Bitcoin, Ethereum, Dogecoin Slightly Down, But Short Liquidations Peak And A Bullish Signal Is ‘Within Reach,’ Data Says

The cryptocurrency market fell slightly after trading became volatile in the wake of the German government’s continued Bitcoin sell-off.

Cryptocurrency price Profit +/-
Bitcoin BTC/USD $56,295.10 -1.4%
Ethereum ETH/USD $2,995.75 +0.4%
Solana Sol/USD $137.85 +0.2%
Dogecoin DOGE/USD $0.1074 -0.4%
Shiba Inu SHIB/USD $0.00001628 +1.8%

Notable statistics:

  • According to data from IntoTheBlock, 82% of bitcoin holders are currently in a profit, down from nearly 100% a few weeks ago.
  • According to data from Coinglass, 95,923 traders liquidated $425.06 million in the past 24 hours. The $206 million in short liquidations was the highest since May 20, while the $106.8 million in Bitcoin short liquidations was the highest since March 4.

Notable developments:

Top gainers:

Cryptocurrency price Profit +/
Celestia TIA/USD $6.1 +16.2%
Surname SEI/USD $0.2947 +9.3%
KnotCoin No/USD $0.01646 +7.8%
Trader Notes: Crypto Expert Jacob Canfield In his latest post, he suggested buying more Bitcoin.

Market Information Platform Performance data He noted that Bitcoin’s drop to $55,400 puts a very bullish signal within reach. Active traders’ average return over the past year is 1.8%, the lowest since Bitcoin rebounded above $20,000 in March 2023.

Crypto Analyst Miles Deutscher He acknowledges that he sees the current market as a huge opportunity. In the short term, he points to Mt. Gox and Germany as selling points. In the long term, he points to Bitcoin and Ethereum ETFs, the 2024 election, major political changes regarding cryptocurrency regulation, and FTX’s $16 billion payout to customers.

What’s next?: Bitcoin’s impact as an institutional asset class will be explored in depth at Benzinga’s “The Future of Digital Assets” event on November 19th.

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Image: Shutterstock

Market news and data provided by Benzinga API

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