Bitcoin, Ethereum Flat, But Dogecoin Spikes: 'Veteran Holders Are Not Selling Bitcoin,' Analyst Highlights
Bitcoin, Ethereum Flat, But Dogecoin Spikes: 'Veteran Holders Are Not Selling Bitcoin,' Analyst Highlights
Cryptocurrency markets are trading relatively flat, with Dogecoin the notable bullish exception.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $68,231.5 | +1.3% |
| Ethereum (CRYPTO: ETH) | $3,498.7 | +0.15% |
| Solana (CRYPTO: SOL) | $81.56 | +3% |
| Dogecoin (CRYPTO: DOGE) | $0.142 | +6.95% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001786 | +0.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume dropped by 16% and daily active addresses declined by 12.6%. Exchange netflows decreased by 118.3%.
- Coinglass data shows 43,399 traders liquidated in the past 24 hours for $111.4 million. Bitcoin's open interest spiked to $37 billion highest since June 11.
- Crypto chart analyst Ali Martinez cited a CNBC interview where it is indicated that Bitcoin could be the U.S. reserve currency.
- In another tweet, Martinez noted whales are buying and hodling Bitcoin again. He sees a major shift from Bitcoin distribution to accumulation.
Notable Developments:
- Hong Kong Launches Asia's First Bitcoin Futures Inverse Product
- Shorting BTC Before Trump's Bitcoin Conference Speech Is A Dangerous Game: 10x Research
- President Biden's Exit Followed Nearly $80M In Wagers On Crypto Prediction Market Polymarket
- Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled
- Trump Fundraiser At Bitcoin Conference Reaches $845K Asking Price Per Seat
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| cat in a dogs world (CRYPTO: MEW) | $0.008241 | +17.2% |
| Celestia (CRYPTO: TIA) | $7.54 | 14.8% |
| Dogwifhat (CRYPTO: WIF) | $2.87 | 11.4% |
Trader Notes: Cryptoquant Founder & CEO Ki Young Ju, in his latest post, highlighted that bull market investors (holders of 6 months to 2 years) offloaded most of their Bitcoin as it approached its earlier all-time high.
He adds, "If you're selling Bitcoin now, you likely haven't held it for over 3 years, as veteran holders aren't selling."
CrypNuevo discussed Bitcoin's future trajectory in the context of liquidations.
$BTC liquidations:
— CrypNuevo (@CrypNuevo) July 22, 2024
The liquidity at $68.9k keeps increasing non-stop, and it just seems a matter of time before Bitcoin hits that level.
The only question is whether if we see a little drop first before reaching there or if we go up there straight away. pic.twitter.com/YYxH2CkpCv
Crypto chart analyst Ali Martinez thinks Bitcoin is "breaking through multiple trend lines in the hourly chart." In another tweet, he points to a crucial support level for Bitcoin is "between $63,440 and $65,470, where 1.89 million addresses bought 1.23 million BTC."
#Bitcoin is breaking through multiple trend lines in the hourly chart! pic.twitter.com/Z9d4ZqXNlj
— Ali (@ali_charts) July 22, 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.
- Analyst Predicts Bitcoin To Soar By 83%, But There's One Major Catch: 'We're Going To Get That Continuation As Long As ...'
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