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Celestia (TIA), Helium (HNT) lead gainers as Bitcoin retests $55k

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Celestia and Helium led the top gaining altcoins among the top 100 cryptocurrencies by market cap as the price of Bitcoin rebounded to test the $55k mark.

After crypto prices tanked hard during the Asian trading session on Aug. 5, the market saw some relief during the U.S. session.

Bitcoin (BTC) has narrowed 24-hour losses after rebounding from its intraday lows under $50k, with the recovery aiding some altcoins. Notable among the gainers are Celestia (TIA) and Helium (HNT), both of which posted double-digit gains before paring these slightly amid potential profit taking.

Crypto market intelligence platform Santiment says the gains are seeing crowd sentiment shift to other coins rather than Bitcoin and Ethereum, which were the focus of the market amid the sharp sell-off.

Across the market, liquidations remained above $1 billion after a staggering amount of bullish bets got wiped out amid the crypto and stocks crash. Coinglass shows crypto liquidations are still more than 199% up in 24 hours.

Aug. 5 has also seen the most trading volume since March when BTC led crypto higher with its spike to a new all-time high.

With over $244 billion traded in the past 24 hours representing a 230% surge, the increase in daily volume for crypto mirrored such an increase across stocks. Bloomberg shared an early picture of how U.S. stocks were shaping up in terms of volume.

Celestia, Helium top gainers in top 100 coins

TIA, which traded to lows of $4.04 earlier in the day, was up 11.9% to above $5.16 at the time of writing. Meanwhile, Helium traded to above $4.7 with a 10% rebound before retreating. Both tokens were seeing 24-hour volumes of over 120% as market weakness suggested there could be more ‘buy the dip’ opportunities in the coming hours.

Ondo Finance, and Mantra were also experiencing some upward push. Meanwhile, Lido DAO, Arbitrum and Near Protocol were among the top losers on the day with more than 12% in 24-hour declines respectively.





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Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

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Widely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.

In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.

“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”

According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.

“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.

The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.

“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…

…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”

Source: Benjamin Cowen/YouTube

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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Trump victory creates over 11k new Bitcoin millionaires

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Donald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.

According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.

Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.

At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428. 

Can Bitcoin go higher?

This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices. 

Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year. 





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