Bitcoin, Ethereum, Dogecoin Down, Confirm That ‘Bloody Red Mondays Are A Real Thing,’ Says Trader
By Benzinga
Cryptocurrency markets are trading lower in anticipation of Wednesday’s rate cut decision.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $57,981.89 | -3.2% |
| Ethereum (CRYPTO: ETH) | $2,284.46 | -3.8% |
| Solana (CRYPTO: SOL) | $131.17 | -1.8% |
| Dogecoin (CRYPTO: DOGE) | $0.09958 | -5.5% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001313 | -4.5% |
Notable Statistics:
- IntoTheBlock data shows a 13.7% drop in large transaction volume and a 1.2% fall in daily active addresses. Exchanges netflows decreased by 108.5%. Transactions greater than $100,000 are down from 8,377 to 6,005 in a single day.
- Coinglass data shows 71,852 traders liquidated in the past 24 hours for $206.98 million.
- Arkham Intelligence data shows Bhutan’s Bitcoin holdings of $750 million are now on Arkham.
Notable Developments:
- With Fed Rate Cuts Imminent, Here’s Which Crypto Sector Could Benefit The Most, According To Bernstein
- MicroStrategy Is ‘Aggressive’ With ‘BTC HODL’, Analyst Says, Citing New Bitcoin Buys
- DJT Stock Soars As Donald Trump Says He’s Safe After New Assassination Attempt In Florida (UPDATED)
- Bitcoin Dips Below $59K Despite $436M Net ETF Inflows Last Week
- SEC Moves To Amend Binance Lawsuit, Reinforcing Claims Of Unregistered Securities Sales
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Sei (CRYPTO: SEI) | $0.2717 | -12.8% |
| Bittensor (CRYPTO: TAO) | $286.65 | -10.7% |
| Celestia (CRYPTO: TIA) | $4.57 | -9.2% |
Trader Notes: As Bitcoin prices retreated below the $58,000 mark, crypto chart analyst Ali Martinez stated that Bitcoin broke support. He predicts, “It looks like $55,000 is next.” In an earlier tweet, Martinez had forecasted that a break below $58,100 support will lead to a drop towards $55,000.
On the other hand, CrypNuevo said that the drop was fast and “no fake pump to $61,500 needed.” He instead predicts a straight nuke to $57,000 target. He concluded that the things are moving fast, as probabilities for a 50 basis points rate cut on Wednesday are increasing.
SlumDOGE Millionaire reacted on the market fall stating that “Bloody Red Mondays are a real thing.”
Technical analyst EtherNasyonal thinks short-term obstacles are good for the medium term.
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.
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Image: Shutterstock
