Zinger Key Points
- Global cryptocurrency market capitalization is down 2.2% to $2.4 trillion as liquidations in crypto and Bitcoin spiked.
- One trader was curious if this was an unexpected pullback while another marked an important support level for Bitcoin to hold on.
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Cryptocurrency markets are down, with Ethereum as the notable example on the launch day of Ethereum ETFs.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $65,612 | -3.8% |
| Ethereum ETH/USD | $3,463 | -1% |
| Solana SOL/USD | $172.23 | -5.8% |
| Dogecoin DOGE/USD | $0.314 | -8% |
| Shiba Inu SHIB/USD | $0.00001711 | -4.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume up by 75% and daily active addresses up by 24.4%. Transactions greater than $100,000 also spiked from 5,287 to 8,307.
- Coinglass data shows total crypto long liquidations at $131.88 million, the highest since July 8. In the past 24 hours, 71,840 traders were liquidated. Bitcoin's short liquidations ($8.2 million) came in at their lowest since July 7.
- Bloomberg analyst Eric Balchunas noted Ethereum ETFs hitting $600 million after half of the trading day, around 20% of the $4.6 billion Bitcoin ETFs did on day one.
Notable Developments:
- Donald Trump To Announce A Strategic Bitcoin Reserve? Crypto Bettors Think It’s Unlikely But Possible
- EXCLUSIVE: How AI Can Unlock The True Potential Of Web3
- Bitwise To Donate 10% Of Ethereum ETF Profits To Open-Source Developers
- Winklevoss-Backed Real Bedford Soccer Club Embraces Michael Saylor Bitcoin Philosophy, Accumulates 82.7 BTC
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Celestia TIA/USD | $6.51 | -13.5% |
| Dogwifhat WIF/USD | $2.55 | -10.8% |
| Popcat POPCAT/USD | $0.8166 | -10% |
Trader Notes: Crypto chart analyst Ali Martinez predicted that Bitcoin needs to hold the support level of $66,000.
Crypto analyst Caleb Franzen highlighted that Bitcoin is back in the same effective support zone. He continues, "$BTC has continued to make higher highs and higher lows from a short-term perspective during this recent price action."
Rekt Capital commented on Bitcoin's pullback, saying the crypto king needs to continue holding above $65,000 or at the very least, hold $65,000 as support on any unexpected pullback.
Heavily followed crypto trader Marco Polo believes Bitcoin always gives a second chance.
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.
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