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Bitcoin, Ethereum, Dogecoin Begin The Week In Red, 'All Of BTC Recent Chop…Preparation For Next Phase Into $100,000s'

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Bitcoin, Ethereum, Dogecoin Begin The Week In Red, 'All Of BTC Recent Chop…Preparation For Next Phase Into 0,000s'

Cryptocurrency markets are down on Monday but holding on to crucial trend lines, fueling predictions for a reversal.

Cryptocurrency Price Gains +/-
Bitcoin BTC/USD $58,971.76  -1.3%
Ethereum ETH/USD $2,606.37 -2.4%
Solana SOL/USD $142.95 -2.5%
Dogecoin DOGE/USD $0.1004  -2%
Shiba Inu SHIB/USD $0.00001318 -2.2%

Notable Developments:

Notable Statistics:

  • IntoTheBlock data shows Bitcoin’s large transaction volume increased by 12.5% in the past 24 hours. Daily active addresses decreased by 4.2%, exchange netflows surged by 1,243.07%. 81% of Bitcoin holders are currently in profit.
  • Coinglass data shows 43,284 traders were liquidated in the past 24 hours, total liquidations came in at $105.24 million.

Top Losers:

Cryptocurrency Price Gains +/-
Sats (CRYPTO: 1000SATS) $0.0002865   -6.2%
Brett (Based) BRETT/USD $0.07609 -5.8%
Ondo ONDO/USD $0.6766 -5.1%

Trader Notes: Daan Crypto Trades, in his latest post, noted that September has historically been the worst month for Bitcoin, although last year’s exception led to a seven-month green rally. Bitcoin’s August returns are thus far in line with the past two years.

Javon Marks predicts Bitcoin’s path to lead to $116,000, as it comes off “a major Hidden Bull Divergence pattern.” He sees the first pushback above the $67,559 target taking a massive breakthrough for the next phase of this bull cycle.

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He also added that the recent chop after meeting $67,559 the first time could be a preparation for the next phase into the $100,000s.

Bitcoin Ape sees Bitcoin holding up well on its upwards trend line despite recent dips and volatility. He added, “The $62,300 resistance is a key area to watch for Bitcoin and flipping this zone will ignite bullish sentiments once more.”

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However, he added that there are many factors in play including the U.S. elections in November.

Another crypto trader More Crypto Online sees holding $58,460 to reach the next key level of $59,729. He noted that “price action is not clearly impulsive, so we have to remain flexible.”

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: 

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Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Crypto

Seven Casino Unveils Next-Generation Digital Platform – Press release Bitcoin News

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9 hours ago

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August 19, 2024

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Seven Casino Unveils Next-Generation Digital Platform – Press release Bitcoin News
PRESS RELEASE. Seven Casino, the trailblazer in online gaming, is thrilled to announce the official launch of its groundbreaking digital platform, setting a new standard for the online casino industry. With its cutting-edge technology, unparalleled user experience, and an expansive selection of games, Seven Casino is poised to revolutionize the way players engage with online […]
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Crypto

Crypto Exchanges Flocking Towards Turkey: Coinbase, KuCoin Apply for Licence

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17 hours ago

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August 19, 2024

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Crypto Exchanges Flocking Towards Turkey: Coinbase, KuCoin Apply for Licence

Coinbase, KuCoin, Gate.io, and several other small and large cryptocurrency brands are now attempting to obtain business licences in Turkey, according to an updated list published by the Capital Markets Board of Türkiye.

Top Companies Seek Turkish Licence

First published on August 9, the list included 47 names of cryptocurrency companies. However, it was later updated to add more names, bringing the total to 76.

“The list published here has been created to inform the public about the organisations that declared that they will operate in accordance with the Temporary Article 11 of the Capital Markets Law No. 6362 (Law),” a preface to the list of the companies noted (translated from Turkish).

“In this context, the existence of the ‘List of Those Operating’ does not mean that the organisations included in this list are authorised in accordance with the relevant legislation.”

