Bitcoin, Ethereum, Dogecoin Slightly Down, But Short Liquidations Peak And A Bullish Signal Is 'Within Reach,' Data Says
Cryptocurrency markets are slightly down after a volatile trading day impacted by the German government continuing to liquidate its Bitcoin. CryptocurrencyPriceGains +/-Bitcoin BTC/USD$56,295.10-1.4%Ethereum ETH/USD$2,995.75 +0.4%Solana SOL/USD$137.85+0.2%Dogecoin DOGE/USD$0.1074-0.4%Shiba Inu SHIB/USD$0.00001628 +1.8%Notable Statistics: IntoTheBlock data notes that 82% of Bitcoin holders are currently in profit, down from almost 100% a few weeks ago. Coinglass data shows 95,923 traders liquidated for $425.06 million in the past 24 hours. Short liquidations of $206 million were the the highest since May 20 and Bitcoin short liquidations at $106.8 million the highest since March 4. Notable Developments: Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown Bitcoin Mining Stock HIVE Digital Is Rising Monday: What’s Going On? Why Is Bitcoin Down On Monday? Experts Monitor 4 Key Factors Top Gainers: CryptocurrencyPriceGains +/–Celestia TIA/USD$6.1+16.2%Sei SEI/USD$0.2947+9.3%Notcoin NOT/USD$0.01646+7.8%Trader Notes: Crypto expert Jacob Canfield suggested loading up on Bitcoin in his latest post:Market intelligence platform Santiment data pointed out that with Bitcoin's retrace to as low as $55,400, a very bullish signal is within reach. Active traders’ average returns in the past year stand at 1.8%, the lowest since Bitcoin bounced above $20,000 in March 2023. 🤯 After Bitcoin's retrace to as low as $55.4K, a very bullish signal is within reach. Average returns of traders active in the past year are only +1.8%, the lowest level since BTC bounced above $20K for good back on March 11, 2023.One of the top signals for all of crypto that… pic.twitter.com/Ve33dMgbeH— Santiment (@santimentfeed) July 8, 2024Crypto analyst Miles Deutscher admits that the current market feels like a massive opportunity. For the shorter term, he lists Mt. Gox and Germany selling. For the longer term, he points to Bitcoin and Ethereum ETFs, the 2024 election, a major political shift on crypto regulation and the $16 billion FTX payout to customers. What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Read Next: Bitcoin’s Performance For The Rest Of 2024 Hinges On This Historical Pattern Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.