Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets could not continue their uptrend initiated by surprisingly strong ETF data on Friday.
What Happened: Major cryptocurrencies are trading lower at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | -1.18% | $63,119.77 |
| Ethereum (CRYPTO: ETH) | -2.5% | $3,065.67 |
| Solana (CRYPTO: SOL) | +4.8% | $153.09 |
| Dogecoin (CRYPTO: DOGE) | -3.1% | $0.1571 |
| Shiba Inu (CRYPTO: SHIB) | -3% | $0.00002399 |
Notable Statistics:
- In the past 24 hours, 66,592 traders were liquidated. Total liquidations tallied $189.94 million, with $158.2 million coming in the past 12 hours.
- Bloomberg analyst Eric Balchunas points out that more than 95% of ETF investors “HOLD-ed” during the “nasty and persistent downturn.”
- Total exchanges outflows witnessed a significant drop from $883.03 million to $453.2 million in single day.
- Michael Saylor's MicroStrategy holds 214,400 Bitcoin, worth $13.6 billion, which is more than any country.
- Bitcoin Hits One Billion Transactions Amid Weekend Rebound 15 Years After Satoshi Nakamoto Created It — But Was It Faster Than Ethereum?
- Coinbase Hires Ex-Mayors To Bridge Crypto And Policy Divide
- Robinhood Receives Wells Notice From SEC Over Crypto Business
| Cryptocurrency | Gains +/- | Price |
| Bonk (CRYPTO: BONK) | -6.4% | $0.00002507 |
| Conflux (CRYPTO: CFX) | -5.3% | $0.2195 |
| Nervos Network (CRYPTO: CKB) | -5% | $0.01819 |
Also Read: Sell Bitcoin In May And Go Away? Here’s How How You Could Have Pocketed A 1,449% Cumulative Return
Analyst Notes: Heavily followed Bitcoin expert Max Keiser, in his latest tweet, commented how the U.S. is “killing the dollar” through a Bitcoin speculative attack. He wrote that the U.S. economy is no longer competitive and Bitcoin is “the escape hatch."
How the US is killing the $USD via a #Bitcoin speculative attack.1. The US economy is no longer competitive, thanks in part to the presence of #Bitcoin — and the gov is filling that hole with money printing.
2. Money printing is driving up inflation & interest rates;…
— Max Keiser (@maxkeiser) May 6, 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: Bitcoin ‘Could Still Have A Correction Down,’ Cautions Lark Davis: ‘Let’s Not Get Ahead Of Ourselves’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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