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Finance Magnates

A part of the list of crypto firms seeking Turkish license; Source: Capital Markets Board of Türkiye

No Crypto-Specific Regulation

The names appeared when cryptocurrency regulations in Turkey were in a state of flux. The industry is being regulated by existing market regulations as there is no specific crypto regulation framework in the country. In January, the country’s Treasury and Finance Minister Mehmet Şimşek indicated the completion of proposed crypto-specific legislation; however, no draft has yet been revealed.

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Interestingly, Binance recently terminated all its marketing activities in the country, citing regulatory compliance. Although Turkish clients can still access the largest crypto exchange by trading volume, it has decided to gradually turn off Turkish language options within three months.

Binance’s name is also in the latest list of cryptocurrency companies published by the Capital Markets Board of Türkiye. Other notable names are Bitfinex, Crypto.com, and BitBNS.

Turkey has also witnessed a massive surge in demand for cryptocurrencies. The country ranks fourth in terms of trading volume, with $170 billion, only behind the United States, India, and the United Kingdom.

MENA countries by crypto trading volumes; Source: Chainalysis
Finance Magnates

MENA countries by crypto trading volumes; Source: Chainalysis

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The rise in cryptocurrency demand can be correlated with Turkey’s struggling economy. The value of the Turkish lira has plummeted by more than 82 per cent against the US dollar in the last five years, now at its lowest level ever.

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Winklevoss Twins Criticize Kamala Harris, Shiba Inu's Stagnating Burn Rate, And More: This Week In Crypto

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24 hours ago

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August 18, 2024

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Winklevoss Twins Criticize Kamala Harris, Shiba Inu's Stagnating Burn Rate, And More: This Week In Crypto

The week was buzzing with cryptocurrency news, from the Winklevoss twins’ critique of Vice President Kamala Harris‘ absence at a crypto roundtable to the stagnating burn rate of Shiba Inu’s tokens. The crypto world also saw some political influences, with Anthony Scaramucci advocating for a bipartisan commitment to crypto regulation and Mark Cuban securing an assurance from Chuck Schumer (D-NY) on sensible crypto law. Let’s dive into the details.

Winklevoss Twins Criticize Kamala Harris

Co-founders of Gemini, Cameron and Tyler Winklevoss, expressed their disappointment over Harris’ continued absence from cryptocurrency roundtables. Cameron Winklevoss took to social media to voice his concerns, stating, “Harris is a no-show again for the latest crypto roundtable. But don’t worry, she’s really into crypto. She gets it. Progress is being made. We just can’t point to anything at this time.” His brother, Tyler, echoed these sentiments.

Read the full article here.

Shiba Inu’s Stagnating Burn Rate

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Shiba Inu SHIB/USD saw a 45% drop in its burn rate over two days as of Thursday, causing traders to question the coin’s near-term upside. In other news, the Shib community launched ShibHub, an app that forms the core of the Shiba ecosystem, allowing users to engage in DeFi, NFTs, social networking, and Web3 gaming.

Read the full article here.

See Also: Ethereum Creator Vitalik Buterin Shakes Up Crypto World With Surprise ETH Deposit To Exchange

Scaramucci Advocates for Bipartisan Crypto Regulation

Scaramucci, CEO of SkyBridge Capital, stressed the need for positive and bipartisan regulation of digital assets during a virtual town hall interaction organized by the “Crypto for Harris” advocacy group. He emphasized that industry leaders wish to avoid political battles and maintain neutrality.

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Read the full article here.

Chuck Schumer’s Assurance to Mark Cuban

Senate Majority Leader Schumer assured billionaire entrepreneur Cuban of the importance of “sensible and long-lasting” regulation for the crypto industry during a virtual town hall interaction. Schumer acknowledged the growing popularity of cryptocurrencies, stating that approximately 20% of Americans use them and that the number is expected to rise.

Read the full article here.

Trump vs. Harris: Impact on Crypto

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As the U.S. presidential election approaches, market sentiment suggests that a victory for Donald Trump could be bullish for crypto assets, while a win for Kamala Harris could be bearish. A Bernstein report highlights the emergence of Polymarket, a crypto-based prediction market, as a key indicator of election trends.

Read the full article here.

Read Next: Trump-Era White House Official Anthony Scaramucci Says Industry Leaders Want Bipartisan Commitment On Crypto Regulation

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.

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Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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