Benzinga – By Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets failed to continue the uptrend started by surprisingly strong ETF data on Friday.
what happened: As of this writing, major cryptocurrencies are falling.
Prices as of 4pm ET:
| cryptocurrency | Gain +/- | price |
| Bitcoin (Cryptocurrency: BTC) | -1.18% | $63,119.77 |
| Ethereum (Crypto: ETH) | -2.5% | $3,065.67 |
| Solana (Code: SOL) | +4.8% | $153.09 |
| dogecoin (Code:Doge) | -3.1% | $0.1571 |
| Shiba Inu (Code: SHIB) | -3% | $0.00002399 |
Notable statistics:
- In the last 24 hours, 66,592 traders were liquidated. The total liquidation total amounted to $189.94 million, of which $158.2 million occurred in the last 12 hours.
- Bloomberg Analyst Eric Balchunas More than 95% of ETF investors said they were on hold during a “troubling and persistent economic downturn.”
- Total outflows from exchanges significantly decreased from $883.03 million to $453.2 million in one day.
- michael saylor‘s micro strategy It holds 214,400 Bitcoins worth $13.6 billion, more than any other country.
Notable developments:
- Fifteen years after Satoshi Nakamoto created Bitcoin, Bitcoin reaches 1 billion transactions amid weekend rally, but was it faster than Ethereum?
- Coinbase hires former mayor to bridge the gap between crypto and policy
- Robinhood receives wells notice from SEC regarding crypto business
Top losers:
| cryptocurrency | Gain +/- | price |
| Bonk (Crypto: BONK) | -6.4% | $0.00002507 |
| Conflux (Crypto: CFX) | -5.3% | $0.2195 |
| Narvos Network (Crypto: CKB) | -Five% | $0.01819 |
Also read: Sell Bitcoin in May and it disappears? Here’s how to get a cumulative return of 1,449%
Analyst notes: Popularly followed by Bitcoin experts max kaisercommented in his latest tweet how the US is “killing the dollar” through Bitcoin speculative attacks. He wrote that the U.S. economy is no longer competitive and that Bitcoin is a “safe haven.”
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How the US is destroying $USD with #Bitcoin speculative attacks.
1. Because of #Bitcoin, the US economy is no longer competitive and the government is filling the hole by printing money.
2. Money printing is driving up inflation and interest rates;…
— Max Keiser (@maxkeiser) May 6, 2024
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.
Read next: Bitcoin “could still see a correction downside,” Lark Davis warns: “Don’t get ahead of yourself”
This content is created in part using AI tools, and reviewed and published by Benzinga editors.
Image created using artificial intelligence in Midjourney.
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