Bitcoin, Dogecoin Erase Earlier Gains, Ethereum Holding On: 'Choppy Price Action Until FOMC On Wednesday,' Predicts Trader
Cryptocurrency markets are trading sideways, as Elon Musk weighs in on growing crypto adoption. CryptocurrencyPriceGains +/-Bitcoin BTC/USD$67,266-1.3%Ethereum ETH/USD $3,309 +1%Solana SOL/USD$186.7+0.9%Dogecoin DOGE/USD$0.1294-0.5%Shiba Inu SHIB/USD$0.00001676-0.4%Notable Statistics: IntoTheBlock data shows large transaction volume declining by 36.2% and a 16% fall in daily active addresses. However, exchange netflows increased by 14.6%. Currently, 93% of Bitcoin holders are making a profit, while 5% are at breakeven. Coinglass data shows 43,849 traders liquidated in the past 24 hours, with total liquidations at $181.7 million. Bitcoin's open interest spiked to $37.5 billion, the highest level since June 7. Watcher Guru data highlighted the U.S. government moving $2 billion worth of BTC to a new address. This comes on the heels of Donald Trump saying he would create a strategic national Bitcoin stockpile and the government would keep 100% of the Bitcoin it owns if he was elected. The U.S. Marshall Service is sending Bitcoin to Coinbase for custodianship but not to sell. The contract is valued at $32.5 million and structured as a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) agreement, with an initial ordering period of five years. Notable Developments: Will Bitcoin Surge Past $70,000? 10x Research Highlights Key Factors To Watch Crypto Related Stocks Like Coinbase, Marathon Digital And Others Surge After Trump’s Pro-Bitcoin Comments University Of Wyoming Launches First-Ever Academic Bitcoin Research Institute If Michael Saylor’s $13M Forecast For Bitcoin In 2045 Comes True, BTC Market Cap Will Be Bigger Than Combined GDP Of Top 10 Countries, But How Likely Is It? Pro-Bitcoin Demographic Will Boost Trump’s Vote Share By At Least 1%, Predicts Vivek Ramaswamy Top Gainers: CryptocurrencyPriceGains +/–Book Of Meme BOME/USD$0.01014+13%Bitcoin SV BSV/USD52.04+12%MOG Coin MOG/USD$0.000001892 +7.8%Trader Notes: Crypto trader CrypNuevo is curious if the choppy price action persists until the FOMC meeting on Wednesday. He adds that whenever there is a big event like this, "markets tend to be choppy until the news come out. Big players step in with caution. Not an easy week." $BTC update:Choppy price action within the orange box until FOMC on Wednesday?Yes, that's what it seems to be happening so far.When there is a big event like this FOMC, markets tend to be choppy until the news come out. Big players step in with caution. Not an easy week 👍 https://t.co/dkNpIouvw4 pic.twitter.com/ahsqAANV9T— CrypNuevo 🔨 (@CrypNuevo) July 29, 2024Cryptoquant founder & CEO Ki Young Ju sees Bitcoin entering the U.S. Crypto trader Altcoin Sherpa predicts Bitcoin's path to $100,000 is programmed, but with some bumps on the way. He suggests, "Don’t get shaken out and lose yourself along the way." In a cautionary tweet, crypto trader Emperor advises that buying when prices are at a big resistance, expecting a breakout is interesting but stupid. He indicates that instead, it is at that level when the market turns excited. "So many people entered at $70,000 when the entry was at $63,500." 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 ‘Super Cycle’ Will Cause Daily Pumps Of 10-30%, Trader Predicts: ‘Until Then, Every Dip Is A Massive Buying Opportunity’ Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.