Bitcoin, Ethereum, Dogecoin Trade Lower As China Stimulus Deters Hopes: 'Perspective Is Key, Bitcoin Is Doing Great,' Says Trader

Author: Khyathi Dalal | October 08, 2024 02:32pm

Cryptocurrency markets are trading lower as China's stimulus measures came in lower than expected.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$62,017.71	-1.7%
Ethereum (CRYPTO: ETH)	$2,429.76	-0.09%
Solana (CRYPTO: SOL)	$142.62	-2.4%
Dogecoin (CRYPTO: DOGE)	$0.1066	-3%
Shiba Inu (CRYPTO: SHIB)	$0.00001712	-3.7%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 81.4% and daily active addresses growing by 15.2%. Transactions greater than $100,000 are up from 5,296 to 8,143 in a single day.
• Coinglass data reports 58,910 traders were liquidated in the past 24 hours for $179.70 million.
• Arkham Intelligence reported Fidelity alone has purchased more than $100 million Bitcoin over the past 24 hours.

Notable Developments:

• Crypto.Com Takes On SEC In Legal Battle After Receiving Wells Notice
• FTX To Repay Creditors Up To $16.5B: Is This Bullish For Bitcoin?
• Robinhood Eyes Major Growth With New Trading Features, While Coinbase Rides Crypto Surge: Analyst
• Bitcoin Market Buzzes As Satoshi Era Whale Shifts Another $634K To Crypto Exchange
• Bitcoin-Powered Finance Company Fold, Holding 1000 BTC In Reserves, Moves One Step Closer To Nasdaq Listing

Top Losers:

Cryptocurrency	Price	Gains +/-
Popcat (SOL) (CRYPTO: POPCAT)	$1.21	-10.6%
Injective (CRYPTO: INJ)	$19.38	-9.1%
Dogwifhat (CRYPTO: WIF)	$2.44	-8.8%

Trader Notes: With Bitcoin prices trading down, Altcoin Sherpa sees the compression is extremely tight. He predicts a big move incoming.

$BTC: compression on price is extremely tight. Big move coming, probably to the upside pic.twitter.com/mR1rM8dcMS

— Altcoin Sherpa (@AltcoinSherpa) October 8, 2024

Trader CryptoCon analyzed Bitcoin’s current price patterns based on historical trends. He states that Bitcoin’s current price action is consistent with past cycles, which also took time to reach new all-time highs.

In previous cycles (2012, 2016, 2020), Bitcoin was far from all-time highs by Oct. 8, whereas in 2024, it is much closer. Historically, peaks took 5-6 months to arrive after this point. His tweet emphasizes that "Bitcoin is doing great, and perspective is key."

Crypto Quant founder and CEO Ki Young Ju noted a generational shift in Bitcoin whales. He marks that new whales have invested $108 billion, while older whales have invested $113 billion since Bitcoin’s inception. The ratio is now 48:51.

He predicts the realized cap of new whales is expected to surpass that of older whales soon.

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 Dips Below $63K: What Does Technical Analysis Say?

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $INJ $SHIB $SOL $WIF