Bitcoin ripe for 'major leg down' as BTC price nears $80K — Trader

In perhaps one of the most intriguing and important weeks for the US, local investors showed uncertainty at first but ultimately changed their sentiment toward the spot Bitcoin ETFs as the country elected a new president.

Even the spot Ethereum ETFs saw some impressive net inflows for their own standard.BTC ETFs During Election Week

All eyes in the financial markets were on the US presidential elections, which took place on Tuesday, and theresultsbecame official on Wednesday. Donald Trump, the self-proclaimed crypto candidate, won a decisive victory, which had an immediate and substantialimpacton all financial markets, including crypto.

US investors had a cautious approach toward the Bitcoin ETF landscape, as they finished the previous week with minor outflows, even though it was ahighly beneficial five-day trading period. The start of the election week was quite painful, with more than $540 million withdrawn on Monday and $116.8 million taken out on Tuesday.

However, once the uncertainty on who will be the next US president cleared out, investors did a 180 and started pouring funds into the financial products. The total net inflows for Wednesday stood at $621.9 million, a mind-boggling $1,373.8 billion on Thursday, making it the best-day ever in their 10-month history, and $293.4 million on Friday. Thus, approximately $2.3 billion was allocated to the spot Bitcoin ETFs since the election.

$2.3bil into spot btc ETFs over past 3 days…

Some people thought spot btc ETFs would be lucky to take in $2bil for entire yr.

$2.3bil since election. https://t.co/QQJYTT6vld

— Nate Geraci (@NateGeraci) November 9, 2024

Overall, the net weekly inflows came at $1,631.2 billion, according to Farside data. BTC’s price went hard on the offensive within the same period, skyrocketing from under $67,000 on Tuesday to nearly $80,000 earlier today.ETH ETFs Also See Good Numbers

Although the demand and net inflows for the Ethereum ETFs are nowhere near those for the Bitcoin counterparties, they still saw some positive changes during the election week. After $63.2 million in net outflows on Monday, investors paused their interactions on Tuesday with nothing notable to report, but started to pour funds in during the remaining three trading days.

Farside shows $52.3 million allocated on Wednesday, $79.7 million on Thursday, and $85.9 million on Friday. This means that the total net inflows for the week stood at $154.7, making it one of the best since the ETFs’ inception in late July.

ETH’s price has gained 30% within the past week and tapped $3,200 earlier today after being on the sidelines for the past few months.

Experts are confident that Shiba Inu could potentially undergo a massive price surge on the back of a positive overall outlook on cryptocurrency.

Donald Trump’s victory in the recently concluded US election brings waves of optimism in the cryptocurrency market which SHIB Inu can ride on to propel it to a 306% price hike.

Shiba Inu: Explosive Growth

A market analyst predicted that the price of Shiba Inu could soar by at least 306%, as the entire cryptocurrency market is going on an overdrive excited by the results of the US elections.

In a post, analyst Javon Marks said that it could potentially hit the $0.00081 mark, adding that this price surge is imminent for the meme coin and being forecasted to happen really soon.

Bitcoin’s price is on the move again as the asset exploded to yet another all-time high of nearly $80,000, thus charting a 16% weekly surge.

With many altcoins performing even better, over 130,000 over-leveraged traders have been wrecked in the past day, the majority with short positions.

It was just a week ago when the primary cryptocurrency struggled to maintain $70,000 and slumped below $67,000 on Monday.

However, as the US presidential election resultsstarted to roll outearly Wednesday morning, the asset flew past the coveted $70,000 line, broke its March all-time high of $73,737, and hasn’t really looked back.

The rally drove it toover $75,000on Wednesday, to $77,000 on Friday, and after a mild calmness on Saturday, the cryptocurrency skyrocketed once again hours again and shot up to $79,900 (on Bitstamp).

Despite retracing slightly, it’s still above $79,000 and it has gained more than 15% within the past week.

Many altcoins have produced even more impressive gains, such as ADA (32%), CRO (25%), SUI (24%), NEIRO (23)%, and many others.

Over-leveraged short traders have felt the pain of these surges, with more than 130,000 such market participants wrecked in the past 24 hours. The total value of liquidated positions is close to $400 million. The single-largest took place on Binance and was worth north of $13 million.

Bitcoin's price has soared through the $79,000 price level for the first time ever in a week where it has reached several new highs since Donald Trump was reelected as United States president.

On Nov. 10, 05:00 UTC, Bitcoin reached $79,141 on cryptocurrency exchange Coinbase. However, traders are warning not to make any impulsive moves just yet.

“No rash action is needed, HODLing does the work for you,” Bitcoin analyst Tuur Demeester wrote in a Nov. 10 X post. He further stated:

Popular crypto analyst account Invest Answers told their 227,400 X followers that “We’re taking off,” following Bitcoin breaking through the $79,000 price level.

Echoing a similar sentiment, crypto commentator Rain stated, “We are so back” to their 148,000 X followers.

This is a developing story, and further information will be added as it becomes available.

The CEO of WonderFi, a Canadian publicly listed crypto holding company, has been released unharmed after a kidnapping incident. The company owns one of Canada's major crypto exchanges.

Crypto Executives Face Kidnappings

According to the CBC, Dean Skurka was forced into a car during rush hour in Toronto. The kidnappers demanded money for his release. Skurka paid a ransom of one million Canadian dollars ($720,660) and was subsequently freed without injury.

As the crypto bull market gains momentum—marked by Bitcoin’s recent all-time high—cases of crypto-related kidnappings and extortion have also increased.

In a recent case, police in Thailand detained 12 individuals, including seven officers, in connection with an alleged crypto extortion ring. The group reportedly fabricated charges to extort USDT 10 million from a Chinese national.

Toronto Crime Rates Surge

In a public statement, Skurka confirmed that client funds and data were not affected by the incident.

Ontario police have reported a general rise in crime, including a record level of gun violence in the Greater Toronto Area. Meanwhile, Consensus 2025, a major crypto event, is set to take place in Toronto in May.

In 2017, Pavel Lerner, managing director of the EXMO crypto exchange, was kidnapped in Kiev, Ukraine, as reported by Finance Magnates.

According to local media, Lerner was forcibly dragged into a car by unknown individuals near his office on Stepan Bandera Street. The abduction took place in broad daylight, and he was taken to an unknown location.

The Bitcoin price could see its second massive breakout in this current market cycle, as a crypto analyst has predicted a peak above $150,000 for the pioneer cryptocurrency. This bullish forecast comes on the heels of Bitcoin’s previous All-Time High (ATH) this month when it surpassed the $75,000 mark.

Bitcoin Price Peak Set Above $150k

In just 2024, Bitcoin has reached three major all-time highs, making a historic move for the cryptocurrency. Earlier in March, the cryptocurrency crossed the $73,000 level, hitting a new ATH. A few days after the November United States (US) Presidential election, the cryptocurrency exceeded expectations with a massive rally to an ATH above $75,000. Today, Bitcoin just hit a fresh ATH, surpassing the $77,000 price level.

Each of these ATHs were primarily spurred on by different market factors, with the March price high fueled by the launch and surging demand for Spot Bitcoin ETFs and the November ATHs triggered by the market sentiment following Donald Trump’s reelection as the 47th President of the United States.

Considering these major market moves, a crypto analyst, identified as Titan of Crypto on X (formerly Twitter), has released Bitcoin’s second most critical breakout of this market cycle. Sharing a detailed chart of Bitcoin’s price movements from 2013 to the present, the analyst highlighted a projected path for BTC to reach a market peak above $160,000.