Cryptocurrency markets are trading marginally higher, as a new Trump-themed coin wreaked havoc in the crypto space.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $60,660 | +1.6% |
| Ethereum ETH/USD | $2,593 | +0.4% |
| Solana SOL/USD | $153.8 | -1.5% |
| Dogecoin DOGE/USD | $0.1034 | +0.9% |
| Shiba Inu SHIB/USD | $0.00001398 | +1.9% |
Notable Developments:
- Bitcoin’s Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
- New World Currency? Not So Fast BRICS Nations, Analyst Says, ‘De-Dollarization Is A Myth’
- Anthony Scaramucci Thinks Crypto Industry’s Virtual Meeting With Democrats Was ‘Encouraging,’ Despite Reportedly Heated Exchanges
- CBOE Refiles Application For Bitcoin ETF Options, Signaling Potential SEC Engagement
- Putin Greenlights Crypto Mining In Russia 2 Months After Trump Vowed To Mine All Remaining Bitcoins In US
Notable Statistics:
- IntoTheBlock data shows large transaction volume declined by 4.4%, while exchange netflows narrowed by 28.7%. Transactions greater than $100,000 in the past seven days increased from 8,697 as of August 2 to 8,971 as of August 8.
- Coinglass data noted 49,660 traders liquidated for $187.08 million. Bitcoin short liquidations came in at their lowest ($10.6 million) since July 30.
- Bitgrow founder Vivek indicated that whales purchased the most bitcoin since October 2014.
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Celestia TIA/USD | $5.6 | +17.2% |
| Zcash ZEC/USD | $40.07 | +15.8% |
| Cronos CRO/USD | $0.0949 | +15.8% |
Trader Notes: CryptoCon, in their latest tweet, stated that the Bitcoin Fibonacci extension has accurately found each local high of this cycle. He predicts the next 52% increase and the .618 extension is set to push over the legendary $100,000 threshold at $109,236.
Based on the continuation of "1-month-behind 2023," more than $100,000 by the end of the year "doesn't look so impossible."
Michaёl van de Poppe prefers to hold above $57,500 for bullish continuation to be taking place towards an all-time high in September/October.
Crypto trader Kevin predicts a Bitcoin price target of $69,000.
Cryptoquant Founder & CEO Ki Young Ju noted that Bitcoin was discounted for only three days, as most Bitcoin on-chain cyclical indicators have shifted back from the borderline to signal a bull market.
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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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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