Bitcoin crashed to a new multi-month low yesterday, but favorable news from the world’s largest asset manager pushed it north by more than a grand.
Most altcoins also turned green today, with ADA, LTC, DOGE, and SHIB recovering somewhere between 2-4%.
BTC Eyes $26,000
The price of the major cryptocurrency fell sharply last Friday from near $27,000 to below $26,000. The weekend was slightly more positive and less volatile as the asset recovered in value and settled at around $26,000.
Wednesday’s US CPI numbers didn’t really change the landscape, with BTC pumping and dumping a few hundred dollars in an hour. However, the US Fed’s decision to suspend interest rate hikes changed the situation.
Instead of heading north as some pundits believed, bitcoin fell from $26,000 to a three-month low of less than $25,000 recorded yesterday, pushing the Fear and Green Index back to a scary state.
Some relief has finally come for the price of the asset following a filing by BlackRock regarding a Bitcoin Spot ETF in the United States. Considering the importance of such a massive company backing a Spot BTC ETF, the cryptocurrency rose more than a grand and approached $26,000.
Nevertheless, it was unable to break above this level and retreated a few hundred dollars. Its market capitalization is still just under $500 billion, but its dominance over altcoins has increased to almost 48%.
Alts See minor wins
Altcoins also suffered badly yesterday, but most saw minor gains on a daily scale. Ethereum fell below $1,650 a day ago, which was also a multi-month low for the asset. A 2% rise since then, however, has pushed it to $1,675 as of now.
Ripple, Dogecoin, Shiba Inu and Avalanche have added similar percentages since yesterday. Litecoin is up 3.5% and now stands at $75.
Binance Coin, Ripple, Solana, and Polkadot are also in the green of larger-cap alts, albeit in a more modest way.
Lido’s native token DAO, along with ICP, surged the most from the top 36. LDO is up 4%, while ICP has added 5.5% and is trading close to $4.
The crypto market capitalization has recovered around $20 billion since yesterday’s low and now stands at $1,040 billion.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.
Disclaimer: The information found on CryptoPotato is that of the named authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.