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.
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