Bitcoin, Ethereum, Dogecoin Cheer Fed’s Decision Erasing Early Losses: Close Above $61.5K Is A ‘Resumption Of Bull Market,’ Says Trader
By Benzinga
Cryptocurrency markets are trading relatively flat after the Federal Reserve announced a 50 basis points cut, making risk assets more attractive.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $60,376.37 | -0.4% |
| Ethereum (CRYPTO: ETH) | $2,322.72 | -1.3% |
| Solana (CRYPTO: SOL) | $130.3 | -1.7% |
| Dogecoin (CRYPTO: DOGE) | $0.101 | -0.3% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001334 | -0.04% |
Notable Statistics:
- IntoTheBlock data shows an 8% decline in large transaction volume and a 4% increase in daily active addresses. Transactions greater than $100,000 increased from 7,579 to 8,280 in single day. Exchanges netflows narrowed by 238%.
- Coinglass data shows 56,823 traders were liquidated in the past 24 hours for $124 million.
- HODL15Capital noted that U.S. Bitcoin ETFs continue to buy more than 100% of newly mined BTC. The ETFs bought 2,921 Bitcoin yesterday vs. 450 mined.
Notable Developments:
- Revolut Plans To Launch Stablecoin: ‘Crypto Is Part Of Our Belief In Banking Without Borders’
- Jamie Dimon Says JPMorgan Is Likely ‘One Of The Bigger Users’ Of Blockchain Technology, But Calls Cryptocurrencies A ‘Pet Rock’
- Ethereum Co-Founder Says Donald Trump Is ‘Certainly The Favorite’ Over Kamala Harris For Crypto
- Hamster Kombat To Launch Game Development Ecosystem, Aiming To Onboard ‘Next Billion’ Into Web3
- MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases
- Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Nervos Network (CRYPTO: CKB) | $0.01754 | +10% |
| Fantom (CRYPTO: FTM) | $0.6171 | +8.2% |
| BinaryX (CRYPTO: BNX) | $1.56 | +7.8% |
Trader Notes: Crypto chart analyst Ali Martinez predicts that today’s close above $61,500 “could signal the resumption of the bull market! Uptober.”
He concluded, “cost of borrowing just got even cheaper, hence companies will make more and have more capital available for investing in BTC/risk assets.”
Another crypto trader, More Crypto Online, predicts that a “break above yesterday’s high would open the door to $67,000.” He called the price action a good reaction to the support zone and bulls need to hold above the trend channel for further upside momentum.
Crypto Bully provided both long and short trade plans for Bitcoin. Suggesting how to trade, “Look for a retest with good volume to long towards $61,500 for a continuation long.”
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:
