Bitcoin, Dogecoin Erase Earlier Gains, Ethereum Holding On: 'Choppy Price Action Until FOMC On Wednesday,' Predicts Trader

Author: Khyathi Dalal | July 29, 2024 04:26pm

Cryptocurrency markets are trading sideways, as Elon Musk weighs in on growing crypto adoption.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$67,266	-1.3%
Ethereum (CRYPTO: ETH)	$3,309	+1%
Solana (CRYPTO: SOL)	$186.7	+0.9%
Dogecoin (CRYPTO: DOGE)	$0.1294	-0.5%
Shiba Inu (CRYPTO: SHIB)	$0.00001676	-0.4%

Notable Statistics:

• IntoTheBlock data shows large transaction volume declining by 36.2% and a 16% fall in daily active addresses. However, exchange netflows increased by 14.6%. Currently, 93% of Bitcoin holders are making a profit, while 5% are at breakeven.
• Coinglass data shows 43,849 traders liquidated in the past 24 hours, with total liquidations at $181.7 million. Bitcoin's open interest spiked to $37.5 billion, the highest level since June 7.
• Watcher Guru data highlighted the U.S. government moving $2 billion worth of BTC to a new address. This comes on the heels of Donald Trump saying he would create a strategic national Bitcoin stockpile and the government would keep 100% of the Bitcoin it owns if he was elected.
• The U.S. Marshall Service is sending Bitcoin to Coinbase for custodianship but not to sell. The contract is valued at $32.5 million and structured as a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) agreement, with an initial ordering period of five years.

Notable Developments:

• Will Bitcoin Surge Past $70,000? 10x Research Highlights Key Factors To Watch
• Crypto Related Stocks Like Coinbase, Marathon Digital And Others Surge After Trump’s Pro-Bitcoin Comments
• University Of Wyoming Launches First-Ever Academic Bitcoin Research Institute
• If Michael Saylor’s $13M Forecast For Bitcoin In 2045 Comes True, BTC Market Cap Will Be Bigger Than Combined GDP Of Top 10 Countries, But How Likely Is It?
• Pro-Bitcoin Demographic Will Boost Trump’s Vote Share By At Least 1%, Predicts Vivek Ramaswamy

Top Gainers:

Cryptocurrency	Price	Gains +/–
Book Of Meme (CRYPTO: BOME)	$0.01014	+13%
Bitcoin SV (CRYPTO: BSV)	52.04	+12%
MOG Coin (CRYPTO: MOG)	$0.000001892	+7.8%

Trader Notes: Crypto trader CrypNuevo is curious if the choppy price action persists until the FOMC meeting on Wednesday. He adds that whenever there is a big event like this, "markets tend to be choppy until the news come out. Big players step in with caution. Not an easy week."

$BTC update:

Choppy price action within the orange box until FOMC on Wednesday?

Yes, that's what it seems to be happening so far.

When there is a big event like this FOMC, markets tend to be choppy until the news come out. Big players step in with caution. Not an easy week 👍 https://t.co/dkNpIouvw4 pic.twitter.com/ahsqAANV9T

— CrypNuevo 🔨 (@CrypNuevo) July 29, 2024

Cryptoquant founder & CEO Ki Young Ju sees Bitcoin entering the U.S.

#Bitcoin is entering the United States. pic.twitter.com/QW9B2cm3Ep

— Ki Young Ju (@ki_young_ju) July 29, 2024

Crypto trader Altcoin Sherpa predicts Bitcoin's path to $100,000 is programmed, but with some bumps on the way. He suggests, "Don’t get shaken out and lose yourself along the way."

In a cautionary tweet, crypto trader Emperor advises that buying when prices are at a big resistance, expecting a breakout is interesting but stupid. He indicates that instead, it is at that level when the market turns excited. "So many people entered at $70,000 when the entry was at $63,500."

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 ‘Super Cycle’ Will Cause Daily Pumps Of 10-30%, Trader Predicts: ‘Until Then, Every Dip Is A Massive Buying Opportunity’

Image: Shutterstock

Posted In: $BSV $BTC $DOGE $ETH $SHIB $SOL