Cryptocurrency markets on Friday are trading in the green, with the crypto king bouncing well above the $60,000 mark.
What Happened: Major cryptocurrencies are trading higher at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | +4.5% | $61,753.69 |
| Ethereum (CRYPTO: ETH) | +2.8% | $3,069.03 |
| Solana (CRYPTO: SOL) | +2.8% | $141.64 |
| Dogecoin (CRYPTO: DOGE) | +5.6% | $0.1401 |
| Shiba Inu (CRYPTO: SHIB) | +4.4% | $0.00002398 |
Notable Statistics:
- In the past 24 hours, 46,494 traders were liquidated, with total crypto liquidations coming in at $139.22 million, $97.4 million of those in past 12 hours.
- Total exchange inflows surged to $1.8 billion from $1.59 billion the day prior, while total exchange outflows dropped to $1.27 billion from $1.44 billion in the same timeframe.
- Spot Bitcoin ETFs reported a net $34 million outflow, alongside Hong Kong's Bitcoin and Ethereum spot ETFs combined trading volume of $6.3 million on May 3.
- In the past 24 hours, Bitcoin whales have accumulated 47,000 Bitcoin, based on CryptoQuant data tweeted by a heavily followed trader.
Notable Developments:
- Hong Kong Spot Bitcoin ETFs Do Have A 'Benefit,' Bloomberg ETF Analyst Points Out
- Why Bitcoin Spiked Above $62,000 Following The April Jobs Report
- SEC Delays Decision On Bitcoin And Carbon Credit Futures ETF
Top Gainers:
| Cryptocurrency | Gains +/- | Price |
| Ordi (CRYPTO: ORDI) | +16.1% | $41.13 |
| Hedera (CRYPTO: HBAR) | +15.6% | $0.1141 |
| Pendle (CRYPTO: PENDLE) | +12.1% | $5.02 |
Also Read: Bitcoin Headed For A 'W-Shaped Reversal,' Says Crypto Expert, Who Sees Altseason 'Around The Corner'
Analyst Notes: A heavily followed crypto trader, pseudonymously known as Poseidon, in his latest tweet claims that if Bitcoin breaks $67,000, there is nothing to stop it before $88,000.
$BTC H4
— Poseidon (@CryptoPoseidonn) May 3, 2024
Price reclaimed back above range low, first sign for bottom but still price needs to do more than this. If we manage to reclaim above H4 ema200, it will be sign for trend shift.
Above $67k, we fly like a bird, nothing can stop us before $88k. pic.twitter.com/DOJqSbzJec
Another on-chain trader and yield strategist, Wist, notes that Bitcoin was able to return to its previous price range. He adds that the price recovery left significant liquidity behind, signalling a likely price comeback. His analysis points to two zones of imbalances at $65,800 and $68,600.
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.