Zinger Key Points
- Global cryptocurrency market capitalization is trading 1.2% higher to $2.3 trillion as BTC prices move closer to $70,000.
- One trader predicts election to send shockwaves in the crypto market, another marks $70,040 as the milestone.
Cryptocurrency markets are trading higher as Donald Trump‘s election odds continue their rally.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $69,526.75 | +2.6% |
| Ethereum ETH/USD | $2,506.32 | +0.7% |
| Solana SOL/USD | $176.00 | -0.4% |
| Dogecoin DOGE/USD | $0.1577 | +11.6% |
| Shiba Inu SHIB/USD | $0.0000178 | +4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 11.1% and daily active addresses falling by 11.6%. Transactions greater than $100,000 are down from 6,085 to 5,505 in a single day. Exchanges netflows are down by 57%.
- Coinglass data reports 64,482 traders were liquidated in the past 24 hours as the total liquidations came in at $153.80 million.
- Metaplanet revealed that it has purchased additional 156.78 BTC.
- VanEck Head Of Digital Assets predicts Bitcoin will be worth $3 million and used as a global reserve asset by 2050.
Notable Developments:
- Hong Kong Set To Expand Digital-Asset Exchange Licenses Amid Push For Stablecoin Proposal
- What’s Going On With Bitcoin Mining Stock CleanSpark Monday?
- Kalshi CEO Tarek Mansour On The Growing Election Betting Market: ‘A Coin Flip With A Bias’
- Scaramucci On BlackRock’s Bitcoin Play: ‘Inflows Have Exceeded Even Their Most Bullish Expectations’
- Will US Election ‘Have A Major Impact’ On Blockchain Adoption In Finance? One CEO Says Yes
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Dogecoin DOGE/USD | $0.1577 | +11.6% |
| Bitcoin SV BSV/USD | $50.39 | +9.7% |
| THORChain RUNE/USD | $5.81 | +8.7% |
Trader Notes: With Bitcoin prices chasing the $70,000-mark, crypto analyst Miles Deutscher noted that with the election just days away, there are three key strategies to navigate the anticipated crypto market volatility.
- Avoid leverage as the period will be highly volatile with lower liquidity with market makers reducing activity to minimize risk.
- Stick to spot trading to avoid potential losses and look for buying opportunities in intra-day or intra-week corrections.
- Do not to trust the first move as initial price movements can be misleading. "Even a Trump win could trigger a short-term dip before rebounding" he said, so avoid FOMO and wait for clearer trends.
Concluding, he urged to "stick to your plan" and expect "heightened noise and speculation."
Another trader Benjamin Cowen marks the July high level of $70,040 as the milestone.
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.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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