Cryptocurrency markets are slightly down as markets anticipate jerome Powell’s Friday guidance on potential September rate cuts.
Cryptocurrency Price Gains +/- Bitcoin BTC/USD $60,350 -1.2% Ethereum ETH/USD $2,609 -1.4% Solana SOL/USD $143 -0.0% Dogecoin DOGE/USD $0.1052 -0.7% Shiba Inu SHIB/USD $0.00001405 +0.5%
Notable Statistics:
IntoTheBlock data shows an 5.5% decrease in large transaction volumes and a 1.91% increase in daily active addressees.
Coinglass data noted 31,362 traders were liquidated in the past 24 hours for $95.1 million, with $59 million being liquidated long positions.
Notable Developments:
Top Gainers:
Cryptocurrency Price Gains +/- Immutable X IMX/USD $1.32 +9.8% Render RNDR/USD $4.97 +6.5% Floki FLOKI/USD $0.0001357 +6.4%
Trader Notes: Crypto trader Jelle remains adamant that Bitcoin is in an accumulation zone, saying “these prices won’t last forever.”
A ChimpZoo poll among his followers shows that over 40% expect “infinite chop,” meaning sideways price action, in the short term, with roughly 20% expecting a breakout or a breakdown, respectively. The remaining 20% voted just to see the results.
Crypto trader Scient noted Bitcoin is getting rejected from the fourth supply zone at $61,500 – $62,000. The trader is more bullish than bearish and plans to take a long position if we get a strong close above $62,000.
More Crypto Online noted that Bitcoin has yet another day of sideways trading, as it fails to break through recent highs. It marked the range boundaries are approximately $56,290 to $61,900.
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.
