Bitcoin, Ethereum, Dogecoin Lose Ground, Cannot Back Up Friday's ETF Flows Inflows: 'Bitcoin Is The Escape Hatch'

Author: Khyathi Dalal | May 06, 2024 04:32pm

Cryptocurrency markets could not continue their uptrend initiated by surprisingly strong ETF data on Friday.

What Happened: Major cryptocurrencies are trading lower at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin (CRYPTO: BTC)	-1.18%	$63,119.77
Ethereum (CRYPTO: ETH)	-2.5%	$3,065.67
Solana (CRYPTO: SOL)	+4.8%	$153.09
Dogecoin (CRYPTO: DOGE)	-3.1%	$0.1571
Shiba Inu (CRYPTO: SHIB)	-3%	$0.00002399

Notable Statistics:

• In the past 24 hours, 66,592 traders were liquidated. Total liquidations tallied $189.94 million, with $158.2 million coming in the past 12 hours.
• Bloomberg analyst Eric Balchunas points out that more than 95% of ETF investors “HOLD-ed” during the “nasty and persistent downturn.”
• Total exchanges outflows witnessed a significant drop from $883.03 million to $453.2 million in single day.
• Michael Saylor's MicroStrategy holds 214,400 Bitcoin, worth $13.6 billion, which is more than any country.

Notable Developments:

• Bitcoin Hits One Billion Transactions Amid Weekend Rebound 15 Years After Satoshi Nakamoto Created It — But Was It Faster Than Ethereum?
• Coinbase Hires Ex-Mayors To Bridge Crypto And Policy Divide
• Robinhood Receives Wells Notice From SEC Over Crypto Business

Top Losers:

Cryptocurrency	Gains +/-	Price
Bonk (CRYPTO: BONK)	-6.4%	$0.00002507
Conflux (CRYPTO: CFX)	-5.3%	$0.2195
Nervos Network (CRYPTO: CKB)	-5%	$0.01819

Also Read: Sell Bitcoin In May And Go Away? Here’s How How You Could Have Pocketed A 1,449% Cumulative Return

Analyst Notes: Heavily followed Bitcoin expert Max Keiser, in his latest tweet, commented how the U.S. is “killing the dollar” through a Bitcoin speculative attack. He wrote that the U.S. economy is no longer competitive and Bitcoin is “the escape hatch."

How the US is killing the $USD via a #Bitcoin speculative attack.

1. The US economy is no longer competitive, thanks in part to the presence of #Bitcoin — and the gov is filling that hole with money printing.

2. Money printing is driving up inflation & interest rates;…

— Max Keiser (@maxkeiser) May 6, 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.

Read Next: Bitcoin ‘Could Still Have A Correction Down,’ Cautions Lark Davis: ‘Let’s Not Get Ahead Of Ourselves’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

Posted In: $BONK $BTC $CFX $CKB $DOGE $ETH $SHIB $SOL