Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets are dipping despite a Senate vote to overturn a controversial accounting rule and $303 million net inflows into spot Bitcoin ETFs.
What Happened: Major cryptocurrencies are trading lower at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $65,152.50 | -1.1% |
| Ethereum (CRYPTO: ETH) | $2,941.42 | -2.5% |
| Solana (CRYPTO: SOL) | $158.47 | -2.3% |
| Dogecoin (CRYPTO: DOGE) | $0.1496 | -2.9% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002435 | +0.7% |
Notable Statistics:
- IntoTheBlock data noted a 24.3% increase in large transaction volumes, while daily active addresses expanded by 5.6%. Exchange netflows plunged by 106% despite an increase in total exchange inflows and outflows.
- Coinglass data noted total liquidations of $42.88 million in the past 24 hours, with short liquidations of $20.99 million.
- Senate voted to disapprove the SEC's SAB 121, which will prevent regulated financial institutions from custodying Bitcoin and other crypto assets.
- After a pro-crypto legislation was passed in the Senate, U.S. Senator Cynthia Lummis posted Bitcoin laser eyes.
- Around 937 financial firms revealed spot Bitcoin ETF Holdings in Q1 2024 compared to Gold ETFs which had only 95 firms invested in the same period.
- Robinhood Crypto Trading Volume Slumped 57% In April
- Morgan Stanley Declares $270M Investment Into Bitcoin ETFs In Q1, Leads Institutional Inflow Of ‘Historical Scale’
- Senate Votes To Overturn Controversial SEC Crypto Rule, But Will Biden Veto It?
- CME Group Eyes Bitcoin Trading Amid Surging Wall Street Demand (UPDATED)
| Cryptocurrency | Price | Gains +/- |
| Notcoin (CRYPTO: NOT) | $0.007388 | -48.9% |
| Ethena (CRYPTO: ENA) | $0.6745 | -8.5% |
| Stacks (CRYPTO: STX) | $1.98 | -8.5% |
Also Read: Bitcoin’s Rally Splits Trader Opinions: ‘Daily Says We’re Going Higher’ But One Indicator Presents A ‘Sell Signal On The 4H Chart’
Analyst Notes: Macro Economist and technical analyst Seth, in his latest tweet, noted $300 million wiped out in open interest on Bitcoin's 1-hour chart. He said, "Adding back a small partial of the Long here. Will add more on these levels. ~$64,000 and ~$63,000 $BTC."
Crypto and equity trader Justin Bennett cautions traders that if Bitcoin cannot hold those former highs, there will be a sweep of the $60,000 lows.
If $BTC can't hold those former highs, watch for a sweep of the $60k lows.Zero follow-through so far following Wednesday's "cooling inflation".