Bitcoin and Other Cryptos Drop After BlackRock’s Bitcoin ETF Ticker is Temporarily Removed
As the crypto market continues to exhibit its characteristic price volatility, major cryptocurrencies like Bitcoin and Ethereum saw a drop in value on Wednesday morning. This dip was attributed to the temporary removal of the BlackRock’s (BLK) spot bitcoin ETF (IBTC) ticker from the Depository Trust & Clearing Corporation’s (DTCC) website. Despite the initial setback, the market continued to show resilience, indicating that profit booking and impulsive buying in crypto is nothing new.
Bitcoin Valued at $35,000 before Temporary Disappearance of IBTC Ticker
Recently, Bitcoin’s value crossed the $35,000 threshold after the sudden appearance of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation’s website. However, within 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, the 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.
Crypto Market Experiences Fluctuations as Trading Volumes Dip
The majority of top crypto tokens were trading lower on Wednesday, with notable drops in Dogecoin and Polkadot, while Chainlink rallied over 11 per cent. The global cryptocurrency market cap was trading significantly lower, falling down to $1.25 trillion-mark, and the total trading volumes dropped over 13 per cent to $69.61 billion.
Bitcoin and Ethereum Experience Declines as BlackRock’s IBTC Ticker is Relisted
Bitcoin (BTC) and Ethereum (ETH) both experienced a decline following the temporary removal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. However, the ticker was relisted after a few hours. CoinDCX Research Team noted that 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.
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. It faces immediate resistance at $6.65 with next resistance at $7.61, while $5.27 is the key support level.
Conclusion
Despite the temporary setback caused by the removal and subsequent reappearance of BlackRock’s IBTC ticker, the crypto market continues to show resilience and remains a volatile yet potentially profitable realm for investors. As the market continues to experience fluctuations, it is important for investors to stay informed and consult financial advisers before making any investment decisions.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
