Main cryptocurrencies corrected Monday after the U.S. authorities moved practically $2 billion in Bitcoin to new addresses.
| Cryptocurrency | Good points +/- | Value (Recorded at 7:45 p.m. ET) |
| Bitcoin | -1.56% | $95,870.15 |
| Ethereum | -1.58% | $3,641.51 |
| Dogecoin | -4.99% | $0.4231 |
What Occurred: The world’s largest cryptocurrency dipped to an intraday low of $94,600 after on-chain information confirmed the outward motion of round 19,800 BTCs, value $1.92 billion, confiscated from the online black market Silk Road, from the deal with linked to the U.S. authorities.
Analytics agency Arkham stated that the stash was cut up into two wallets, from the place about 10,000 BTCs, or $963 million, have been moved to cryptocurrency trade Coinbase.
ALERT: US GOVERNMENT MOVING $1.92B BTC TO NEW ADDRESS
Deal with: bc1q0av33ktzrkjps8exjex5gtv98vx225uqmzhspm pic.twitter.com/JSELsjFg5T
The resultant FUD gripped the larger market, pushing Ethereum to fall below $3,600 until dip buying sparked a comeback.
The correction triggered nearly $600 million in liquidations in the last 24 hours, with about $425 million in bullish bets getting wiped out.
Bitcoin’s Open Interest (OI) dropped by 1.41% in the 24-hour period, while the Long/Shorts Ratio fell further, signaling the dominance of bearish positions in the derivatives market.
Owing to the FUD, the “Extreme Greed” sentiment fell marginally from 80 to 76 in the last 24 hours, per the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Kaia (KAIA) | +53.04% | $0.3972 |
| Hedera (HBAR) | +48.41% | $0.3138 |
| Chainlink (LINK) | +31.53% | $24.97 |
The global cryptocurrency market capitalization stood at $3.47 trillion, following a slight decrease of 0.31% in the last 24 hours.
Stocks spiked to record highs to kickstart 2024’s last trading month. The S&P 500 closed 0.24% higher at 6,047.15, while the tech-heavy Nasdaq Composite surged 0.97%, ending at 19,403.95.
Investors parsed encouraging macroeconomic data Monday, as the Manufacturing Purchasing Managers’ Index (PMI) rose from October’s 46.5% to 48.4% in November, beating analyst expectations of 47.5%. This marked the slowest contraction within the manufacturing sector since June.
This subsequent focus will likely be on the essential month-to-month jobs report for November, slated for Friday.
See Extra: Best Cryptocurrency Scanners
Analyst Notes: A extensively adopted cryptocurrency analyst, going by the pseudonym Wolf, projected a pointy correlation for Bitcoin after it broke the $100,000 milestone.
“A breakout above $100,000 would set off retail FOMO, solely to be adopted by a 20-25% correction. This sort of construction is one thing we have seen just some months in the past and is typical in crypto markets,” the analyst emphasised.
A breakout above 100k would set off retail FOMO, solely to be adopted by a 20-25% correction. This sort of construction is one thing we have seen just some months in the past and is typical in crypto markets. $BTC pic.twitter.com/VBguEosE6B
Cryptocurrency analyst and trader Ali Martinez noted a decline in on-chain activity for the Bitcoin network, with daily active addresses, transaction volume, and whale activity cooling down over the past week.
“We need a spike in these metrics to confirm a continuation of the uptrend,” Ali stated.
#Bitcoin $BTC day by day lively addresses, transaction quantity, and whale exercise have slowed down over the previous week. We’d like a spike in these metrics to verify a continuation of the uptrend. pic.twitter.com/DHhP3FTwd7
Photo by CMP_NZ on Shutterstock
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