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Bitcoin, Ethereum, Dogecoin Dump Before FOMC Wednesday: Here's What They Did After Prior Meetings

Published 11/06/2024, 21:18
Updated 11/06/2024, 22:40
© Reuters.  Bitcoin, Ethereum, Dogecoin Dump Before FOMC Wednesday: Here\'s What They Did After Prior Meetings
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Cryptocurrency markets have sold off prior to the CPI data release on Wednesday, with major meme coins being hit particularly hard.

Prices as of 3.30 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $67,357.84 -3%
Ethereum (CRYPTO: ETH) $3,494.13 -4.7%
Solana (CRYPTO: SOL) $149.26 -6.9%
Dogecoin (CRYPTO: DOGE) $0.1379 -4.5%
Shiba Inu (CRYPTO: SHIB) $0.00002173 -5.4%

Notable Statistics:

  • Coinglass data shows 104,055 traders liquidated in the past 24 hours, with total liquidations at $270.1 million. Bitcoin's open interest at $36 billion has continued to remain high since April 12.
  • IntoTheBlock data reports a 66.6% surge in large transaction volume, alongside a 9.6% increase in daily active addresses. Transactions greater than $100,000 increased from 5,027 transactions on June 9 to 7,782 transactions on June 10. Total exchange inflows and outflows also increased.
  • Crypto analyst Ali Martinez noted that historically Bitcoin has struggled in Q3, with an average return of 6.49% and a median return of -2.57%.
Notable Developments:

  • Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Moving: What’s Going On?
  • Anthony Scaramucci Says Bitcoin Can Hit $700K, Predicting Match To Gold — ‘Could Bitcoin 10x In The Next 15 Years? I Believe It’
  • Tether Plans To Invest More Than $1B In AI, Biotech, Financial Infrastructure
  • Ethereum And Altcoins May ‘Quickly Rebound’ After FOMC Meeting, Trader Predicts
  • Donald Trump Opens 21-Point Lead In 2024 Presidential Race, According To Crypto Bettors

Top Losers:

Cryptocurrency Price Gains +/
Notcoin (CRYPTO: NOT) $0.0159 -12.3%
Uniswap (CRYPTO: UNI) $9.03 -12.2%
Arweave (CRYPTO: AR) $33.32 -10%

Trader Notes: El Crypto Prof sees Bitcoin forming a bullish inverse head & shoulders pattern ahead of the FOMC Meeting, pointing out that previous meetings have been bullish for Bitcoin.

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