Cryptocurrency markets are seeing a decline despite recent developments in the industry. A Senate vote to overturn a controversial accounting rule and $303 million in net inflows into spot Bitcoin ETFs have not prevented major cryptocurrencies from trading lower at this time.
As of 4 p.m. Eastern Time, the prices of leading cryptocurrencies are as follows:
– Bitcoin: $65,152.50 (-1.1%)
– Ethereum: $2,941.42 (-2.5%)
– Solana: $158.47 (-2.3%)
– Dogecoin: $0.1496 (-2.9%)
– Shiba Inu: $0.00002435 (+0.7%)
Notable statistics show an increase in large transaction volumes and daily active addresses, while exchange netflows have decreased. Additionally, there have been total liquidations of $42.88 million in the past 24 hours.
The Senate recently voted to disapprove a SEC rule that would restrict regulated financial institutions from custodying Bitcoin and other crypto assets. This decision follows pro-crypto legislation passed in the Senate, with U.S. Senator Cynthia Lummis showing support by posting Bitcoin laser eyes.
In other news, 937 financial firms have revealed spot Bitcoin ETF holdings in Q1 2024, compared to only 95 firms invested in Gold ETFs during the same period.
The top losers in the cryptocurrency market include Notcoin, Ethena, and Stacks, with significant declines in their prices.
Analysts have noted fluctuations in Bitcoin’s open interest and caution traders about potential price movements. It is advised to monitor the market closely and stay informed about the latest developments.
Looking ahead, the influence of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Stay tuned for further updates on the cryptocurrency market.
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