superintelligence Alliance FET/USD | $0.7818 | -18.8% |
| Fantom FTM/USD | $0.2876 | -18.5% |
Trader Notes: Rekt Capital in his latest X post noted that Bitcoin has retraced 29% in two weeks, and this is the official deepest correction in this cycle.
Titan Of Crypto is curious if the next Bitcoin leg up is imminent. He stated, "On the BTC CME Futures chart, there’s a gap between $59,370 and $62,500. It might get filled very soon."
Santiment data noted that Bitcoin and Ethereum have unsurprisingly been the crowd’s primary focus. However, it adds that with rebounds in crypto prices, the more speculative assets (meme coins, AI, /Big data projects) are rising as the crowd ignores them.
Crypto chart analyst Ali Martinez believes that in order to avoid the drop to $40,000, Bitcoin needs to reclaim $54,000 as support based on the MVRV Pricing Bands. He concluded, "If the $54,000 support holds, the key resistance on the upside for BTC is $67,000."
Network Economist and crypto author Timothy Peterson compared Bitcoin's 25% drop in ten days to historical trends.
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.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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