Bitcoin, Ethereum, Dogecoin Nudge Higher On Tuesday As Spot Bitcoin ETFs Clock Record-Low Trading Volume

Author: Khyathi Dalal | September 10, 2024 04:03pm

The cryptocurrency market is continuing its uptrend on Tuesday as financial markets await the impact of the first debate between Donald Trump and Kamala Harris.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$57,738	+1.5%
Ethereum (CRYPTO: ETH)	$2,374	+1.3%
Solana (CRYPTO: SOL)	$136.5	+1.8%
Dogecoin (CRYPTO: DOGE)	$0.1031	-0.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001363	+0.1%

Notable Statistics:

• IntoTheBlock data shows a 73% increase in Bitcoin's large transaction volume and a 23% spike in daily active addresses. Exchanges netflows, however, plummeted by 900%.
• Coinglass data shows 36,600 traders liquidated in the past 24 hours for $107 million, with $77 million coming from short positions.

Notable Developments:

• Taylor Swift To Endorse Kamala Harris? 77% Chance Is ‘Free Money From Delusional Republicans,’ Polymarket Bettor Says
• Crypto Goes Mainstream: 57% Of Investors Ready To Allocate 5% Or More To Bitcoin, Ethereum
• Palantir And Dell Are Set To Join S&P 500 Index: Here’s What Peter Thiel And Michael Dell Have Said About Bitcoin
• Michael Saylor Says One Political Party Has A ‘Very Pro-Crypto Stance’
• Dogecoin Shoots Up Over 6% As Elon Musk Remembers His Now Famous ‘Dogefather’ Skit From SNL: ‘I Went Off The Rails’

Top Gainers:

Cryptocurrency	Price	Gains +/-
Fantom (CRYPTO: FTM)	$0.506	+9.5%
Bitcoin SV (CRYPTO: BSV)	$50.58	+9.5%
Artificial Superintelligence Alliance (CRYPTO: FET)	$1.33	+9.5%

Trader Notes: Crypto chart analyst Ali Martinez flagged short-term Bitcoin holders taking advantage of the price bump to offload bitcoin worth $850 million on Tuesday. He also highlighted the reduced supply of bitcoin on exchanges, a potentially bullish sign.

In the last two months, around 236,155 $BTC have been withdrawn from #crypto exchanges, worth roughly $14.22 billion! pic.twitter.com/brJowGRb9C

— Ali (@ali_charts) September 10, 2024

Alex Thorn, head of Galaxy Research, pointed out that Bitcoin ETFs are on pace for an exceptional low volume day on Tuesday as the market continues its drawn-out consolidation phase:

🚨 U.S. Bitcoin ETFs on track for lowest trading volume day ever at $621m total value traded w 15 mins left 👀 pic.twitter.com/WFbXLJUGve

— Alex Thorn (@intangiblecoins) September 10, 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: 

• This Bitcoin Week Is ‘Incredibly Important To Watch,’ Analyst Says: Why A 2019 Déja-Vu May Be On The Cards

Image: Shutterstock

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