Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets surged on Friday, with a 47.5% spike in total crypto liquidations reaching $258.7 million and a more than double increase in total exchange inflows, as investors eagerly await the Bitcoin Halving set to occur in a few hours.
What Happened: Geopolitical tensions continue to weigh on global markets, including stocks and crypto, following Israel’s military strike on Iran in the early hours of Friday.
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | +1.0% | $64,161.87 |
| Ethereum (CRYPTO: ETH) | +0.8% | $3,094.50 |
| Dogecoin (CRYPTO: DOGE) | +1.7% | $0.1535 |
The global cryptocurrency market cap now stands at 2.35 trillion, up 4.7% in the past 24 hours. In the same period, 84,226 traders were liquidated, with total liquidations amounting to $257.93 million. The largest single liquidation order took place on OKX – ETH-USD-SWAP, valued at $5.03 million. Bitcoin liquidations in the past 24 hours are nearing the 100 million mark, with long liquidations at $52 million and short liquidations at $44.6 million.
Top Gainers
| Cryptocurrency | Gains +/- | Price |
| Dogwifhat (CRYPTO: WIF) | +15.4% | $2.97 |
| THORChain (CRYPTO: RUNE) | +12.3% | $5.45 |
| Internet Computer Protocol (CRYPTO: ICP) | +11.7% | $14.13 |
IntoTheBlock data highlights that 91% of Bitcoin holders are currently in profit, while 9% are at breakeven. Total exchange inflows more than doubled to 2.54 billion as of April 18 from 1.1 billion on April 17, and daily active addresses increased by 4.3% to 828,630.
Analyst Notes: Paxton, the creator of Binance Square, tweeted that Bitcoin is in a significant rally.
$BTC might surprise us after the halving with a quick dip to gather more fuel for its climb!#BTC #halving #Binance pic.twitter.com/kbkiuBuZUx— Paxton (@Buy_SomeBTC) April 19, 2024
Meanwhile, notable crypto trader and analyst CrediBULL Crypto hinted at a potential upward grind despite a momentum stall in his latest X post.
He noted that while Bitcoin’s momentum had stalled overnight, resulting in a three-legged move instead of a clean five-wave impulse, the cryptocurrency could still see an upward trend. However, he cautioned market participants to remain vigilant and consider potential risks when reaching range highs.
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 And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide
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