Cryptocurrencies slightly retraced gains on Thursday as President Trump addressed cryptocurrency investors via a pre-recorded statement.
Notable Statistics:
- IntoTheBlock data shows large transaction volume relatively flat at $45.9 billion and daily active addresses are up by 1.8%. Transactions greater than $100,000 are up from 9,552 to 9,995 in a single day. Exchanges netflows are down by 212.4%.
- Coinglass data reports 92,154 traders were liquidated in the past 24 hours for $273.77 million.
Notable Developments:
- Coinbase Analyst ‘Cautiously Optimistic’ On Stock With Balanced Risk/Reward, Says Regulatory Environment Is Positive And Negative
- Record-Breaking High-Risk Bitcoin Whale Allegedly Outed As UK Fraudster With Casino Theft History
- Kraken To Buy NinjaTrader For $1.5 Billion, Entering US Crypto Futures Market In 202
- Why The Future Of Stablecoins Like USDT, USDC Looks Bright: Report
- Coinbase Sold 12,652 ETH, According To Standard Chartered Analysis
- Donald Trump Calls For Stablecoin Legislation, Lauds Bitcoin Reserve: ‘Biden Got A Fraction Of Their Value’
Top Gainers:
Trader Notes: Crypto trader Javon Marks noted that Bitcoin has consistently shown bullish signals across timeframes and recently macro; he believes the bulls never really left and are returning soon.
With Bitcoin prices pulling back, crypto trader Seth stated that Bitcoin should hold $84,000 and not close below.
Crypto trader George expects new highs before year-end and advises traders to prepare for two scenarios:
- Bear Market Started – If true, the plan is to trade BTC up and down on margin while accumulating more spot BTC regardless of price.
- Still in a Bull Market – If BTC returns to highs, increase margin longs (both BTC and alts) and begin scaling out of spot holdings starting in Q4.
Rekt Capital sees Bitcoin nearing the 21-week EMA (~$88,500), a critical level. In 2021, a breakout confirmation came from a weekly close above this EMA, followed by a successful retest. A similar move now could signal further upside.
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