Bitcoin maintained its position above the $34,000 support level as it entered the middle of the week, after experiencing a volatile Tuesday.
On that day, the leading cryptocurrency soared to its highest levels in 17 months, only to lose half of its gains within the same trading day.
There seemed to be some misunderstanding regarding the development of BlackRock’s bitcoin exchange-traded fund (ETF), as observers pointed out its listing on the Depository Trust & Clearing Corp.’s (DTCC) website.
Eric Balchunas of Bloomberg initially shared the DTCC listing on Twitter, sparking a wave of speculation in the market.
Like many other hype-driven rallies, the news turned out to be exaggerated. The DTCC clarified that a listing on their website does not imply a positive outcome for any pending regulatory or other approval procedures, stating it is simply “standard practice… in preparation for the launch of a new ETF.”
Nevertheless, there is noticeable momentum building in the development of spot-bitcoin ETFs. Grayscale seems to be close to resolving its ongoing disputes with U.S. regulators regarding its own exchange-traded product.
Granting approval for such a product would mark a significant milestone for Bitcoin. The markets have already started to react, with the BTC/USDT trading pair notably surpassing the 200-day moving average trendline.
Trading volumes have surged to their highest levels in four months. Bitcoin’s dominance, a measure of its market capitalization relative to the entire cryptocurrency market, has soared to 54%, a figure last observed in April 2021.
The Crypto Fear & Greed Index is currently at 72, indicating a level of optimism in the market that hasn’t been witnessed since November 2021.
On Tuesday, Ethereum (ETH), which holds the position of the second-largest cryptocurrency, underwent a significant pullback in comparison to Bitcoin. This was after a substantial rally that took its value beyond $1,850, though it eventually settled closer to $1,780 by the end of the trading day.
This morning witnessed a slight upturn for ETH/USDT, elevating its exchange rate to approximately $1,789.
In the realm of large-cap altcoins, Solana (SOL) continues to lead the pack, boasting an impressive increase exceeding 30% over the last week. Additionally, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) have all recorded weekly gains in the double digits.
As it stands, the total market capitalization of the global cryptocurrency market has reached $1.25 trillion.
