Major cryptocurrencies corrected on Monday after the US government transferred nearly $2 billion in Bitcoin to new addresses.
| Cryptocurrency | Earnings +/- | 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 cryptocurrency fell to an intraday low of $94,600 after on-chain data showed the outward movement of around 19,800 BTC, worth $1.92 billion, confiscated at online black market on the Silk Roadof the address linked to the US government.
Analytics firm Arkham said the stash was split into two wallets, from where around 10,000 BTC, or $963 million, was transferred to a cryptocurrency exchange. Coinbase.
The resulting FUD captured a larger market, pushing Ethereum fall below $3,600 until dip buying triggers a comeback.
The correction triggered nearly $600 million in liquidations in the past 24 hours, and around $425 million in bullish bets were reversed.
Bitcoin’s Open Interest (OI) fell by 1.41% over a 24-hour period, while the Long/Short ratio fell further, signaling the dominance of bearish positions in the derivatives market.
Due to FUD, “Extreme Greed” sentiment declined slightly from 80 to 76 in the last 24 hours, according to the Cryptocurrency Fear and Greed Index.
Top winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 7:45 p.m. ET) |
| Kaia (KAÏA) | +53.04% | $0.3972 |
| Hedera (HBA) | +48.41% | $0.3138 |
| Chain link (LINK) | +31.53% | $24.97 |
The global cryptocurrency market capitalization stood at $3.47 trillion, following a slight decline of 0.31% over the past 24 hours.
Stocks hit record highs to kick off the final trading month of 2024. The S&P500 closed 0.24% higher at 6,047.15, as the tech-heavy market Nasdaq Composite jumped 0.97%, ending at 19,403.95.
Investors analyzed encouraging macroeconomic data on Monday, such as the manufacturing purchasing managers’ index (PMI). rose from 46.5% in October to 48.4% in Novemberexceeding analysts’ expectations by 47.5%. This is the slowest contraction in the manufacturing sector since June.
The next focus will be on the crucial monthly jobs report for November, scheduled for Friday.
See more: Best Cryptocurrency Scanners
Analyst Ratings: A widely followed cryptocurrency analyst, under the pseudonym Wolf, projected a strong correlation for Bitcoin after crossing the $100,000 mark.
“A breakout above $100,000 would trigger retail FOMO, followed by a 20-25% correction. This type of structure is something we saw just a few months ago and is typical on crypto markets,” the analyst pointed out.
Cryptocurrency analyst and trader Ali Martinez noted a decline in on-chain activity for the Bitcoin network, with a slowdown in daily active addresses, transaction volume, and whale activity over the past week.
“We need a spike in these metrics to confirm the continuation of the uptrend,” Ali said.
Photo by CMP_NZ on Shutterstock
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