Zinger Key Points
- Global cryptocurrency market capitalization is trading 0.88% higher to $2.2 trillion.
- One trader sees Friday as a big day for Bitcoin being the options expiry date, another marks $63,300 as an important support level.
- Discover Fast-Growing Stocks Every Month
Cryptocurrency markets are trading sideways as BlackRock leads total U.S. Spot Bitcoin ETF net inflows.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $63,252.75 | -0.8% |
| Ethereum ETH/USD | $2,579.65 | -2.2% |
| Solana SOL/USD | $150.04 | -1.9% |
| Dogecoin DOGE/USD | $0.1095 | +0.2% |
| Shiba Inu SHIB/USD | $0.00001548 | +5.3% |
Notable Statistics:
- IntoTheBlock data shows an increase of 11.5% in large transaction volume and a decrease of 5.1% in daily active addresses. Transactions greater than $100,000 are down from 8,444 to 8,367 in a single day. Exchanges netflows fell by 242.6%.
- Coinglass data reports 46,541 traders liquidated in the past 24 hours for $103.91 million. Bitcoin short liquidations stood at $3.17 million, the lowest since Sep.14.
- Crypto chart analyst Ali Martinez stated that Bitcoin whales sold more than 20,000 BTC, worth $1.28 billion, in the past 24 hours.
Notable Developments:
- From CEO To Inmate: Caroline Ellison Sentenced To 24 Months In FTX Case—What The Industry Must Learn
- Long Dormant Bitcoin Whales Are Waking Up: What Is Going On?
- Bill Maher Slams Bitcoin Mining: ‘Nonsense Of Finding A Number’ Means Green Energy Progress Is Being ‘Sucked Away By Crypto’
- BNY Mellon Gets Exemption From SEC’s Controversial Crypto Custody Rule: Will It Challenge Coinbase’s Hegemony In Holding Assets For Bitcoin And Ethereum ETFs?
- Novogratz Predicted Kamala Harris Would Embrace Crypto — Here’s How Long It Took
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Worldcoin WLD/USD | $2.11 | +21.9% |
| Sei SEI/USD | $0.4544 | +17.3% |
| Popcat (SOL) POPCAT/USD | $1 | +9.7% |
Trader Notes: With Bitcoin prices trading relatively flat, crypto chart analyst Ali Martinez marked $63,300 as Bitcoin's most important support level. If it holds, the crypto king can rise to $65,500, but if it doesn’t, it could dive to $60,365.
Stockmoney Lizards sees Bitcoin as "frontrunning the cycle." The current levels are aligning with the previous cycle.
Looking ahead, Coin Bureau CEO and co-founder Nic predicts Friday as the big day for Bitcoin with $5.8 billion in options expiring with 21% "in the money". He stated that the expiry could lead to upside volatility.
Nic added, "The "max pain" price is $58,000 which means dealers may be attempting to hold down spot prices to inflict max losses on buyers."
Crypto Bully advises, "Let’s buy the dip on leverage, All-time high soon."
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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