Zinger Key Points
- Global cryptocurrency market capitalization is trading 4.2% higher to $2.1 trillion.
- One trader noted that the market is gearing up for a sell-the-news candle tomorrow, another noted $64,000 as a major level to monitor.
- Discover Fast-Growing Stocks Every Month
Cryptocurrency markets are trading higher ahead of Wednesday’s interest rate decision.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $60,346.5 | +3.9% |
| Ethereum ETH/USD | $2,351.85 | +2.8% |
| Solana SOL/USD | $132.5 | +1.1% |
| Dogecoin DOGE/USD | $0.1013 | +1.7% |
| Shiba Inu SHIB/USD | $0.00001335 | +1.7% |
Notable Statistics:
- IntoTheBlock data shows a 55% increase in Bitcoin's large transaction volume and a 6.4% spike in daily active addresses. Transactions greater than $100,000 widened from 6,005 to 7,493 in a single day.
- Coinglass data noted 46,219 traders were liquidated in the past 24 hours as total liquidations stood at $125.31 million.
Notable Developments:
- Singapore’s DBS Bank Launches Bitcoin And Ethereum Options Trading For Institutional Clients
- Donald Trump’s New Crypto Project World Liberty Financial: Everything You Need To Know
- Bitcoin, Ethereum, Dogecoin Pump 5%: Here’s What Wednesday’s Fed Rate Cut Decision Could Mean For Crypto
- Howard Winklevoss Donates $4M In Bitcoin To Grove City College
- CleanSpark Acquires New Bitcoin Mining Sites: What’s Going On With The Mining Stock Tuesday?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Immutable IMX/USD | $1.42 | +15% |
| Celestia TIA/USD | $5.22 | +13.3% |
| Fantom FTM/USD | $0.5693 | +10.4% |
Trader Notes: IntoTheBlock stated that as Bitcoin is chasing the $61,000 mark, traders should watch out for $64,000 as the key level, where 1.57 million addresses are currently holding at a loss.
The price spike led crypto trader Jelle to predict that a break above the dotted line could lead to "Q4 turbo bull thesis…a reality."
In another tweet, Jelle sees that the market is gearing up for a sell-the-news candle tomorrow. He noted that this could be the most important FOMC event in a long time.
Stockmoney Lizards predicts that a weekly close above $60,000 will lead to a bullish flip and an expected consolidation at $60,000/$61,000 before heading towards $65,000. He also marked BTC making a new short-term high.
Crypto Rover highlighted a chart to show BTC movement the last time rates were cut by 50 basis points.
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.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
