Zinger Key Points
- Global cryptocurrency market capitalization is trading 4.1% lower to $2.15 trillion.
- One trader believes Bitcoin’s drop could be buying opportunity.
Cryptocurrency markets are trading lower amid escalating tensions in the Middle East.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $61,888.86 | -2.5% |
| Ethereum ETH/USD | $2,498.87 | -3.5% |
| Solana SOL/USD | $147.33 | -5% |
| Dogecoin DOGE/USD | $0.1074 | -9% |
| Shiba Inu SHIB/USD | $0.00001633 | -8.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by around 99% and daily active addresses rose by 7.1%. Transactions greater than $100,000 are up from 5,655 to 9,193 in a single day. Exchanges netflows are down by 1,521.2%.
- Coinglass data reports 159,405 traders were liquidated in the past 24 hours for $482.24 million, with crypto long liquidations of $361.8 million at the highest since Aug. 5. Bitcoin long liquidations of $90.7 million are at the highest level since Aug. 5.
Notable Developments:
- Ripple Receives Dubai Approval For Blockchain Payment Services
- Playbux CEO Envisions Web3 Future Where Crypto Is Earned Via Gaming, Shopping
- Arthur Hayes Cites ‘Money Printing’ As Key Factor For Bitcoin Becoming The ‘Best Performing Asset’ In History
- Robinhood Markets Launches Crypto Transfers In Europe, Enabling Bitcoin, Ethereum, And Solana Transactions With 1% Deposit Match For A Limited Time
- The Dollar Is Weakening—Here’s Why That Could Be Good For Bitcoin: 10x Research
- ‘Asia’s MicroStrategy’ Metaplanet Boosts Portfolio With Fresh Acquisition Of 107 Bitcoins Worth Nearly $7M
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Arweave AR/USD | $19.67 | -15.7% |
| Gala GALA/USD | $0.02032 | -13.9% |
| Notcoin NOT/USD | $0.007543 | -13.3% |
Trader Notes: With Bitcoin prices retreating lower to $61,000, crypto trader Cold Blooded Shiller stated that even anything down into the green box represents opportunity for some of the best risk-reward long exposure to six-figure Bitcoin.
Crypto chart analyst Ali Martinez detailed that Bitcoin has made a higher low and a higher high. He suggests the trend may have shifted from bearish to bullish.
Crypto trader Jelle compared the current Bitcoin price movement to its historical trends. He predicts new legs to start in October, "breaking out in the 2nd or 3rd week of the month."
Another crypto trader, IncomeSharks, believes that if Bitcoin is able to re-test, "we continue back up."
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.
