Cryptocurrency markets are trading higher on hopes of the Federal Reserve cutting a higher-than-initially-expected 50 basis points next Wednesday.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $59,922.57 | +2.8% |
| Ethereum ETH/USD | $2,423.40 | +2.8% |
| Solana SOL/USD | $138.08 | +1.9% |
| Dogecoin DOGE/USD | $0.1067 | +4.2% |
| Shiba Inu SHIB/USD | $0.00001394 | +4.4% |
Notable Statistics:
- IntoTheBlock data shows a 14.2% decrease in large transaction volume and 16.7% growth in daily active addresses. Exchanges netflows narrowed by 124.5%.
- Coinglass data shows 32,341 traders liquidated in the past 24 hours for $113.09 million.
- Crypto chart analyst Ali Martinez stated that 112,000 ETH, worth around $257.6 million, were sent to crypto exchanges in the past 24 hours.
- MicroStrategy announced it acquired 18,300 Bitcoin between Aug. 6 and Sept. 12 for around $1.11 billion in cash at an average price of $60,408 per Bitcoin.
Notable Developments:
- Tether Hires PayPal Veteran Jesse Spiro As Regulatory Scrutiny Continues
- Gary Gensler-Led SEC Directs Crypto Firm To Halt Trading For All Coins But Bitcoin, Ethereum, And Bitcoin Cash — What Does It Mean?
- Bitcoin Spot ETFs See $39M Inflows, ‘Bullish Correction’ May Be In Play, Expert Tells Benzinga
- Here’s How Much Donald Trump’s Crypto Portfolio Is Down From The Top (Spoiler: It’s Millions And Millions Of Dollars)
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Nervos Network CKB/USD | $0.01334 | +45.3% |
| Popcat POPCAT/USD | $0.7455 | +11.9% |
| POL POL/USD | $0.4228 | +12.1% |
Trader Notes: Entrepreneur and Bitcoin Investor Lark Davis noted that in the past three weeks Bitcoin is ranging in the mid-$50,000 range amid ETF outflows. He predicts that the next few weeks “could be the last chance to grab BTC at cheap prices” against the background of rate cuts, FTXs $16 billion cash repayment, the election and rising global liquidity.
With a 12% rally in the past seven days, CryptoCon stated that Bitcoin recently retested the Golden Curve as support just like in September 2020 before “exploding to the upside.”
The trader added that this trend allows for $186,000 for the cycle top in late 2025.
“It’s like a chess game where your opponent makes an unexpected move, forcing you to rethink your strategy, requiring patience and adaptability.”
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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