Major cryptocurrencies experienced a significant drop on Monday evening, with exchanges reporting the lowest quantity of available Bitcoin since April 2018, excluding the recent lows noted in October.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.63% | $37,157 |
| Ethereum (CRYPTO: ETH) | -1.53% | $2,026 |
| Dogecoin (CRYPTO: DOGE) | -0.13% | $0.078 |
What Happened: According to Glassnode, an on-chain analytics firm, the total holdings of major exchanges were reported at 2.332 million BTC as of Nov. 26. This is the smallest amount of available BTC since April 2018, with the exception of recent lows in October. In March 2020, just after the cross-market crash caused by COVID-19, the tally reached its peak at 3.321 million BTC.
In April 2024, BTC will experience its latest “halving” event. This event will cut the available supply of the cryptocurrency claimed through mining by 50%. As a result, there will be a proportional decrease in new BTC entering the market. This anticipated decrease in supply is expected to drive up the price of the coin.
A macro week with significant volatility triggers is on the horizon for Bitcoin traders as November comes to a close. The Federal Reserve is set to receive crucial data regarding inflation in the coming days, which will have an impact on the interest rate policy decision for next month.
Fed Chair Jerome Powell is scheduled to speak on Dec. 1.
Top Gainers (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| THORChain | +6.56% | $5.58 |
| Terra | +6.18% | $0.0001016 |
| Celestia | +6.12% | $5.71 |
The global crypto market cap currently stands at $1.41 trillion, reflecting a decrease of 1.15% in the past 24 hours.
The S&P 500 dipped down by 0.20% to 4,550.43, while the Nasdaq Composite saw a slight decrease of 0.07% to 14,241.02.
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Analyst Notes: Eli Taranto, Executive Director at EQI Bank, in a note seen by Benzinga, said, “This week could see a positive ripple effect leading to a Bitcoin surge.”
He added, “Investors are eager to parse through fresh economic data, which is set to reveal the consumer sentiment index, housing market insights with new home sales figures, and a snapshot of the economy’s performance with the third-quarter GDP report. The burgeoning optimism, should the positive economic…
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