Cryptocurrency markets on Friday are trading in the green, with the crypto king bouncing well above the $60,000 mark.
What Happened: Major cryptocurrencies are trading higher at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin BTC/USD | +4.5% | $61,753.69 |
| Ethereum ETH/USD | +2.8% | $3,069.03 |
| Solana SOL/USD | +2.8% | $141.64 |
| Dogecoin DOGE/USD | +5.6% | $0.1401 |
| Shiba Inu SHIB/USD | +4.4% | $0.00002398 |
Notable Statistics:
- In the past 24 hours, 46,494 traders were liquidated, with total crypto liquidations coming in at $139.22 million, $97.4 million of those in past 12 hours.
- Total exchange inflows surged to $1.8 billion from $1.59 billion the day prior, while total exchange outflows dropped to $1.27 billion from $1.44 billion in the same timeframe.
- Spot Bitcoin ETFs reported a net $34 million outflow, alongside Hong Kong’s Bitcoin and Ethereum spot ETFs combined trading volume of $6.3 million on May 3.
- In the past 24 hours, Bitcoin whales have accumulated 47,000 Bitcoin, based on CryptoQuant data tweeted by a heavily followed trader.
Notable Developments:
- Hong Kong Spot Bitcoin ETFs Do Have A ‘Benefit,’ Bloomberg ETF Analyst Points Out
- Why Bitcoin Spiked Above $62,000 Following The April Jobs Report
- SEC Delays Decision On Bitcoin And Carbon Credit Futures ETF
Top Gainers:
| Cryptocurrency | Gains +/- | Price |
| Ordi ORDI/USD | +16.1% | $41.13 |
| Hedera HBAR/USD | +15.6% | $0.1141 |
| Pendle PENDLE/USD | +12.1% | $5.02 |
Also Read: Bitcoin Headed For A ‘W-Shaped Reversal,’ Says Crypto Expert, Who Sees Altseason ‘Around The Corner’
Analyst Notes: A heavily followed crypto trader, pseudonymously known as Poseidon, in his latest tweet claims that if Bitcoin breaks $67,000, there is nothing to stop it before $88,000.
Another on-chain trader and yield strategist, Wist, notes that Bitcoin was able to return to its previous price range. He adds that the price recovery left significant liquidity behind, signalling a likely price comeback. His analysis points to two zones of imbalances at $65,800 and $68,600.
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: If Bitcoin Reclaims $62K, Trader Sees ‘Green Light For More Madness’
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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