Cryptocurrency Market Anticipates Wednesday's Rate Cut Decision
The cryptocurrency market is experiencing a downturn in anticipation of Wednesday's Federal Reserve rate cut decision. Data from IntoTheBlock reveals a 13.7% decrease in large transaction volume and a 1.2% decline in daily active addresses. Additionally, exchange netflows have dropped by 108.5%, and transactions exceeding $100,000 have plummeted from 8,377 to 6,005 within a single day.
Coinglass data indicates that 71,852 traders have been liquidated in the past 24 hours, resulting in $206.98 million in losses. Meanwhile, Arkham Intelligence reports that Bhutan's Bitcoin holdings, valued at $750 million, are now tracked on their platform.
Analysts are offering diverse perspectives on the market's trajectory. Ali Martinez, a crypto chart analyst, predicts a further decline towards $55,000 following Bitcoin's break below the $58,000 support level. CrypNuevo anticipates a swift drop to $57,000, while SlumDOGE Millionaire acknowledges the prevalence of "Bloody Red Mondays." EtherNasyonal, a technical analyst, views short-term obstacles as beneficial for the medium term.
The upcoming Benzinga Future of Digital Assets event on November 19th is expected to delve into the evolving role of Bitcoin as an institutional asset class. Additionally, veteran analyst Michael Saylor emphasizes that Bitcoin's peak has not yet been reached, highlighting key differences compared to the 2023 fall uptrend.