Zinger Key Points
- Global cryptocurrency market capitalization is trading 1.2% higher at $2.05 trillion as exchanges' netflows spike and whale transactions i
- One trader marked $58,300 as the level to avoid turning into resistance, other trader calls this a relief rally.
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Cryptocurrency markets are trading relatively flat Wednesday, inching into the green and marking a so-called corrective rally after Bitcoin prices dropped to $56,000 levels earlier in the day.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $57,697.89 | -0.5% |
| Ethereum ETH/USD | $2,446.79 | -0.2% |
| Solana SOL/USD | $133.06 | +1.5% |
| Dogecoin DOGE/USD | $0.09781 | -0.2% |
| Shiba Inu SHIB/USD | $0.00001329 | +0.3% |
Notable Statistics:
- IntoTheBlock data shows a 36.9% increase in large transaction volume and transactions greater than $100,000 increased from 8,962 as of Sept. 2 to 9,458 as of Sept. 3. Exchanges netflows skyrocketed by 526.7%.
- Coinglass data noted 72,105 traders were liquidated in the past 24 hours as total liquidations stood at $192.48 million.
- Bitcoin Archive reported that Japan dropped the maximum tax rate on Bitcoin and crypto from 55% to 20%.
Notable Developments:
- Blockchain Technology Wire Network Designs First Blockchain For AI Agent Economy
- NFT Market In Crisis: 96% Of Digital Tokens Declared ‘Dead’ As Investor Losses Mount
- North Korean Hackers Escalate Crypto Heists, Funds Stolen Double To $1.6B
- Marathon Digital Bitcoin Production Falls 3% In August, Hash Rate Rises 11%: What’s Going On?
- Pro-Bitcoin Attorney John Deaton All Set To Go Head To Head With Skeptic Elizabeth Warren: Crypto Community Cheers His Candidacy
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Aave AAVE/USD | $134.89 | +10.4% |
| Starknet STRK/USD | $0.3929 | +6% |
| Internet Computer ICP/USD | $7.58 | +5.2% |
Trader Notes: While Bitcoin prices are trying to recover above the $57,000 mark, crypto trader Rekt Capital suggests that Bitcoin should avoid "turning ~$58300 into resistance over the coming days."
He noted that the crypto king is only $150 away from a weekly close to reclaiming the black Channel Bottom as support.
CrediBULL Crypto calls this price reversal a "relief rally" and if and when his upside targets are met on Bitcoin, it will be time to "take profits on longs and position for potential downside."
He concluded, "Relief before another leg down still makes the most sense to me at this time." Voicing a similar opinion, More Crypto Online terms this a "corrective rally" as Bitcoin's healthy wave is in place now.
The technical analyst added, "If we see a break of resistance and a 5-wave move to the upside, we might have to consider a more bullish interpretation."
Another trader, Kaz The Shadow charts out his plan for the upcoming weeks where he expects to reclaim $64,000 to talk about longing again.
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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