 |
Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here! |
(Kitco News) –
Cryptocurrency prices declined marginally on Thursday as Bitcoin and Ether traded lower on thin Thanksgiving holiday volumes, while altcoins that had been trending higher followed the leaders downward.
The recent legal judgments against former Binance CEO Changpeng Zhao and former FTX CEO Sam Bankman-Fried further supported the belief within the sector that the worst of the crypto winter and the U.S. regulatory actions it brought were now behind it.
U.S. stock markets were closed on Thursday, but will reopen for a half-day of trading on Friday.
Bitcoin gives back gains but holds $37k
After rocketing through $37,000 early Wednesday afternoon and testing resistance at $38k multiple times in the hours that followed, Bitcoin (BTC) gave up some of its near-term gains on Thursday, as many traders chose to pocket their profits for Thanksgiving.
Crypto Myths noted on X that much of the selling pressure for the top crypto was coming from short-term hodlers selling their BTC back to the exchanges after the definitive break above $37,000.
Over the past 24 hours, short-term holders sold $1.5 billion worth of #BTC into the market = largest daily sale in a month.#RanbirKapoor #Coinbase $RIO #Nifty #SquidGame #BENANCE pic.twitter.com/3shcvyimCq
— Crypto Myths (@Crypto_Mythss) November 23, 2023
Market analyst Crypto Tony wrote that traders should view everything below $40k as part of Bitcoin’s consolidation phase ahead of the real bull market run to come.
Once we top out around $39,000 – $40,000 i will then be expecting us to come down for the next phase. This phase 2 is the accumulation phase, where we pick up some juicy buys. We embrace the dips https://t.co/AMR0gAWmyI pic.twitter.com/cLf4GBqFOF
— Crypto Tony (@CryptoTony__) November 23, 2023
Another strong dynamic being observed is the steady flow of BTC away from the Binance cryptocurrency exchange following the bombshell plea deal taken by founder Changpeng Zhao which included the shutting down of Binance.US, with exchanges like Coinbase the chief beneficiaries.
On-chain data analyst Cryptoquant wrote that Binance’s reserves decreased by 5,000 Bitcoin since Wednesday, while Coinbase Pro saw an influx of approximately 12,000 Bitcoin during the same period.
At the time of writing, Bitcoin was trading at $37,377.69, down 0.12%% on the session.
Altcoins decline in thin trading
The altcoin market declined on Thursday, with the overwhelming majority of tokens in the top 200 posting losses as traders took a breather amid thin volumes.
Daily cryptocurrency market performance. Source: Coin360
Klaytn (KLAY) was the largest gainer, increasing by 11.3% to trade at $0.23, followed by an increase of 10.3% for Mantle (MNT), and a 10% gain for Gas (GAS). Injective (INJ) saw the biggest drawdown with a loss of 8.9%, while Bittensor (TAO) declined by 6.2% and THORChain (RUNE) lost 5.2%.
The overall cryptocurrency market cap now stands at $1.42 trillion, and Bitcoin’s dominance rate is 52.6%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
