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Bitcoin Shot Up $1K Following BlackRock’s BTC ETF Filing (Market Watch)

BTCEUR - Jordan Lyanchev 2023-06-16 16:45

Bitcoin slumped hard yesterday to a new multi-month low, but the favorable news coming from the world’s largest asset manager pushed it north by over a grand.

Most altcoins have also turned green today, with ADA, LTC, DOGE, and SHIB recovering somewhere between 2-4%.

BTC Eyes $26K

The primary cryptocurrency’s price dropped hard last Friday from almost $27,000 to under $26,000. The weekend was slightly more positive and less volatile as the asset reclaimed some value and stood at around $26,000.

The US CPI numbers from Wednesday didn’t really change the landscape all that much, with BTC pumping and dumping by a few hundred dollars in an hour. However, the US Fed’s decision to pause the interest rate hikes did alter the situation.

Instead of heading north as some experts believed, bitcoin nosedived from $26,000 to a three-month low of under $25,000 registered yesterday, pushing the Fear and Green Index back to a fearful state.

Some relief finally came for the asset’s price following a filing by BlackRock about a Bitcoin Spot ETF in the States. Given the significance of such a massive company backing a BTC Spot ETF, the cryptocurrency spiked by over a grand and neared $26,000.

Nevertheless, it has been unable to overcome that level and has retraced by a few hundred dollars. Its market cap is still just below $500 billion, but its dominance over the altcoins has increased to almost 48%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

Alts See Minor Gains

The altcoins also suffered a lot yesterday, but most have charted some minor gains on a daily scale. Ethereum dropped to under $1,650 a day ago, which was a multi-month low for the asset as well. A 2% increase since then, though, has pushed it to $1,675 as of now.

Ripple, Dogecoin, Shiba Inu, and Avalanche have added similar percentages since yesterday. Litecoin is up by 3.5% and now stands at $75.

Binance Coin, Ripple, Solana, and Polkadot are also in the green from the larger-cap alts, albeit in a more modest fashion.

Lido DAO’s native token, as well as ICP, have jumped the most from the top 36. LDO is up by 4%, while ICP has added 5.5% and trades close to $4.

The crypto market cap has recovered roughly $20 billion since yesterday’s low and is at $1.040 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

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