Cryptocurrency markets are struggling to hold on, with Bitcoin clinging to the $60,000 mark. The struggle comes amid various underlying factors like falling consumer sentiment, missing economist forecasts and a looming $2 billion of token unlocks over the next ten weeks.
What Happened: Major cryptocurrencies are trading down at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | $60,663.80 | -2.9% |
| Ethereum (CRYPTO: ETH) | $2,900.28 | -4% |
| Solana (CRYPTO: SOL) | $146.98 | -2.4% |
| Dogecoin (CRYPTO: DOGE) | $0.1431 | -4.7% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002238 | -4% |
Notable Statistics:
- IntoTheBlock data notes a 5.2% surge in Bitcoin's large transaction volume, while transactions greater than $100,000 increased to 8,212 from 7,988. Total exchange inflows and outflows also increased on the day.
- Coinglass data shows a spike in Bitcoin long liquidations to $37.87 million, the highest since May 1. Total liquidations in the past 24 hours stand at $56.8 million, with $46.3 million liquidations happening in the last 12 hours.
- Bitcoin Archive reported 186 wealth managers owning Bitcoin ETFs this week in filings with the SEC. Wells Fargo also announced Bitcoin ETF exposure.
Notable Developments:
- Bitcoin Spot ETFs Collect $11.29M Net Inflows On Thursday
- Jack Dorsey Predicts Bitcoin Price To Hit At Least $1M By 2030: 'Hits That Number And Goes Beyond'
- SEC Accusations Misworded? Kraken Fights Back In Crypto Regulation Clash
- Bitcoin Is Getting Less Difficult To Mine After Halving — But Is That A Good Or Bad Sign?
Top Losers:
| Cryptocurrency | Gains +/- | Price |
| ORDI (CRYPTO: ORDI) | $35.60 | -7.8% |
| Bonk (CRYPTO: BONK) | $0.00002275 | -7.2% |
| AIOZ Network (CRYPTO: AIOZ) | $0.802 | -7.2% |
Also Read: Bitcoin To $1.3M By 2028? Questionable, Says 10x Research
Analyst Notes: Crypto trader Kevin, in his recent analysis, pointed out that Bitcoin has one more big move to the upside before topping out. He states,
"This final move will be the most aggressive move and Altcoins will outperform significantly. We're halfway to third base on this bull market. Somewhere between now and latest early Q1 2025 will be the end."
Swing trader Roman stated "Just seems very artificial for Bitcoin." He notes that liquidations could move up before taking it higher.
Just seems very artificial for $BTC.
— Roman (@Roman_Trading) May 10, 2024
Like they want to liquidate everyone before taking it higher.
Could be wrong but I feel like I've seen this before.#bitcoin #cryptocurrency #cryptonews pic.twitter.com/fwN72F7teT
Bitcoin technical analyst CryptoCon analyzed Bitcoin's historical price moves post-Halving, noting that the Bitcoin peak in March 2024 is the "first derailment of any kind that the Halving Cycles Theory has ever seen."
For prices to show a top in late 2025, it would require to "extend the time it takes to reach all time highs (ATHs) again by over 7 months, past November 28, 2024." That starts the "normal red year" when ATHs are made.
However, Bitcoin continues to remain "on track for a top earlier than normal which breaks the so far set in stone 4 year cycles as the Halving Cycles Theory depicts them."
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.
Image: Shutterstock