Cryptocurrency markets are trading lower as geopolitical tensions continue to loom over global financial markets.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $60,619.33 | -1% |
| Ethereum ETH/USD | $2,342.84 | -3% |
| Solana SOL/USD | $134.89 | -5.8% |
| Dogecoin DOGE/USD | $0.103 | -0.7% |
| Shiba Inu SHIB/USD | $0.0000159 | -3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 13.4% and daily active addresses falling by 15.9%. Transactions greater than $100,000 are down from 9,410 to 8,750 in a single day. Exchanges netflows are down by 4,310.1%.
- Coinglass data reports 93,852 traders were liquidated in the past 24 hours for $263.49 million.
Notable Developments:
- Franklin Templeton Seeks SEC Approval For Dual Bitcoin, Ethereum Index ETF
- Visa Teams Up with BBVA To Issue Fiat-Backed Tokens On Blockchain Networks, Plans Initial Pilot By 2025
- Grayscale Launches New Fund For AAVE, Expands Investment Product Line
- SWIFT Targets 2025 To Test Digital Currency Trades As Central Authorities Look To Keep Pace With Bitcoin’s Efficiency
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Ethena ENA/USD | $0.2871 | -13.8% |
| Beam BEAM/USD | $0.01479 | -12.6% |
| Fantom FTM/USD | $0.6051 | -9.9% |
Trader Notes: With Bitcoin prices around the $60,000 mark, crypto chart analyst Ali Martinez marked $60,365 as the key Bitcoin level to watch. A break below this would take Bitcoin to $57,420. If this level holds, the crypto king will rebound to $63,300, according to the analyst.
CryptoCon tweeted that the Bitcoin bull market starts in two months, according to their analysis.
Santiment data pointed out that with Bitcoin dropping 9.2% since its $66,400 local high on Sep. 27, public sentiment towards crypto has cooled considerably. The analytics firm thinks this mood change is “encouraging, considering markets typically always move the opposite direction of the crowd’s expectation.”
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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Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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