Bitcoin, Ethereum, Dogecoin Dump: ‘We Should Be Back In Line By October,’ Says Expert
By Benzinga
Cryptocurrency markets are trading lower in sync with other financial markets.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $62,672 | -1.1% |
| Ethereum (CRYPTO: ETH) | $3,013 | -3.8% |
| Solana (CRYPTO: SOL) | $151.3 | -6.8% |
| Dogecoin (CRYPTO: DOGE) | $0.1127 | -2.3% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001485 | -2.2% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreased by 23.6%, while daily active addresses increased by 2.8%. Notably, exchanges netflows spiked by 433.8%.
- Coinglass data shows 71,166 traders were liquidated in the past 24 hours for $241.76 million.
- A crypto trader noted a Bitcoin whale who purchased $716.8 million worth of BTC from the Kraken exchange.
- Radar reports citing Donald Trump that the $35 trillion debt burden can be paid by handing a little crypto check.
- Arkham Intelligence data points to Genesis moving $1.5 billion BTC and ETH for creditor repayments.
Notable Developments:
- Bitcoin Tanks On Weak Payroll Data: Experts Weigh In How A Fed Rate Cut Would Impact Crypto
- FBI Issues Alert On Crypto Exchange Impersonation Scams
- Morgan Stanley Takes Bold Step Into Crypto Market, Offering Bitcoin ETFs To Select Clients
- Alibaba And Nvidia Stock As Incentive To Trade Crypto – Hong Kong’s Futu Securities Introduces Crypto Trading
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Maker (CRYPTO: MKR) | $2,465.1 | -9.8% |
| Beam (CRYPTO: BEAM) | $0.01561 | -8.5% |
| Helium (CRYPTO: HNT) | $4.57 | -8.3% |
Trader Notes: Crypto trader CJ highlighted Bitcoin’s weak reaction and noted that he will continue to remain in longs. He looks at a run up to $66,000, anticipating a move back down to $58,000-$59,500.
He adds, “If I’m wrong, I’ll get back in $67,000”
Founder and CEO of IntoCryptoverse, Benjamin Cowen sees Bitcoin’s choppiness since March places it still ahead of where it normally is at this point in the cycle.
Another crypto trader noted that if Bitcoin loses the quarterly open, then daily demand is likely at $59,000 to $60,000 with monthly support/resistance confluence.
Sistine Research in their latest X post stated that Bitcoin is nowhere close to pricing in the 50% odds of a BTC strategic reserve. It believes that this will happen between now and the election. The prediction from the research stands at, “$85,000 – $100,000 BTC before Nov 5.”
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:
Image: Shutterstock
