Bitcoin, Ethereum, Dogecoin Spike, But: ‘Monday Pump And Then Tuesday Dump Scenario Is Possible,’ Warns Trader

June 3, 2024 John Dogecoin 0

June 3, 2024 4:20 PM | 2 min read

Cryptocurrency markets have started the week in green, as traders anticipate the impact of Ethereum spot ETFs.

Prices as of 4 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $69,168.80 +2.2%
Ethereum (CRYPTO: ETH) $3,771.59 -0.2%
Solana (CRYPTO: SOL) $166.97 +2.4%
Dogecoin (CRYPTO: DOGE) $0.1602 +2.7%
Shiba Inu (CRYPTO: SHIB) $0.00002475 +1.5%

Notable Statistics:

  • Coinglass data shows total liquidations at $126.8 million in the past 24 hours, with Bitcoin’s short liquidations peaking at $22.7 million, the highest since May 27. Open interest increased by 3% over the past 24 hours.
  • IntoTheBlock data notes a 36.3% surge in large transaction volume. 97% of Bitcoin holders are currently in profit.
  • El Salvador is teaching its students how to run a Bitcoin node.
  • The state of Wisconsin revealed owning $162 million in Bitcoin through the BlackRock and Grayscale ETFs.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/–
DOG.GO.TO.THE.MOON (CRYPTO: DOG) $0.008929 +18.6%
Floki (CRYPTO: FLOKI) $0.0002781 +16%
Kaspa (CRYPTO: KAS) $0.1639 +13.9%
Trader Notes: Long-term crypto and stock investor Jelle noted that “Bitcoin broke out from the falling wedge and is retesting it now.” He suggests if it can hold above here, new all-time highs will come quickly.

Rekt Capital tweeted that this bull market is not slow and it has broken to “new All Time Highs 260 days ahead of schedule per traditional Halving Cycles.”

Heavily followed crypto trader Emperor said not to complicate Bitcoin. He adds that the main plan is to hold $67,400 and continue up.

He stated that the bull market is very fast and it needs to slow down if it wants to “resynchronise with normal Halving Cycles.”  He concludes, “And even though Bitcoin has consolidated for over 2.5 months, the rate of acceleration in this current cycle is still just over 170 days.”

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: Why ‘You Should Only Buy Bitcoin’ And All Other Top 20 Cryptos Are ‘Really Jokes,’ According To This Trader

Image: Shutterstock

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.