Cryptocurrency markets are trading higher on positive sentiment surrounding major banks disclosing Bitcoin holdings and a meme coin rally spurred by the return of Keith Gill.
What Happened: Major cryptocurrencies are up at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | +2.9% | $63,119.47 |
| Ethereum (CRYPTO: ETH) | +0.9% | $2,953.22 |
| Solana (CRYPTO: SOL) | +2.8% | $148.40 |
| Dogecoin (CRYPTO: DOGE) | +6.9% | $0.1505 |
| Shiba Inu (CRYPTO: SHIB) | +5.2% | $0.00002354 |
Notable Statistics:
- Bitcoin Archive noted Bracebridge Capital and Wolverine Asset Management buying Bitcoin through ETFs.
- Radar highlighted the Bank of Montreal disclosing multiple Bitcoin ETF holdings and Switzerland's biggest bank UBS owning the BlackRock ETF.
- Coinglass data shows a 100% surge in Bitcoin derivatives trading volume, while open interest increased by 3.3% to $30 billion. Notably, short liquidations in past 24 hours outpaced long liquidations.
- IntoTheBlock data shows a 15.7% increase in large transaction volumes and a 170.3% increase in exchange net flows. Currently, 90% of Bitcoin holders are in profit and 10% at breakeven.
Notable Developments:
- Arthur Hayes: 'Major Economies To Print Even More Money' In The Next 24 Months
- Why Grayscale Could Be The Spark ETH Needs: 10x Research
- Spot Bitcoin ETF Inflows Slip On Regulatory Banana Skins
- Tether CEO Claps Back At 'Uninformed' Ripple CEO's Criticism
Top Gainers:
| Cryptocurrency | Gains +/- | Price |
| Pepe (CRYPTO: PEPE) | +16% | $0.00001021 |
| Floki (CRYPTO: FLOKI) | +9.2% | $0.0001852 |
| Dogecoin (CRYPTO: DOGE) | +6.9% | $0.1505 |
Also Read: Bitcoin, Ethereum, Dogecoin, Pumped And Retraced After The Last Inflation Data Release — What To Expect This Month?
Analyst Notes: CryptoSlate lead analyst James Van Straten, in his latest tweet, expressed optimism that in the next 18 months "Bitcoin will have a GME moment". He predicts a scenario where all the ETFs, MSTR and miner stocks would have to be halted due to volatility several times throughout the day, with Bitcoin soaring.
Rekt Capital, in their latest newsletter, highlighted that Bitcoin is leaving the post-halving "Danger Zone", at least from a price action perspective. According to the trader, it represents a three-week window after the Halving where historical downside wicks below the Re-Accumulation Range Low tend to occur, specifically and most notably in 2016, but that should not be the case anymore going forward.
Technical analyst Ali Martinez forecasts a close above $64,000 to continue Bitcoin's upward trajectory.
#Bitcoin appears to be facing rejection by the 200-EMA on the 4-hour chart, while the TD Sequential indicator presents a sell signal. If validated, $BTC could retrace toward $62,000!#BTC must sustain a 4-hour candlestick close above $64,000 to continue its upward trajectory. pic.twitter.com/LEKghkEENY
— Ali (@ali_charts) May 13, 2024
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