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Bitcoin Soared $1,000 After BlackRock’s BTC ETF Filing (Market Watch)
Bitcoin plunged sharply yesterday, hitting a new multi-month low, but positive news from the world's largest asset manager pushed it up by more than a thousand. Most altcoins have also turned green today, with ADA, LTC, DOGE and SHIB recovering around 2-4%. BTC Targets $26,000 The price of the major cryptocurrency fell sharply from nearly $27,000 to below $26,000 last Friday. The weekend was a little more positive and less volatile as the asset gained some value and was around $26,000. Wednesday's US CPI numbers didn't really change the situation,...
Bitcoin Soared $1,000 After BlackRock’s BTC ETF Filing (Market Watch)
Bitcoin plunged sharply yesterday, hitting a new multi-month low, but positive news from the world's largest asset manager pushed it up by more than a thousand.
Most altcoins have also turned green today, with ADA, LTC, DOGE and SHIB recovering around 2-4%.
BTC aims for $26,000
The price of the major cryptocurrency fell sharply from nearly $27,000 to below $26,000 last Friday. The weekend was a little more positive and less volatile as the asset gained some value and was around $26,000.
Wednesday's US CPI numbers didn't really change the situation, with BTC rising and falling by a few hundred dollars in an hour. However, the US Federal Reserve's decision to suspend interest rate hikes changed the situation.
Instead of heading north as some experts believed, Bitcoin plunged from $26,000 to a three-month low of under $25,000 recorded yesterday, sending the Fear and Green Index back to a scary state.
There was finally some relief in the asset's price following a report from BlackRock about a Bitcoin spot ETF in the US. Given the importance of such a large company backing a BTC spot ETF, the cryptocurrency rose by more than a thousand, reaching almost $26,000.
However, it has not been able to overcome this level and has fallen by a few hundred dollars. Its market cap is still just under $500 billion, but its dominance over altcoins has increased to almost 48%.
BTCUSD. TradingView
Alts see marginal gains
Altcoins also suffered badly yesterday, but most recorded slight gains on a daily basis. Ethereum fell below $1,650 a day ago, which also marked a multi-month low for the asset. However, a 2% increase since then has brought it to its current level of $1,675.
Ripple, Dogecoin, Shiba Inu and Avalanche have added similar percentages since yesterday. Litecoin is up 3.5% and is now at $75.
Binance Coin, RippleSolana and Polkadot are also in the green against the larger altcoins, albeit on a more modest scale.
Lido's native token DAO and ICP rose the most out of the top 36. LDO is up 4% while ICP is up 5.5% and is trading close to $4.
The crypto market cap has recovered by around $20 billion since yesterday's low and now stands at $1.040 trillion.
Overview of the cryptocurrency market. Quantify Crypto