Major cryptocurrencies corrected on Monday after the US government moved nearly $2 billion. Bitcoin to a new address.
| cryptocurrency | Gain +/- | Price (recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | -1.56% | $95,870.15 |
| Ethereum ETH/USD |
-1.58% | $3,641.51 |
| dogecoin doge/usd | -4.99% | $0.4231 |
what happened: The world's largest virtual currency exchange comes after on-chain data shows the overseas movement of approximately 19,800 BTC (valued at $1.92 billion) seized from an address linked to the US government from the online black market Silk Road. The currency fell to an intraday low of $94,600.
Analytics firm Arkham announced that the stash was split between two wallets, from which approximately 10,000 BTC, or $963 million, was transferred to a cryptocurrency exchange. Coinbase.
The resulting FUD gains control of a larger market; Ethereum It will stay below $3,600 until the bullish buying triggers a pullback.
This correction has resulted in approximately $600 million in liquidations over the past 24 hours, wiping out approximately $425 million in bullish bets.
Bitcoin open interest (OI) fell by 1.41% in 24 hours, and the long/short ratio further declined, indicating that bearish positions are dominant in the derivatives market.
Due to FUD, “Extreme Greed” sentiment has fallen slightly from 80 to 76 in the past 24 hours, according to the Crypto Fear and Greed Index.
Top Gainers (24 hours)
| cryptocurrency | Gain +/- | Price (recorded at 7:45 p.m. ET) |
| Kaia (Kaia) | +53.04% | $0.3972 |
| hedera (HBAR) | +48.41% | $0.3138 |
| wire mesh (link) | +31.53% | $24.97 |
The global cryptocurrency market capitalization was $3.47 trillion, a slight decrease of 0.31% in the past 24 hours.
Stocks soared to record highs to start the last trading month of 2024. of S&P500 The stock closed 0.24% higher at 6,047.15, with many tech stocks. Nasdaq Composite It rose 0.97% to end at 19,403.95.
Investors on Monday parsed encouraging macroeconomic data as the Manufacturing Purchasing Managers Index (PMI) rose to 48.4% in November from 46.5% in October, beating analysts' expectations of 47.5%. This was the lowest decline in the manufacturing sector since June.
The next focus will be on the important monthly jobs report for November, scheduled for Friday.
See more: best cryptocurrency scanner
Analyst notes: Cryptocurrency analyst widely known by his pen name wolf, predicted a sharp correlation after Bitcoin broke the $100,000 milestone.
“Above $100,000 triggers retail FOMO, but after that only a 20-25% correction continues. This kind of structure was seen just a few months ago and is typical in the crypto market. “It's a thing,” the analyst emphasized.
Cryptocurrency analyst and trader Ali Martinez It noted that on-chain activity on the Bitcoin network has decreased, with daily active addresses, transaction volume, and whale activity subdued over the past week.
“We need a sharp spike in these indicators to confirm a continuation of the upward trend,” Ali said.
Photo by CMP_NZ on Shutterstock
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