Current Cryptocurrency Prices: Bitcoin maintains $34,000; Ethereum approaches $1,800; Chain Link sees 11% increase
**Bitcoin and Other Cryptos Drop After BlackRock’s (BLK) Spot Bitcoin ETF Ticker Temporary Removal**
*Bitcoin and other cryptos dropped on Wednesday morning after the ticker for BlackRock’s (BLK) spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation’s (DTCC) website, only to be included later. However, the profit booking an impulsive buying in crypto is nothing new.*
Bitcoin and other major cryptocurrencies saw a decline on Wednesday following the temporary removal of BlackRock’s spot bitcoin ETF ticker from the Depository Trust & Clearing Corporation’s website.
**Bitcoin and Ethereum Experience Decline**
Bitcoin saw some profit booking after a strong secular rally as the largest crypto token declined over a percent but managed to hold about 34,000-levels. Its largest peer, Ethereum, dropped almost 2 percent but remained below $1,800-level. Majority of the altcoins were trading lower as well.
**BlackRock’s (BLK) Spot Bitcoin ETF Ticker Plays Role in Bitcoin’s Value**
Bitcoin’s value 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.
“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,” said Edul Patel, Co-Founder & CEO at Mudrex.
**Global Cryptocurrency Market Cap Trading Lower**
Barring a few exceptions, the majority of top crypto tokens were trading lower on Wednesday. The global cryptocurrency market cap was trading significantly lower, falling down to $1.25 trillion-mark, as it declined about a percent in the last 24 hours. However, the total trading volumes dropped over 13 percent to $69.61 billion.
**Bitcoin and Ethereum Technical Perspectives**
Over the past 24 hours, both Bitcoin (BTC) and Ethereum (ETH) have experienced a decline, which could be linked to the temporary removal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation’s website. However, the ticker was relisted after a few hours.
“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.
It faces immediate resistance at $6.65 with 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 temporary removal and subsequent reappearance of BlackRock’s spot Bitcoin ETF ticker has had a noticeable impact on the cryptocurrency market, causing fluctuations in the value of Bitcoin and other major cryptocurrencies. Market participants are closely monitoring these developments and remain hopeful for the approval of Bitcoin spot ETF applications.
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