Crypto Prices Drop as BlackRock ETF Ticker Reappears on DTCC Website
Bitcoin and other cryptocurrencies experienced a sharp decline on Wednesday morning after the ticker for BlackRock’s spot bitcoin ETF – IBTC – was temporarily removed from the Depository Trust & Clearing Corporation’s (DTCC) website, only to be included later. This sudden disappearance and reappearance of the ticker led to profit booking and impulsive buying in the crypto market.
Bitcoin, the largest crypto token, saw some profit booking after a strong secular rally, resulting in a decline of over 1 percent. However, it managed to hold above the $34,000 level. Its largest peer, Ethereum, also dropped almost 2 percent but remained below the $1,800 level. The majority of the altcoins were trading lower.
The value of Bitcoin recently crossed the $35,000 threshold following the sudden appearance of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation’s website. However, within the last 24 hours, prices settled back around $34,000 after the ticker’s temporary disappearance and subsequent reappearance, according to Edul Patel, Co-Founder & CEO at Mudrex.
This bullish momentum may also be linked to Grayscale’s legal triumph over the US SEC, as the DC Circuit Court of Appeals ordered the agency to reconsider its rejection of Grayscale’s spot bitcoin ETF application. These combined factors have fostered optimism among market participants, who are hopeful about the imminent approval of the Bitcoin spot ETF applications.
Barring a few exceptions, the majority of top crypto tokens were trading lower on Wednesday. Dogecoin and Polkadot tumbled over 3 percent each, while Toncoin, Polygon, Solana, and BNB were down 2 percent each. On the other hand, Chainlink rallied over 11 percent, while XRP added about 1 percent.
The global cryptocurrency market cap was trading significantly lower, falling down to the $1.25 trillion-mark, declining about 1 percent in the last 24 hours. However, the total trading volumes dropped over 13 percent to $69.61 billion.
From a technical perspective, both BTC and ETH are trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are currently consolidating after their recent upward momentum. While ETH faces a few resistance levels to clear for its uptrend, BTC is showing strength as it reaches a 52-week high, said CoinDCX Research Team.
Tech View by Giottus Crypto Platform
Aptos (APT), trading above its 50-day exponential moving average, is in an ascending trend. The asset has broken above the previous key resistance of $5.5 and is currently experiencing a rally, due to wider positive sentiment in the market. After successfully breaching the upper limit of the flat bottom pattern APT was able to sustain support and has entered the accumulation phase.
It faces immediate resistance at $6.65 with the next resistance at $7.61. Its 14-day RSI remains overbought, and is currently around 75. These values suggest that the bullish break may continue in the near term. On the downside, $5.27 is the key support level.
In conclusion, the sudden disappearance and reappearance of BlackRock’s spot bitcoin ETF ticker IBTC on the DTCC website has led to a sharp decline in the crypto market, resulting in profit booking and impulsive buying. However, market optimism remains high due to Grayscale’s legal triumph over the US SEC and the potential approval of the Bitcoin spot ETF applications.
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