Bitcoin witnessed some profit booking following a strong rally as the crypto token dropped more than 1% but managed to hold near the 34,000 level
Crypto currencies dropped on Wednesday morning after the ticker for BlackRock’s spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation’s (DTCC) website, only to be included later. Nevertheless, the profit booking an impulsive buying in crypto is nothing new.
Bitcoin witnessed some profit booking following a strong rally as the world’s biggest crypto token dropped more than 1% but managed to hold near the 34,000 level. Nevertheless, its largest peer, Ethereum, shed nearly 2% but stayed below the $1,800 level. Most of the altcoins were trading lower.
Bitcoin’s value recently surpassed 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. Nevertheless, within the past 24 hours, prices settled back near $34,000 after the ticker’s temporary disappearance and subsequent reappearance, said Edul Patel, Co-Founder & Chief Executive Officer at Mudrex.
This bullish momentum may also be linked to Grayscale’s legal victory over the US Securities and Exchange Commission, as the DC Circuit Court of Appeals instructed the SEC to reconsider its refusal of Grayscale’s spot bitcoin exchange-traded fund application. These combined factors have fostered hope among market participants, who are hopeful about the imminent approval of the Bitcoin spot ETF applications, he added.
Barring a few exceptions, most of top crypto tokens were lower on Wednesday. Dogecoin and Polkadot slipped more than 3% each, while Toncoin, Polygon, Solana and BNB were down 2% each. Among the advancers, Chainlink rallied more than 11%, while XRP gained nearly 1%.
The global crypto market capitalisation dropped to the $1.25 trillion mark, as it shed nearly 1% during the past 24 hours. Nevertheless, the total trading volumes declined more than 13% to $69.61 billion.