Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets have been trading mostly flat ahead of major economic data releases on Wednesday.
Prices as of 3.30 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $69,698.02 | -0.14% |
| Ethereum (CRYPTO: ETH) | $3,679.30 | -0.7% |
| Solana (CRYPTO: SOL) | $160.75 | -1.2% |
| Dogecoin (CRYPTO: DOGE) | $0.1449 | -2.6% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002306 | -2.4% |
Notable Statistics:
- Coinglass data shows open interest1.4% higher at $37.3 billion, the highest since mid-April.
- IntoTheBlock data shows transactions greater than $100,000 trending down in the past seven days, from 8,887 transactions on June 3. to 5,027 transactions on Jun 9.
- Bitcoin news revealed that around 98,000 bitcoin have been taken off exchanges in the last 30 days.
- Bitcoin Archive reported that Paraguay will sell its excess hydro-energy to Bitcoin miners as part of its new economic development strategy.
- Norway Claws Back $5.7M From Biggest Crypto Hack Ever: Here’s What Happened
- Economist Predicts Major Altcoin Surge Before Recession: ‘Altseason Will Send Alts Flying’
- Financial Sector Dominates Q1 Crypto Funding With $323M InflowsWill Bitcoin ‘Swipe The Low’ Ahead Of Wednesday’s FOMC Meeting?
- Will Bitcoin ‘Swipe The Low’ Ahead Of Wednesday’s FOMC Meeting?
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Wormhole (CRYPTO: W) | $0.5829 | -13.5% |
| ORDI (CRYPTO: ORDI) | $57.52 | -6.2% |
| Notcoin (CRYPTO: NOT) | $0.01814 | -6% |
Trader Notes: Santiment data notes that Bitcoin and Cardano are showing the strongest social interest. The tweet added, "BTC: Bulls and bears battling at $70,000 level, and Bitcoin’s market cap ($1.377 trillion) being compared to Apple’s ($2.998 trillion)."
Adrian Zduńczyk thinks resistance will become the new support once it is flipped:
$BTC has spent 14 weeks inside the new ATH area, showing strength where it showed weakness before.The polarity change principle in works.
Resistance becomes the new support.
It's trend-promoting behavior.
Higher. pic.twitter.com/i8wxFvBcah
— Adrian Zduńczyk, CMT (@crypto_birb) June 10, 2024
Another crypto trader predicted that Bitcoin is looking good to aim for the liquidity zone around $73,000. He added, "Market usually moves to prices at which liquidity is stacked – this can be a fakeout to take liquidity and then move down."
$BTC looking good to aim for the liquidity zone around 73kWhat’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.Many market players in short positions have stoplosses/liquidation levels there.
Market usually moves to prices at which liquidity is stacked – this can be a fakeout to take liquidity and then move down.
Or trigger… pic.twitter.com/xc65mssLxI
— Dippy.eth (@dippy_eth) June 10, 2024
Read Next: Arthur Hayes: Bitcoin ‘Trend Is Clear, Central Banks Are Starting Easing Cycles’
Image: Shutterstock
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