Bitcoin, Ethereum, Dogecoin Struggle As Mt Gox Repayments Begin: Crypto Analyst Says BTC ‘Could Drop To $47,000 From Here’
The
global
cryptocurrency
markets
are
trading
lower,
Friday,
amid
Mt
Gox
repayments,
Germany
transferring
Bitcoin
and
a
spike
in
short
liquidations.
Cryptocurrency |
Price |
Gains +/- |
Bitcoin BTC/USD |
$56,499 | -3% |
Ethereum ETH/USD |
$2,984.6 | -4.9% |
Solana SOL/USD |
$134.7 | +0.9% |
Dogecoin DOGE/USD |
$0.1041 | +-3.2% |
Shiba Inu SHIB/USD |
$0.00001457 | -3.9% |
Notable
Statistics:
-
IntoTheBlock
data
noted
Bitcoin
reflecting
strength
in
key
metrics,
with
14.8%
growth
in
large
transaction
volumes
and
a
259.7%
surge
in
exchange
netflows.
Transactions
greater
than
$100,000
also
increased
in
a
single
day. -
Coinglass
data
pointed
to
short
liquidations
at
their
highest
level
($132
million)
since
May
20.
In
the
past
24
hours,
206,505
traders
were
liquidated,
the
total
crypto
liquidations
stood
at
$582.02
million. -
Whale
Alert
data
indicated
that
a
dormant
address
that
has
20
BTC,
worth
$1.1
million,
just
got
activated
after
11.1
years.
Notable
Developments:
Mt.
Gox
Begins
Repaying
Creditors
After
Decade-Long
Wait
Crypto
Billionaire
Justin
Sun
Offers
To
Buy
Bitcoin
Off-Market
From
German
Government
To
Minimize
Price
Impact,
Lawmaker
Slams
Authorities
For
Selling
Bitcoin
Bull
Mike
Novogratz
Brings
Up
Reagan
Amid
Question
Mark
Hanging
Over
Biden’s
Candidacy:
‘Power
Is
A
Strange
Drug’
Amid
Bitcoin
Crash,
Peter
Schiff
Forecasts
Prolonged
Bear
Market:
‘Don’t
Say
I
Didn’t
Warn
You
HODLers’
Top
Losers:
Cryptocurrency |
Price |
Gains +/– |
Core CORE/USD |
$0.8809 | -16.5% |
ORDI ORDI/USD |
$27.89 | -14.3% |
Arbitrum ARB/USD |
$0.6221 | -12.3% |
Trader
Notes:
Fred
Krueger
in
his
latest
prediction
highlighted
how
the
Bitcoin
equation
could
tip
into
an
epic
short
squeeze.
He
added
“An
unknown,
but
probably
massive
number
of
BTC
shorts
will
need
to
be
covered
in
the
next
few
weeks.”
Notable
crypto
trader
Flow
Horse
revealed
that
he
made
money
by
shorting
in
the
last
two
days
as
he
had
a
$52,000
target.
Cryptoquant
founder
&
CEO
Ki
Young
Ju
says
the
government-seized
Bitcoin
being
sold
is
overestimated
and
suggests
not
letting
this
ruin
trades.
In
another
tweet,
Young
Ju
predicted
that
the
bull
cycle
will
continue
early
next
year.
He
added,
“For
those
trading
in
spot,
it
would
be
wise
to
DCA
while
keeping
in
mind
that
it
could
drop
to
$47,000
from
here.”
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Next:
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