Bitcoin, Ethereum, Dogecoin Lose Ground, Cannot Back Up Friday's ETF Flows Inflows: 'Bitcoin Is The Escape Hatch'

Zinger Key Points
  • Global crypto market cap is trading 1.4% lower to $2.34T; with total liquidations in past 12 hours at $158.5 million.
  • One commentator called Bitcoin an "escape hatch."

Cryptocurrency markets could not continue their uptrend initiated by surprisingly strong ETF data on Friday.

What Happened: Major cryptocurrencies are trading lower at the time of writing:

Prices as of 4 p.m. Eastern Time:

CryptocurrencyGains +/-Price
Bitcoin BTC/USD-1.18%$63,119.77
Ethereum ETH/USD-2.5%$3,065.67  
Solana SOL/USD+4.8%$153.09
Dogecoin DOGE/USD-3.1%$0.1571
Shiba Inu SHIB/USD-3%$0.00002399

Notable Statistics:

  • In the past 24 hours, 66,592 traders were liquidated. Total liquidations tallied $189.94 million, with $158.2 million coming in the past 12 hours.
  • Bloomberg analyst Eric Balchunas points out that more than 95% of ETF investors “HOLD-ed” during the “nasty and persistent downturn.”
  • Total exchanges outflows witnessed a significant drop from $883.03 million to $453.2 million in single day.
  • Michael Saylor's MicroStrategy holds 214,400 Bitcoin, worth $13.6 billion, which is more than any country.

Notable Developments:

Top Losers:

CryptocurrencyGains +/-Price
Bonk BONK/USD-6.4%$0.00002507
Conflux CFX/USD-5.3%$0.2195
Nervos Network CKB/USD-5%$0.01819 

Also Read: Sell Bitcoin In May And Go Away? Here’s How How You Could Have Pocketed A 1,449% Cumulative Return

Analyst Notes: Heavily followed Bitcoin expert Max Keiser, in his latest tweet, commented how the U.S. is “killing the dollar” through a Bitcoin speculative attack. He wrote that the U.S. economy is no longer competitive and Bitcoin is “the escape hatch."

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: Bitcoin ‘Could Still Have A Correction Down,’ Cautions Lark Davis: ‘Let’s Not Get Ahead Of Ourselves’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

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