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:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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