The ticker for BlackRock’s BLK spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation’s website earlier.
Meanwhile, the global cryptocurrency market cap surged 0.48% to around $1.26 trillion in the last 24 hours. Bitcoin was up 0.73% at $34,139 as of 12:33 p.m., while its largest peer, Ethereum, fell 1.2% to below the $ 1,800 level.
“Bitcoin’s price surged above the $35,000 mark when BlackRock’s spot bitcoin ETF (IBTC) ticker appeared on the US Depository Trust & Clearing Corporation’s (DTCC) website. However, within the last 24 hours, prices settled around the $34,000 range after the ticker disappeared and then reappeared,” Edul Patel, CEO of Mudrex, said.
“This bullish turn of events might also be attributed to Grayscale’s legal victory over the US SEC after the D.C. Circuit Court of Appeals ruled in their favor, effectively instructing the SEC to reconsider its rejection of the asset manager’s spot bitcoin ETF application,” Edul added.Other popular altcoins, including the likes of XRP and Solana, rose 2% and 2.4%, respectively. Also, Cardano, Tron, Polkadot, Litecoin and Shiba Inu surged. Chainlink advanced over 12.3%. On the other hand, BNB, Dogecoin, Toncoin, and Polygon declined.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $664 billion. Bitcoin’s dominance is currently 53.13%, according to CoinMarketCap. BTC volume in the last 24 hours declined 30.3% to $32.9 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 Rajagopal Menon, Vice President, WazirX
The Exponential Moving Average for 10-day EMA indicates “Buy” at 31038 and 200-day EMA indicates “Buy” at 27351. The Simple Moving Average for 10-day SMA indicates “Buy” at 30464 and 200-day SMA indicates “Buy” at 28134.
The Relative Strength Index (14) sits at 87, with a neutral outlook. The Stochastic %K (14, 3, 3) at 85 and the Average Directional Index (14) at 44 indicate a Neutral outlook.
The MACD Level (12, 26), at 1497, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 100 and William’s Percentage is “Neutral” at -13.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)