Bitcoin, Ethereum, Dogecoin Rally, VanEck Files Solana ETF Application, But... 'Don't Get Too Excited Yet,' Warns Trader

Author: Khyathi Dalal | June 27, 2024 04:21pm

Cryptocurrency markets are up ahead of the Trump-Biden U.S. Presidential election debate, with a Solana spot ETF application as the main catalyst.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$61,464.37	+1%
Ethereum (CRYPTO: ETH)	$3,449.60	+2%
Solana (CRYPTO: SOL)	$148.18	+8.5%
Dogecoin (CRYPTO: DOGE)	$0.1244	+0.6%
Shiba Inu (CRYPTO: SHIB)	$0.0000175	+1.5%

Notable Statistics:

• IntoTheBlock data noted a 15.9% increase in large transaction volume. However, exchange netflows plunged by 196.5% in a single day.
• Coinglass data noted 34,732 traders liquidated for $91.8 million in the past 24 hours.
• Radar showed that BlackRock purchased Bitcoin for its Global Allocation Fund based on SEC filing. This marks it as the third internal BlackRock fund that has purchased Bitcoin through its (NASDAQ:IBIT) Bitcoin ETF.

Notable Developments:

• Coinbase Sues SEC And FDIC Over Alleged Attempts To Stifle Crypto Industry
• CleanSpark Announces GRIID Infrastructure Takeover Deal: Digging Into The Details
• VanEck Files Solana ETF Application, SOL Rallies 6%
• China’s Crypto Mining Ban Was ‘Very Unwise,’ Says Hong Kong Academic

Top Gainers:

Cryptocurrency	Price	Gains +/–
Book Of Meme (CRYPTO: BOME)	$0.01048	+15.6%
Akash Network (CRYPTO: AKT)	$3.33	+11.9%
Conflux (CRYPTO: CFX)	$0.1745	+11.9%

Don't get too excited yet! If #Bitcoin drops to $60,700, around $22 million will be liquidated! pic.twitter.com/iEQm6QPTL5

— Ali (@ali_charts) June 27, 2024

MaxBecauseBTC, in his latest Bitcoin analysis, noted that Bitcoin "divided by the M1 money supply has a tremendous amount of signal." The trader adds that price has broken out of every major HTF top & bottom range and has "just finished retesting the range high."

The tweet concludes, "When price breaks out of a multi-year range, it’s not a small move that follows. Very bullish."

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: Top Trader Is Long Bitcoin, Ethereum, Short Litecoin, Cardano…And Thinks Shiba Inu’s Time Has Passed

Image: Shutterstock

Posted In: $AKT $BTC $CFX $DOGE $ETH $JASMY $ORDI $SHIB $SOL $UNI IBIT