Bitcoin, Ethereum, Dogecoin Dump: 'We Should Be Back In Line By October,' Says Expert

Author: Khyathi Dalal | August 02, 2024 04:17pm

Cryptocurrency markets are trading lower in sync with other financial markets.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$62,672	-1.1%
Ethereum (CRYPTO: ETH)	$3,013	-3.8%
Solana (CRYPTO: SOL)	$151.3	-6.8%
Dogecoin (CRYPTO: DOGE)	$0.1127	-2.3%
Shiba Inu (CRYPTO: SHIB)	$0.00001485	-2.2%

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreased by 23.6%, while daily active addresses increased by 2.8%. Notably, exchanges netflows spiked by 433.8%.
• Coinglass data shows 71,166 traders were liquidated in the past 24 hours for $241.76 million.
• A crypto trader noted a Bitcoin whale who purchased $716.8 million worth of BTC from the Kraken exchange.
• Radar reports citing Donald Trump that the $35 trillion debt burden can be paid by handing a little crypto check.
• Arkham Intelligence data points to Genesis moving $1.5 billion BTC and ETH for creditor repayments.

Notable Developments:

• Bitcoin Tanks On Weak Payroll Data: Experts Weigh In How A Fed Rate Cut Would Impact Crypto
• FBI Issues Alert On Crypto Exchange Impersonation Scams
• Morgan Stanley Takes Bold Step Into Crypto Market, Offering Bitcoin ETFs To Select Clients
• Alibaba And Nvidia Stock As Incentive To Trade Crypto – Hong Kong’s Futu Securities Introduces Crypto Trading

Top Losers:

Cryptocurrency	Price	Gains +/–
Maker (CRYPTO: MKR)	$2,465.1	-9.8%
Beam (CRYPTO: BEAM)	$0.01561	-8.5%
Helium (CRYPTO: HNT)	$4.57	-8.3%

Trader Notes: Crypto trader CJ highlighted Bitcoin's weak reaction and noted that he will continue to remain in longs. He looks at a run up to $66,000, anticipating a move back down to $58,000-$59,500.

He adds, "If I’m wrong, I’ll get back in $67,000"  

Founder and CEO of IntoCryptoverse, Benjamin Cowen sees Bitcoin's choppiness since March places it still ahead of where it normally is at this point in the cycle.

This shows #BTC cycle ROI from the low.

Despite the choppiness since March, BTC is *still* ahead of where it normally is at this point in the cycle.

If this price action continues, then we should be back in line with prior cycles by October pic.twitter.com/NwqX7GAUUR

— Benjamin Cowen (@intocryptoverse) August 2, 2024

Another crypto trader noted that if Bitcoin loses the quarterly open, then daily demand is likely at $59,000 to $60,000 with monthly support/resistance confluence.

Sistine Research in their latest X post stated that Bitcoin is nowhere close to pricing in the 50% odds of a BTC strategic reserve. It believes that this will happen between now and the election. The prediction from the research stands at, "$85,000 – $100,000 BTC before Nov 5."

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:

• Here's Why July For Bitcoin, Ethereum Was ‘One Of The Most Eventful Months In Crypto History'

Image: Shutterstock

Posted In: $AR $BEAM $BTC $DOGE $ETH $HNT $MKR $SHIB $SOL