Bitcoin (BTC) and Dogecoin (DOGE) Lost Early Gains, Ethereum (ETH) Shined as Investors Awaited Inflation Data

Leading cryptocurrencies lost their early gains on Thursday as investors awaited the release of crucial inflation data.

Leading cryptocurrencies lost their early gains on Thursday as investors awaited the release of crucial inflation data.

Benzinga highlighted the key cryptocurrency, stock and NFT moments on Thursday, Nov. 24.

Crypto Highlights

Cryptocurrency prices lost their early gains on Thursday amid anticipation for the release of the personal consumption expenditures index, which serves as the Federal Reserve's preferred inflation gauge.

Bitcoin briefly crossed the $106,000 mark in the morning before sliding back to the $104,000 region. Popular dog-themed meme coin Dogecoin experienced a similar price pattern.

Meanwhile, Ethereum sustained its gains, rising nearly 4% in the last 24 hours.

About $86 million in short bets were wiped out in the last 24 hours, out of a total of $143 million in cryptocurrency liquidations.

Interestingly, traders placing short bets on Bitcoin rose against those gunning for price increases, according to the Long/Short Ratio.

That said, if Bitcoin reclaims its all-time high, more than $530 million in short positions will be liquidated.

"Extreme Greed" emotion dominated the market, according to the reading on the Crypto Fear & Greed Index, sparking concerns of a further correction.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.57 trillion, growing by 1.92% in the last 24 hours.

Stock Highlights

Stocks closed in the green on Thursday. The Dow Jones Industrial Average added 136.83 points, or 0.38%, to close at 44,882.13. The S&P 500 gained 0.53% to end at 6,071.17. The tech-focused Nasdaq Composite popped 0.25% to 19,681.75.

The uptick came as investors parsed the earnings of the "Magnificent 7" companies. Shares of Tesla Inc. (NASDAQ:TSLA) and Meta Platforms, Inc. (NASDAQ:META) rose 2.87% and 1.55%, respectively.

The focus now shifts to Friday's personal consumption expenditures index report.

NFT Highlights

NFT sales volume surged by 103% in October, reaching $2.2 billion, according to NonFungible. Notably, NFT sales volume crossed the $2 billion mark for the first time since May this year.

"The Magnificent 7" earnings drove stock market gains on Thursday, with shares of Tesla and Meta Platforms closing in the green. Among other companies, Amazon.com, Inc. (NASDAQ:AMZN) shares closed down 0.04%, while Meta Platforms shares closed up 1.55%.

Shares of streaming giant Netflix, Inc. (NASDAQ:NFLX) closed down 0.66% on Thursday after the company reported better-than-expected subscriber additions in the fourth quarter of 2022.

Analyst Notes

Popular cryptocurrency analyst and trader Ali Martinez highlighted the "critical importance" of $97,877 for Bitcoin, stating that a sizable amount of the apex cryptocurrency was scooped at this level.

"If it holds, the bull run could continue," Martinez said. "However, a break below $97,877 and $91,700 could put the entire bull market in jeopardy."

Another influential cryptocurrency trader, Michaël van de Poppe, ruled out the possibility of Bitcoin having 30% corrections this cycle.

"The markets become larger, through which a lot more liquidity is added and Bitcoin becomes more ‘boring’. Just a gradual upward pace," the trader noted.

Van De Poppe forecast that a Bitcoin peak could come either in the fourth quarter of 2025 or early 2027.

I don't think we'll have many 30% corrections on #Bitcoin during this cycle.The markets become larger, through which a lot more liquidity is added and Bitcoin becomes more 'boring'.Just a gradual upwards pace.Either Bitcoin peaks in Q4 2025 or somewhere beginning 2027.https://t.co/adz1GAiTFL

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