The cryptocurrency market is experiencing a surge in trading activity, reaching $2.19 trillion with a notable spike in crypto short liquidations. Data from IntoTheBlock indicates a 1% decrease in large transaction volume and a 5.7% decline in daily active addresses, although exchanges netflows have narrowed by 278.4%. With Bitcoin surpassing the $61,000 mark, the majority of Bitcoin holders, at 88%, are currently in profit, while 12% remain at breakeven. Coinglass data reveals that 61,634 traders were liquidated in the past 24 hours, totaling $190.39 million, with short liquidations amounting to $117.6 million, marking the highest level since Aug. 23.
In a recent development, cybercriminals were apprehended for a $243 million crypto heist, where they reportedly spent large sums on nightclubs and luxury gifts. Additionally, there is a growing interest in analyzing the performance of Coinbase stock, as well as the initiative by Jade City to democratize access to the $50 billion jade market through a tokenization platform. Notable figures in the cryptocurrency trading community, like Cold Blooded Shiller and Stockmoney Lizards, offer insights and predictions on the current market dynamics, with a focus on Bitcoin approaching the $63,000 mark and the potential for a new cycle pump.
Looking ahead, the impact of Bitcoin as an institutional asset class is set to be a key topic of discussion at Benzinga's forthcoming Future of Digital Assets event on Nov. 19. In a separate event, former President Trump made headlines by reportedly using Bitcoin for payments during a campaign halt in New York, a move that was widely regarded as historic in the realm of cryptocurrency transactions.