Benzinga – Cryptocurrency markets are trading lower, with liquidations spiking over $100 million on Friday.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $64,050.37 | -1.5% |
| Ethereum (CRYPTO: ETH) | $3,524.78 | +0.15% |
| Solana (CRYPTO: SOL) | $3,524.78 | -0.84% |
| Dogecoin (CRYPTO: DOGE) | $0.1244 | +0.09% |
| Shiba Inu (CRYPTO: SHIB) | $0.0000179 | -1.4% |
Notable Statistics:
- IntoTheBlock data notes a 4% increase in large transaction volume and daily active addresses. Transactions greater than $100,000 increased from 6,794 to 7,328.
- Coinglass data highlighted 49,973 traders liquidated in the past 24 hours, with total liquidations at $124.99 million.
Notable Developments:
- Standard Chartered To Launch Bitcoin, Ethereum Trading Desk As ETF Outflows Continue
- Binance Integrates Tether On TON To Boost User Flexibility
- California Judge Advances Civil Securities Lawsuit Against Ripple, Sets Stage For TrialBitcoin Dips Below $64K, Triggers Over $100M In Liquidations: ‘Consolidation Phase Ongoing,’ Says Trader
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| LayerZero (CRYPTO: ZRO) | $3.13 | -12.4% |
| Dogwifhat (CRYPTO: WIF) | $1.83 | -9.4% |
| zkSync (CRYPTO: ZK) | $0.186 | -7.2% |
Trader Notes: Crypto trader Michaёl van de Poppe outlined that Bitcoin “is in the crucial area of support and repeats the pattern of 2020.”
CryptoCon noted that Bitcoin is trending down:
#Bitcoin trending down while DMI rests on the very bottom of the cycle 4 support channel.
20-week EMA holding strong, now at $61,800.
Still looking good! It’s been boring and sideways since March, but sometimes that’s just what you need to build up strength for the next move… pic.twitter.com/0CNT4bd8Te
— CryptoCon (@CryptoCon_) June 21, 2024
Andrew Crypto, in his latest tweet, noted that Bitcoin went lower and headed to its demand zone. He suggested that it is a good place to build longs but added, “as we are heading into the weekend caution is required.”
Titan of Crypto predicted that Bitcoin’s most hated rally is incoming and expects a “last epic leg up soon.” He adds, “The market is playing with your nerve and as per usual many will be fooled by this BTC price action.”
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: What’s Next For Bitcoin? ‘Significant Bounce’ Or ‘Nasty Impulse Down,’ Traders Say
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
