Cryptocurrency markets are trying to push higher on Donald Trump embracing crypto donations for his election campaign, and Market Vector launching the Meme Coin Index.
What Happened: Major cryptocurrencies are trading flat or marginally higher at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin BTC/USD | $62,454.83 | +0.27% |
| Ethereum ETH/USD | $3,020.16 | +0.75% |
| Solana SOL/USD | $150.59 | +3.4% |
| Dogecoin DOGE/USD | $0.1501 | +2.2% |
| Shiba Inu SHIB/USD | $0.0000233 | +2.1% |
Notable Statistics:
- IntoTheBlock data highlights a significant 4,927.9% drop in exchange netflows, with total exchanges inflows and outflows dropping.
- Lookonchain data noted nine ETFs seeing 195 bitcoin worth $12 million of outflows.
- Bloomberg reported that Mastercard, JPMorgan, Visa, Citibank & other big U.S. banks are testing shared-ledger technology for tokenized asset settlements.
- Harvest, a Hong Kong Bitcoin ETF issuer, announced it wants to put the ETF on Stock Connect, so mainland Chinese investors can buy it.
Notable Developments:
- Robinhood Analysts ‘Pleasantly Surprised’ By Crypto Volume, Q2 Start: ‘We See A Number Of Reasons To Be Positive’
- Spot Bitcoin ETFs Clock $11M Net Inflows On Wednesday As Grayscale Shifts Focus To Spot Ether ETF
- JPMorgan Analysts Optimistic About Future Approval Of Spot Ether ETFs Despite Regulatory Hurdles
Top Gainers:
| Cryptocurrency | Gains +/- | Price |
| Akash Network AKT/USD | $5.19 | +18.6% |
| Render RNDR/USD | $10.81 | +11.2% |
| Arweave AR/USD | $41.19 | +10.8% |
Also Read: Bitcoin Facing These ‘Compelling Mid-Term Bearish Cases,’ Warns Trader
Analyst Notes: Notable crypto technical analyst Ali Martinez tweeted that Bitcoin is in consolidation mode.
Another crypto analyst, Rekt Capital, notes that "Long downside wicks to end a more than -20% correction have often been the key to a future price reversal." Macroeconomist Seth is curious to know if this time it will be different for Bitcoin. He adds that the "Daily RSI reached the level where we find all the local bottoms in 2023-2024."
Santiment data noted high uncertainty and small wallets dropping out of the sector as the ingredients needed for Bitcoin to enjoy steady recoveries leading up to the summer.
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.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
