Benzinga - by Ivan Crnogatić, Benzinga Editor.
Cryptocurrency markets traded within a tight downward range on Wednesday, as traditional markets had a rocky trading day with increased volatility.
Prices as of 4:00 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $67,140 | -1.9% |
| Ethereum (CRYPTO: ETH) | $3,745 | -2.6% |
| Solana (CRYPTO: SOL) | $169.00 | -0.7% |
| Dogecoin (CRYPTO: DOGE) | $0.165 | +0.2% |
| Shiba Inu (CRYPTO: SHIB) | $0.0000275 | +3.8% |
Notable Statistics:
- Liquidations declined from $170 million on Tuesday to just over $100 million on Wednesday at the time of writing, with over $75 million in longs liquidated.
- Options data shows 65% of outstanding positions in call options, betting on increasing prices.
- The long/short ratio was split almost 50/50, with 50.80% of traders taking short positions at the time of writing.
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Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Worldcoin (CRYPTO: WLD) | $4.84 | +4% |
| Dogwifhat (CRYPTO: WIF) | $3.82 | +4% |
| Bitget Token (CRYPTO: BGB) | $1.32 | +3.8% |
Trader Notes: Trader notes were unusually muted due to low volatility.
BecauseBitcoin CEO Max pointed out the historical price movement of Bitcoin in election and post-election years.
Prices rallied for one year after each election, he noted.
Here is #Bitcoin overlayed with the most recent US Presidential Elections.Very interesting to see how price navigates leading into the election & then afterward.
Notice the grey boxes at each cycle top – Historically, price has rallied for roughly 1 year after each election pic.twitter.com/Y8fFtw9j7B
— Max (@MaxBecauseBTC) May 29, 2024
Bitcoin-based firm Unchained highlighted that over half of all bitcoin have not been moved since May 2022, despite several bearish catalysts occurring in the meantime. This underscores a much-talked about point by Bitcoin advocates—the currency’s famously inelastic supply.
~55% of all #bitcoin have remained unmoved since May 2022, despite:– Implosion of nearly all bitcoin yield products
– Collapse of Terra Luna
– FTX bankruptcy
– Approval and launch of spot bitcoin ETFs
– Savers upgrading to multisig
– Consolidation of UTXOs pic.twitter.com/Gqz9nKJq8e
— Unchained (@unchainedcom) May 29, 2024
What’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.
Read Next: Shiba Inu Investor Turns $2,625 Investment In ‘Dogecoin Killer’ To $1.1M Afer 3.5 Years Of Inactivity
Photo: Shutterstock
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