The cryptocurrency markets are currently showing little movement in response to the Federal Reserve's recent announcement of a 50 basis points cut, which has made high-risk assets more attractive. Data from IntoTheBlock reveals an 8% decrease in large transaction volume along with a 4% increase in daily active addresses. Notably, transactions exceeding $100,000 surged from 7,579 to 8,280 in a single day, while exchanges' netflows saw a significant narrowing by 238%.
Coinglass data highlights that within the past 24 hours, a substantial number of 56,823 traders were liquidated, resulting in a total value of $124 million. In the realm of institutional involvement, HODL15Capital noted that U.S. Bitcoin ETFs are consistently purchasing over 100% of newly mined BTC, with 2,921 Bitcoin bought by the ETFs compared to 450 mined in a single day. Meanwhile, Revolut has revealed plans to introduce its stablecoin, emphasizing their belief in the integration of cryptocurrency into a borderless banking system.
In other news, JPMorgan's Jamie Dimon acknowledged the bank's utilization of blockchain technology but expressed skepticism towards cryptocurrencies, labeling them as a 'pet rock.' Additionally, Ethereum's co-founder discussed the favoritism towards Donald Trump over Kamala Harris concerning the crypto sector, and Hamster Kombat announced its intention to establish a game development ecosystem to draw more users into Web3. Shiba Inu's team also disclosed the launch of K9 Finance Liquid Staking on Shibarium as a means to potentially accelerate SHIB burns. Trader insights from Ali Martinez anticipate bullish trends if Bitcoin's price closes above $61,500, hinting at a bullish market sentiment.
Looking ahead, the upcoming Future of Digital Assets event by Benzinga is poised to delve into the exploration of Bitcoin as an institutional asset class, shedding light on the evolving landscape of cryptocurrencies. Furthermore, a notable Bitcoin trader has earned a substantial profit of $11.6 million, indicating potential further gains in this dynamic market.