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Cryptocurrency markets are trading higher as expectations around Chinese stimulus rise.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $65,903.70 +5.4% Ethereum ETH/USD $2,630.58 +7.4% Solana SOL/USD $156.05 +7% Dogecoin DOGE/USD $0.115 +4.8% Shiba Inu SHIB/USD $0.00001826 +5.8%

Notable Statistics:

IntoTheBlock data shows large transaction volume decreasing by 6.9% and daily active addresses growing by 1%. Transactions greater than $100,000 are down from 6,165 to 5,104 in a single day. Exchanges netflows are down by 80%.

Coinglass data reports 61,029 traders were liquidated in the past 24 hours for $234.09 million. Crypto short liquidations stand at $181 million, the highest since Aug. 5.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- Book Of Meme BOME/USD $0.01009 +32.4% Worldcoin WLD/USD $2.34 +18.2% Ethena ENA/USD $0.4093 +18%

Trader Notes: With Bitcoin prices crossing the $65,000 mark, Santiment data pointed out that the rise has prompted traders to seek opportunities in the GameFi and memecoin sectors, with discussions around these altcoins increasing.

Historically, this signals growing bullish sentiment. After a five-week market rally, slight FOMO may continue, with speculative assets gaining attention until a correction shifts sentiment back to fear.

Crypto trader Stockmoney Lizards sees Bitcoin entering the FOMO zone.

#Bitcoin entering the FOMO zone… We will see a temporary retracement at some points and FOMO traders will be liquidated before moving back to the path up.

OI increasing, 65-66k is a natural resistance zone… There will be more opportunities to swing buy. pic.twitter.com/S3OdpWdHTW — Stockmoney Lizards (@StockmoneyL) October 14, 2024 Crypto trader Kevin detailed that while Bitcoin’s recent move is positive, it still needs to break $74,000 and $78,000 on a logarithmic scale before higher prices can be considered. The trader emphasizes caution and believes the current market movement is tied to polling and betting markets suggesting a Trump election victory.

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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