Cryptocurrency markets are trading in the red, with Bitcoin touching the sensitive $65,000 level and mixed opinions about future price trajectory.
Notable Statistics:
- Coinglass liquidations data shows Bitcoin's short liquidations at the lowest since June 9. In the past 24 hours, 79,749 traders were liquidated for $207.41 million.
- IntoTheBlock data shows a 9% drop in daily active addresses and a 15.8% fall in large transactions volume.
- Lookonchain data notes Bitfinex Bitcoin whales reduced their long positions.
Notable Developments:
- Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’
- Coinbase CEO Brian Armstrong Says ‘Both Parties’ Need To Address ‘Untenable’ Regulatory Situation
- EXCLUSIVE: Biden Administration ‘Let The SEC Go Unchecked,’ Tether Co-Founder Says
- How Donald Trump Went From Selling NFTs To Declaring Himself The ‘Crypto President’
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Stacks (CRYPTO: STX) | $1.89 | -11.1% |
| Pepe (CRYPTO: PEPE) | $0.00001086 | -9.3% |
| Ronin (CRYPTO: RON) | $2.52 | -9.3% |
Trader Notes: ElonTrades drew parallels between Bitcoin's current scenario to late 2020. "It retraced 15%, pumped, then retraced another 10% before liftoff." He adds that this cycle could be a "slightly less explosive and more drawn-out cycle."
Crypto analyst Wolf sees Bitcoin eyeing the $62,000 mark. "Market sentiment is expected to turn extremely bearish. They want your cheap coins."
Trader Mercury noted that Bitcoin is in a "chop for the rest of the Summer."
CryptoCon says "$61,603 is the number to watch," based on the most reliable healthy support, the 20-week EMA.
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.
Image: Shutterstock
$DOGEDogecoin - United States dollar
$0.1774-2.37%
$ETHEthereum - United States dollar
$3507.92-1.64%
$JASMYJasmyCoin - United States dollar
$0.00968-2.42%
$ORDIORDI
Not Available-%
$PEPEPepe - United States dollar
$0.000006-3.60%
$SHIBShiba Inu - United States dollar
$0.000010-2.66%
$SOLSolana - United States dollar
$161.97-3.16%
$STXStox - United States dollar
$0.43040.28%
$UNIUniswap - United States dollar
$8.96-2.82%
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