Cryptocurrency markets were lower on Thursday, continuing gains from the beginning of the week.
| cryptocurrency | price | Gain +/- |
| Bitcoin BTC/USD | $66,879.97 | -1.3% |
| Ethereum ETH/USD | $2,583.46 | -1.1% |
| Solana Sol/USD | $148.51 | -3.8% |
| dogecoin doge/usd | $0.1213 | -4% |
| Shiba Inu SHIB/USD | $0.00001767 | -5% |
Notable statistics:
- According to IntoTheBlock data, Bitcoin's large transaction volume decreased by 14.8% and daily active addresses decreased by 20.1%. Transactions over $100,000 fell from 9,654 to 9,147 in one day. Exchange net flows fell by 267%.
- According to data from Coinglass, 55,803 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $155.31 million.
- Arkham Intelligence reported that ETFs purchased $1.38 billion in BTC in three days this week. This week has already been the biggest ETF week in four months.
Notable developments:
Top losers:
| cryptocurrency | price | Gain +/- |
| tall chain Runes/USD | $4.70 | -8.5% |
| conflux CFX/USD | $0.1545 | -6.8% |
| Manufacturer MKR/USD | $1,195.62 | -6.9% |
Trader notes: Despite the decline in Bitcoin prices, crypto trader Jere believes Bitcoin has broken out of its seven-month channel/flag structure. “The second phase of the bullish cycle is underway,” he concluded.
Recto Capital said Bitcoin is approaching a key retest of the channel top. This resistance level has failed to be breached in several attempts over the past few months.
The retest will need to be successful for BTC to continue rising, but if it fails again, the price may struggle to move higher.
Michael van de Poppe explained that Bitcoin remains strong, indicating market weakness. The crypto tycoon is just weeks away from the election and the possibility of another rate cut by the Federal Reserve. He concluded that “Bitcoin's ATH is close.”
what's next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.
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