The crypto market continued to attract more speculative traders amid the recent spike of FOMO (fear of missing out). Nearly $500 million was liquidated from the cryptocurrency market, mostly involving long traders.
Bitcoin price slowed down on its bullish momentum in the past 24 hours, after Fed Chair Jerome Powell cautioned on lower chances of a rate cut in December. The ongoing correction in the Gold market significantly reduced the short-term confidence in the Bitcoin and the altcoin market.
As a result, Bitcoin price flashed a potential midterm correction to $85k as bulls caught their breath following last week’s imposing performance.
As Bitcoin price approaches a psychological resistance level around $93k, on-chain data shows whale investors have accelerated profit taking. For instance, the US spot Bitcoin ETFs witnessed the third highest cash outflows since inception of about $400 million.
The Bhutan government moved 367 Bitcoins of its 12,206 BTC trove to Binance, thus increasing the chances of more sell-offs. Bitcoin miners have now transferred over 45k BTCs to exchanges in the past three days.
As the large-cap altcoins continued to shine in the recent past, two crypto assets – Cardano (ADA) and XRP – stood out. According to the latest market data, Ripple Labs’ XRP rallied over 22 percent in the last 24 hours to retest the July 2023 peak of above 90 cents.
The large-cap altcoin, with a fully diluted valuation of about $89 billion, has significantly benefited from the imminent ouster of SEC Chair Gary Gensler.
Similarly, Cardano (ADA) price rallied over 20 percent in the last 24 hours to reach a weekly peak of around 66 cents. The Cardano network has ostensibly been picked together with Hyperledger and Hedera to build a federal blockchain voting system.
Earlier today, leading cryptocurrency exchange OKX announced the listing of Moo Deng (MOODENG) meme coin on its spot trading market. As a result, the meme coin surged over 48 percent to trade about 66 cents on Friday, November 15, during the mid-New York session.
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