Cryptocurrency markets are trading slightly down, as members of the Biden administration will reportedly attend a crypto roundtable.

Notable Statistics:

• Australia’s largest stock exchange approved its first Spot Bitcoin ETF.
• Tether, the world’s largest stablecoin, launches a new synthetic dollar backed by gold.
• IntoTheBlock data notes an increase in total exchange inflows and outflows. 90% of Bitcoin holders are in profit at current prices.
• According to Coinglass data, 111,242 traders were liquidated for $265.50 million in the past 24 hours.

Notable Developments:

• T-Mobile’s parent company, Deutsche Telekom, announces plans to mine Bitcoin.
• El Salvador’s President Bukele Proposes Bitcoin Bank To Attract Billions
• Spot Ethereum ETF Launch Date Possibly On July 2: Bloomberg Analyst
• Biden Admin Officials, Mark Cuban To Attend Crypto Roundtable In July
• Why Bitcoin Faces A ‘Critical Week Ahead’

Top Losers:

Crypto trader DonAlt highlighted that $60,000 is bad support and $70,000 is bad resistance. He suggested that if you are bullish then $65,000 is the spot to hold, adding “If you’re bearish you’d want it to fail first.”

CrypNuevo highlighted a potential W pattern for Bitcoin,

Notable crypto trader TheFlowHorse tweeted that a bear trap is potentially building, saying, “if you prefer more volume and liquidity just log back in after Labor Day.”

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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