The cryptocurrency market faced a turbulent day, with significant fluctuations across various assets. SOL, a recent leader in the altcoin rally, experienced an 8% decline in the last 24 hours, while LINK and AVAX plummeted by over 10% and 13%, respectively. Major cryptocurrencies like Cardano’s ADA, Polkadot’s DOT, and Dogecoin also saw decreases ranging from 5% to 7%. Bitcoin, not immune to the market’s volatility, slumped to a session low, now down approximately 2% for the day at around $36,500. Ethereum also struggled, giving up earlier gains to remain flat over the past 24 hours, yet holding above the crucial $2,000 mark. As the market reels from these movements, investors and traders are closely watching for the next developments. Analysts attribute these backward slides to a fake BlackRock XRP ETF filing last night – more on that below.
Fake BlackRock XRP Filing Weighs on the Market: The cryptocurrency market experienced a sudden downturn, exacerbated by a fake corporate registration for the iShares XRP Trust. Initially, the document, which resembled legitimate filings by BlackRock for BTC and ETH ETFs, caused a brief surge in XRP’s value. However, after a BlackRock spokesperson refuted any connection to the filing, XRP and other coins like SOL, AVAX, LINK, and even Bitcoin, faced significant losses. With the market responding so strongly to crypto ETF news, how can investors best take advantage of the situation?
Former FTX, Alameda Executives Launch New Crypto Exchange: Can Sun and Armani Ferrante, former FTX and Alameda Research executives, are stepping into the spotlight with their new Dubai-based crypto exchange, Trek Labs. Despite past turmoil in their crypto ventures, their new platform, Backpack Exchange, promises a different approach, focusing on self-custody of funds. As they prepare for a beta launch and seek investment to value their venture over $100 million, the question arises: How could the appearance of a new FTX-related exchange shake up the market?
Cathie Wood’s ARK Invest Sells $6M of Grayscale Bitcoin Trust Shares Amid Rally: Cathie Wood’s ARK Invest capitalized on the recent surge in Grayscale Bitcoin Trust (GBTC) shares by selling over 200,000 shares valued at $6.03 million. Despite this sale, GBTC remains a major holding in their ARKW fund. This move comes at a time when GBTC has seen a substantial rally, almost doubling the growth rate of Bitcoin itself this year. With ARK’s strategic sale in the midst of a rally, one wonders: Could ARK Invest’s move cause selling pressure that, in turn, affects Bitcoin prices?
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