Cryptocurrency markets saw a downturn in trading activity on Thursday as President-elect Donald Trump made an appearance at the New York Stock Exchange, causing some volatility in the digital asset space. Reports from IntoTheBlock revealed that while there was a 5.3% increase in large transaction volume, daily active addresses dropped by 11.9%. Additionally, transactions exceeding $100,000 remained relatively stable, but exchanges' netflows surged by 308.9%.
Coinglass data pointed out that in the last 24 hours, a staggering number of 100,126 traders were liquidated, resulting in losses totaling $290.48 million. Amidst this market activity, notable crypto traders shared their insights and predictions. Jelle, a crypto trader, expressed a cautious outlook, foreseeing a potential drop in Bitcoin prices from the $100,000 mark back to $97,000 before anticipating a significant breakout. He mentioned the possibility of a temporary scare tactic for traders followed by a substantial market movement. On the other hand, Javon Marks remains optimistic, observing Bitcoin trading comfortably above $67,559, indicating a bullish market sentiment.
Looking ahead, traders like Nic are anticipating significant price movements in Bitcoin, noting that the 20-day Bollinger band bandwidth is at a historically low level. Nic suggests keeping an eye on a potential upward breakout above the upper band as a signal for explosive price action. The general sentiment among traders appears mixed, with varying predictions for Bitcoin's future price movements and the potential impact on the broader cryptocurrency market.