Cryptocurrency markets are trading lower in sync with other financial markets as of 8/2/24 Friday afternoon 5pm.
Cryptocurrency | Price | Gains +/- |
Bitcoin (CRYPTO: BTC) | $62,672 | -1.1% |
Ethereum (CRYPTO: ETH) | $3,013 | -3.8% |
Solana (CRYPTO: SOL) | $151.3 | -6.8% |
Dogecoin (CRYPTO: DOGE) | $0.1127 | -2.3% |
Shiba Inu (CRYPTO: SHIB) | $0.00001485 | -2.2% |
Don’t Miss:
If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
If you invested $100K in Nivida during COVID, you would’ve been a millionaire today. Get it as your free stock on this platform today.
Stuck trading at business hours? This platform empowers retail investors with 24-hour trading access to manage your financial future whenever it suits you.
Notable Statistics:
IntoTheBlock data shows large transaction volume decreased by 23.6%, while daily active addresses increased by 2.8%. Notably, exchanges netflows spiked by 433.8%.
Coinglass data shows 71,166 traders were liquidated in the past 24 hours for $241.76 million.
A crypto trader noted a Bitcoin whale who purchased $716.8 million worth of BTC from the Kraken exchange.
Radar reports citing Donald Trump that the $35 trillion debt burden can be paid by handing a little crypto check.
Arkham Intelligence data points to Genesis moving $1.5 billion BTC and ETH for creditor repayments.
See Also: Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.
Top Losers:
Cryptocurrency | Price | Gains +/– |
Maker (CRYPTO: MKR) | $2,465.1 | -9.8% |
Beam (CRYPTO: BEAM) | $0.01561 | -8.5% |
Helium (CRYPTO: HNT) | $4.57 | -8.3% |
Trader Notes: Crypto trader CJ highlighted Bitcoin's weak reaction and noted that he will continue to remain in longs. He looks at a run up to $66,000, anticipating a move back down to $58,000-$59,500.
He adds, "If I’m wrong, I’ll get back in $67,000"
Founder and CEO of IntoCryptoverse, Benjamin Cowen sees Bitcoin's choppiness since March places it still ahead of where it normally is at this point in the cycle.
This shows #BTC cycle ROI from the low.
Despite the choppiness since March, BTC is *still* ahead of where it normally is at this point in the cycle.
If this price action continues, then we should be back in line with prior cycles by October pic.twitter.com/NwqX7GAUUR
— Benjamin Cowen (@intocryptoverse) August 2, 2024
Another crypto trader noted that if Bitcoin loses the quarterly open, then daily demand is likely at $59,000 to $60,000 with monthly support/resistance confluence.
Sistine Research in their latest X post stated that Bitcoin is nowhere close to pricing in the 50% odds of a BTC strategic reserve. It believes that this will happen between now and the election. The prediction from the research stands at, "$85,000 – $100,000 BTC before Nov 5."
Read Next:
Amid the ongoing EV revolution, previously overlooked low-income communities now harbor a huge investment opportunity at just $500.
This city is the clear winner of Zillow's 2024 Home Value Forecast — No surprise as the number of millionaires there grew by 75% in the last decade.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Bitcoin, Ethereum, Dogecoin Dump: 'We Should Be Back In Line By October,' Says Expert originally appeared on Benzinga.com