Cryptocurrency Markets Trading Down on Friday Amid Global Concerns: Bitcoin, Ethereum, and Dogecoin in the Red
Cryptocurrency markets took a hit on Friday, with Bitcoin, Ethereum, and Dogecoin all trading in the red. The drop in total short crypto liquidations to the lowest levels since February 2024 added to the uncertainty in the market. One week after the Bitcoin Halving, exchange net flows for Bitcoin saw a significant drop of 227% to $114 million.
Global concerns, such as the Japanese yen’s decline to a 34-year low against the U.S. dollar, weighed on both stock and crypto markets. The global cryptocurrency market cap now stands at $2.36 trillion, down 1.07% in the past 24 hours. Additionally, 48,733 traders were liquidated, with total liquidations reaching $119.34 million.
Notably, crypto short liquidations stood at $24.96 million, the lowest since February 2024. Bitcoin exchange’s net flows dropped by 226.6% to $114.4 million, while large transaction volumes narrowed by 23.6% to $37.98 billion.
Top losers in the market included Wormhole, Pendle, and Arweave, with losses ranging from 8% to 10%. Analysts are divided on the future direction of the market, with some expecting Bitcoin to remain range-bound while others anticipate better performance from altcoins.
Crypto trader Tim remains optimistic about the market, holding his entire portfolio and predicting that prices will go higher after May. He emphasizes that crypto is here to stay and will continue to grow.
These developments are expected to be discussed further at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Stay tuned for more updates on the cryptocurrency market.
