Bitcoin, Ethereum, Dogecoin End Week With Strong Sell-Off As Traders React To Roaring Kitty Stream

Zinger Key Points
  • Major cryptocurrencies are trading in the red and global crypto market capitalization is slightly down.
  • One trader noted that the Roaring Kitty livestream was an "extinction-level event" for Solana meme coins.

Cryptocurrency markets are trading down with a liquidation cascade following the Roaring Kitty live stream ending the trading week on a negative note.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$69,334.36-1.9%
Ethereum ETH/USD$3,696.18-2.7%
Solana SOL/USD$162.82-3.7%
Dogecoin DOGE/USD$0.1484-7.1%
Shiba Inu SHIB/USD$0.00002367-6.1%

Notable Statistics:

  • Coinglass data noted $337.08 million in crypto liquidations in just four hours, with the majority accounting for long liquidations. In the past 24 hours, 158,083 traders were liquidated.
  • IntoTheBlock data noted that Bitcoin holders currently in profit are down from 98% to 87%. On the other hand, exchange netflows increased 209% in single day.
  • With Spot Bitcoin ETF inflows of $217.78 million on June 5, total inflows since the ETFs started trading in early January crossed the $15 billion mark.
  • Bitcoin Archive noted that Bitcoin is in the second longest period of consolidation (84 days) since it bounced off the bear-market low of $15,500.

Notable Developments:

Franklin Templeton Goes Beyond Bitcoin, Ethereum, Eyes New Crypto-Focused Investment Fund For Institutional Investors

Bitcoin Peak of $120,000 By Late 2024, Major Alt Season To Follow: Bitfinex

Customers Bank Ends Services For Some Crypto Hedge Funds

Top Losers:

CryptocurrencyPriceGains +/
Dogwifhat WIF/USD$2.83-13%
Chilliz CHZ/USD$0.1238+13%
SingularityNET AGIX/USD$0.7591-12.8%

Trader Notes: In response to the much-awaited Roaring Kitty livestream, Wazz Crypto noted in a tweet, "This stream was an extinction-level event for many Solana meme coins."

Crypto trader Stoic analyzed the current situation and concluded:

Another trader, Willy Woo sees one to three weeks more of bullish impulse.

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, Ethereum ETF Could Make ‘June A Really Good Month For Altcoins,’ Predicts Veteran Trader

Image: Shutterstock
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