Zinger Key Points
- Global cryptocurrency market capitalization is trading 1.4% lower to $2.3 trillion despite ETFs closing in on 1 million BTC in holdings.
- One trader noted that if this 4-hour candle closes bullish $70,000 is the mark, another marks the weekend range for BTC.
Cryptocurrency markets are trading lower despite whale transactions rising.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $66,789.25 | -1.9% |
| Ethereum ETH/USD | $2,471.40 | -2.5% |
| Solana SOL/USD | $167.86 | -5.4% |
| Dogecoin DOGE/USD | $0.134 | -5.6% |
| Shiba Inu SHIB/USD | $0.00001721 | -3.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 12.5% and daily active addresses dropping by 6.3%. Transactions greater than $100,000 are down from 8,210 to 8,092 in a single day. Exchanges netflows are down by 38.6%.
- Coinglass data reports 80,992 traders were liquidated in the past 24 hours with the total liquidations at $236.73 million.
Notable Developments:
- Michael Saylor’s Proposal To Microsoft CEO Satya Nadella: ‘If You Want To Make The Next Trillion Dollars For Shareholders, Call Me’
- Scaramucci On Blockchain’s Role In Finance: ‘Decentralize Risk And Automate Trust’
- MicroStrategy Pushes Higher As BlackRock Buys In, But Peter Schiff Sees A Crash Ahead
- Bitcoin Price Stalls Below $68,000, But: ‘The Bull Market Is Going To Last Longer,’ Says Industry Expert
- Coinbase Report Predicts A Future Where AI Agents ‘Will Have Their Own Crypto Wallets’
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Popcat POPCAT/USD | $1.42 | -11.1% |
| Goatseus Maximus GOAT/USD | $0.6569 | -10.8% |
| Pendle PENDLE/USD | $4.46 | -8.7% |
Trader Notes: With Bitcoin prices dropping, industry expert The Moon noted that Bitcoin has dumped again for a brief moment to retest the ascending support. He predicts, "If this 4-hour candle closes bullish, $70,000 could happen very soon."
BloFin partner Justin Bennett marks the weekend Bitcoin range and predicts a “chopfest.”
CryptoQuant highlighted that the retail Bitcoin transfer activity remains low and historically a lower activity often precedes “Bitcoin price rallies., stating that on Sep. 21, daily transfers by retail investors hit $326 million, the lowest since at least 2020.
Crypto trader Poseidon predicts Bitcoin to reach $80,000 before 2025.
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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