Bitcoin, Ethereum, Dogecoin Slip Into Red Zone, But Bitcoin’s Struggle To Break Out Is ‘Beneficial,’ Claims Trader
By Benzinga
Cryptocurrency markets are trading in the red following Wednesday’s FOMC meeting.
Priced as of 3:30 PM Eastern Time:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $66,595.42 | -1.6% |
| Ethereum (CRYPTO: ETH) | $3,478.54 | -1.8% |
| Solana (CRYPTO: SOL) | $147.73 | -4.3% |
| Dogecoin (CRYPTO: DOGE) | $0.1419 | -1.9% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002135 | -3.7% |
Notable Statistics:
- Bitgrow founder Vivek noted in a tweet that whales purchased $1.3 billion worth of Bitcoin.
- Bitcoin Archive reported that Australia’s largest bank, Commonwealth Bank of Australia, listed a Bitcoin ETF on its trading platform.
- Coinglass reported 60,999 traders liquidated in the past 24 hours, with total liquidations at $171.29 million.
- IntoTheBlock reported a drop in major metrics like whale transactions, exchange inflows/outflows and daily active addresses.
Notable Developments:
- MicroStrategy To Raise $500M To Boost Bitcoin Holdings
- Bitcoin Crosses $67,500 As Spot ETFs Record $101M Inflow
- Elon Musk’s Decision To Hide Likes On X: ‘Catastrophic For Crypto,’ Says Solana VC
- Biden Campaign Reportedly Working On Crypto Donations: ‘They Think We’re Going To Donate?,’ Barks Industry Expert
- Shopify Merchants Can Now Embrace Crypto Payments With Helio Integration
- Gary Gensler: Ethereum Spot ETFs Could Start Trading By The End Of Summer
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Arweave (CRYPTO: AR) | $29.68 | -13.4% |
| Brett (Based) (CRYPTO: BRETT) | $0.1422 | -10% |
| Stacks (CRYPTO: STAX) | $2.13 | -10% |
Heavily followed crypto trader CJ is concerned regarding Bitcoin’s weekly chart,
Santiment data shows that Bitcoin’s supply on exchanges has now dropped to its lowest level since December 202, indicating less drop-off risk for all of crypto.
Rekt Capital‘s optimistic tweet stated that Bitcoin’s struggle to breakout is beneficial for the overall cycle.
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: ‘Rich Dad Poor Dad’ Kiyosaki’s Bitcoin Projection: A Bold Forecast For 2024
Image: Shutterstock
