Crypto Market Update: Bitcoin and Ethereum see minor dip amidst BlackRock ETF ticker row

By Team Newsable | First Published Oct 25, 2023, 11:58 AM IST

Bitcoin (BTC) and Ethereum (ETH) saw a minor decline of around 2 percent within the last 24 hours. This dip is believed to be linked to the temporary removal and subsequent relisting of BlackRock's spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation's (DTCC) website

In the past 24 hours, both Ethereum (ETH) and Bitcoin (BTC) experienced a minor decrease of approximately 2 per cent. This dip may be linked to the temporary removal of BlackRock's (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation's (DTCC) website. It's worth noting that the ticker was subsequently re-listed following a brief interruption.

Despite this slight decline in Bitcoin's price, it had minimal impact on the Crypto Fear and Greed Index, which surged to 72 points, categorizing the sentiment as "greedy."

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Bitcoin's value, even after the dip, remains at $33,950, maintaining its 16-month high trading value. While the cryptocurrency market experienced some volatility in the past day, BTC's value increased by $327. However, the trading instability had a negative effect on most other cryptocurrencies, with the top ten by market valuation all trading in the red.

Ethereum experienced a loss of 1.39 per cent on Wednesday and was trading at $1,788 at the time of writing. In the last 24 hours, ETH's value decreased by $25.

The CoinDCX research team noted that the temporary removal of BlackRock's spot Bitcoin ETF ticker from the DTCC's website may have contributed to the dip. They added that the presence of the ticker on the DTCC site had led investors to speculate about the approval of a spot Bitcoin ETF, which had previously boosted BTC's value from the $30,000 range to over $35,000.

From a technical perspective, both BTC and ETH are currently trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are consolidating after recent upward momentum. While ETH faces some resistance levels for its uptrend, BTC is displaying strength as it reaches a 52-week high, according to CoinDCX.

Several cryptocurrencies, including Binance Coin, Ripple, Solana, Cardano, Dogecoin, Litecoin, and Polygon, recorded losses alongside BTC and ETH. Polkadot, Shiba Inu, Avalanche, Stellar, and Monero also saw declines in their values.

The overall cryptocurrency market valuation, currently at $1.25 trillion, saw a slight decrease of 0.92 per cent in the last 24 hours, as reported by CoinMarketCap. However, some cryptocurrencies, including Leo, Binance USD, Tether, USD Coin, Near Protocol, and Cronos, managed to record gains today.

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